Wealthy LinkedIn figurehead displays unwavering admiration for Kamala Harris
Kamala Harris aims to regain the support of Silicon Valley for the Democrats after numerous tech investors switched allegiances to Trump. She's making progress with the assistance of LinkedIn co-founder Reid Hoffman. However, there's a twist.
High-rolling and ultra-high-net-worth individuals from Silicon Valley gathered at San Francisco's Fairmont Hotel for a celebration and fundraiser supporting Harris. The least expensive tickets cost $3,300, while the priciest tickets went for a staggering $500,000. Billionaire tech moguls, leading executives, and venture capitalists attended the event, eager to secure a piece of the action. For Harris, this was an opportunity to reclaim the tech industry's elite, her stomping ground, having been raised in the Bay Area.
Many influential tech decision-makers had aligned themselves with Trump, such as Elon Musk (Tesla, SpaceX), David Sacks (PayPal, Craft Ventures), Chamath Palihapitiya (AOL, Facebook, Social Capital), Peter Thiel (PayPal, Palantir, Clarium), Marc Andreessen and Ben Horowitz (both prominent venture capitalists), Shaun Maguire, and Douglas Leone (both from Sequoia Capital).
Investors in crypto, tech, and gaming were hopeful for lenient regulation and favorable business dealings under Trump, despite Silicon Valley's historic Democratic leanings. However, many in the industry have been alienated by Biden's administration's tech policies, with key entrepreneurs and investors, including Elon Musk, jumping aboard the Trump bandwagon lately.
Harris aims to turn that tide around. It's not simply about securing large donations; it's also about swaying the opinions of millions of Americans through the influence of tech titans. The fundraiser was a triumph for Harris, bagging her $12 million in immediate donations, with many major donors promising more and publicly endorsing her - including former Facebook CEO Sheryl Sandberg, Melinda Gates, IAC chairman Barry Diller, and Silicon Valley venture capitalist Ron Conway. Laurene Jobs, a billionaire philanthropist and Steve Jobs' ex-wife, is a close friend and has hosted fundraisers for Harris at her private residence. Netflix co-founder and CEO Reed Hastings has already contributed $7 million to Harris' campaign.
Entrepreneur with a Vision
Among Harris' new supporters stands out LinkedIn co-founder Reid Hoffman. In attendance at the Fairmont Hotel, he had already donated $7 million to Harris' campaign and pledged to double his investment. Hoffman expressed "high hopes" that Harris would become the first female president of the United States.
However, Hoffman could be a contentious super-fan for Harris. The LinkedIn founder is an influential investor, having made fortunes from PayPal, LinkedIn, and Airbnb, with stakes in various companies, from Zynga to Flickr and Facebook. He's not only mission-driven, but he also regularly attends the World Economic Forum in Davos, appears on TV, and co-organizes "The Weekend To Be Named Later," a gathering of ambitious friends discussing how to change the world. Hoffman speaks at major conferences, lectures at prestigious universities such as Stanford, Oxford, Harvard, and MIT, and attends high-profile gatherings like the Bilderberg conferences.
Politically active for months in an attempt to prevent Trump's re-election, Hoffman co-financed E. Jean Carroll's lawsuit against Trump for sexual assault. Now, he's set on making Harris the next president.
Hoffman's Demand Comes with Strings Attached
Hoffman's engagement in the political arena has caused some tension in America. Hoffman advocates for dismissing Federal Trade Commission (FTC) Chair Lina Khan, who has adopted a tough stance on regulating Big Tech. Khan has launched investigations against Microsoft and Amazon, which puts Hoffman at odds with her, as he serves on Microsoft's board. In essence, Hoffman desires to manipulate the removal of the pesky top antitrust enforcer, saying "Lina Khan is... not helping America," in a CNN interview. He urges Vice President Harris to replace her, emphasizing that antitrust measures are fine but that waging war is not.
Sanders Speaks Out
Hoffman's interference in personnel decisions to enforce a gentler antitrust policy has sparked criticism from Bernie Sanders. The influential Democratic senator derides Hoffman's actions as "the arrogance of Mr. Hoffman" and acclaims Khan as one of the best officials appointed by Biden and the best FTC chair in "a very, very long time." Sanders argues, "Billionaires shouldn't dictate to candidates who to keep or not." He insists that if Harris wins, he expects her to keep Khan.
In addition, Massachusetts Senator Elizabeth Warren and some Republicans come to Khan's defense, praising her dedication to supporting market competition. Trump's vice, JD Vance, acknowledges that Khan is "one of the few people in the Biden administration who, in my opinion, is doing a pretty good job."
The situation is uncomfortable for Harris, who may appear compromised. She clarifies that there are currently "no political discussions" about Khan's replacement. The public now closely observes the extent of Microsoft and Hoffman's influence, with the FTC currently reviewing Microsoft's deals with AI startup Inflection and its potential acquisition of Activision Blizzard's "Call of Duty" video game franchise.
Hoffman has unfortunately found himself in the role of a defender for Harris lately. The LinkedIn co-founder faced backlash after expressing his desire for Trump to be seen as a true icon, following his attack. The big-time Democratic donor had a heated exchange with Trump supporter Thiel at the Sun Valley Conference. Thiel sarcastically thanked Hoffman for funding lawsuits against Trump, effectively turning him into a symbol. Hoffman responded impolitely, saying, "Yes, I wish I had made him a true icon." Later, he apologized, stating, "I didn't mean any harm or violent act, which I strongly condemn. I sincerely regret using the word 'icon.' That was a mistake."
For Harris, Hoffman serves as a generous and significant backer, as well as a voice amplifier. His LinkedIn company, being the world's most successful business networking site with $16 billion in annual revenue, 18,000 employees, and 850 million members worldwide, is a powerful asset. However, his thoughtless comments have gotten Harris into political trouble and raised questions about his intentions with a potentially corrupt demand.
I'm not doubting Hoffman's support for Harris, but his request to replace FTC Chair Lina Khan has sparked controversy.
Despite the fundraiser's success, Hoffman's demand for Khan's removal has been met with criticism from some political figures, including Senator Bernie Sanders.
