Kamala Harris' tech allies are on track to raise over $100 million as they work to win over Silicon Valley skeptics.

Kamala Harris' tech allies are on track to raise over $100 million as they work to win over Silicon Valley skeptics.
Kamala Harris' tech allies are on track to raise over $100 million as they work to win over Silicon Valley skeptics.
  • Allies in the tech community are secretly lobbying donors to support Vice President Kamala Harris' presidential bid.
  • Reid Hoffman and Ron Conway, longtime investors in Silicon Valley, are among the Harris allies privately urging donors to support her over Trump.
  • It's estimated that the lobbying push by Conway, Hoffman, and others will raise more than $100 million.
Harris seems to be more of a friend to Big Tech than Biden and Trump, says Evercore ISI's Mark Mahaney

Sources reveal that allies of Vice President Kamala Harris in the tech industry are secretly lobbying wealthy donors to support her bid for the presidency.

Reid Hoffman and Ron Conway, longtime investors, have been privately urging their networks to support Vice President Harris over former President Trump, according to sources.

Since Sunday, when President Joe Biden dropped out of the race and endorsed Harris, the conversations have been ongoing, as described by people who spoke to CNBC.

According to three anonymous sources, Conway tried to recruit Marc Andreessen and Ben Horowitz as venture capitalists.

The move was significant because the founders of the venture capital firm Andreesen Horowitz have announced their support for Trump and plan to contribute to a pro-Trump political action committee.

According to The Information, Reed Hastings, the chairman, was convinced by Hoffman to donate $7 million to a pro-Harris PAC.

After Biden left the race, Hastings, a longtime Democratic donor, stated that delegates should choose a swing state winner.

Two days later, Hastings congratulated Kamala Harris on social media, stating that it was time to win.

It is estimated that Conway, Hoffman, and others' lobbying efforts will result in raising over $100 million from major tech industry donors.

Harris candidacy is opportunity for Dems to recalibrate with Big Tech: Bessemer Venture's Deeter

The funds are being allocated to a mix of groups, including Harris' campaign, her political action committees, and 501(c)(4) organizations that do not reveal their donors.

No representatives from Hastings, Conway, Hoffman, Andreesen Horowitz, or the company's co-founders responded to CNBC's email requests for comment.

In a social media post, Conway praised Harris and stated that the "tech community must unite to defeat Donald Trump."

Two sources close to Harris' tech community allies claim that if she becomes president, she will be receptive to listening to business leaders' worries and meeting with them.

The argument of some tech investors who supported Trump is that they made a mistake by believing Biden would be the shoo-in nominee. Now, with Harris leading the Democratic ticket, they have the opportunity to reconsider their choice and support her instead, these individuals stated.

The train is departing from the station, and it's evident that you boarded the incorrect one. Additionally, she will be receptive to considering fresh suggestions.

So far, the results of the tech campaign are mixed.

An advisor to cryptocurrency executives stated that he believes it won't work, citing Harris' tech record, which began with her election as California's attorney general in 2011.

As AG and in the Senate, Harris has held different views on tech regulation.

In 2019, as a senator of California, she stated that it was necessary to seriously consider a Facebook breakup, according to Fortune.

Last year, the White House hosted four tech CEOs, including Sam Altman, Dario Amodei, Satya Nadella, and Sundar Pichai, to discuss the risks associated with AI.

In March, Harris stated that the administration does not plan to ban TikTok. However, a month later, Biden signed a bill into law that could prohibit TikTok's use in the US unless ByteDance sells the social media platform by early 2025.

The perception in Silicon Valley is that the Biden administration has over-regulated their industry, posing another obstacle for Harris' allies.

The Securities and Exchange Commission and the Federal Trade Commission have been criticized by the crypto and AI sectors for targeting major players in recent years.

The decision of some high profile executives to back Trump was influenced by the belief that the Biden administration has unfairly treated tech.

Elon Musk, a billionaire and CEO of Tesla, has become a vocal supporter of Trump. However, it is uncertain whether his support will result in significant campaign funds to aid Trump and Sen. JD Vance in their elections.

According to Federal Election Commission filings, Cameron and Tyler Winklevoss, crypto investors, donated at least $1 million in bitcoin to the Trump 47 Committee. However, some of that money was refunded because each check exceeded the $844,600 legal limit.

by Brian Schwartz

Politics