Trump attends tech fundraiser in San Francisco, with some guests contributing $300,000.

• David Sacks and Chamath Palihapitiya are hosting a fundraiser for Donald Trump at a San Francisco mansion.
• A tier priced at $300,000 offers perks such as a photo with Trump, while individual tickets cost $50,000.
• According to Sacks, there will be many people who back Trump, but they are reluctant to acknowledge their support.

On Thursday, a pair of tech investors and podcasters are hosting Donald Trump for a high-profile fundraiser in San Francisco, indicating that the industry, which was previously hostile to the former president, has warmed to the Republican candidate.

A prominent venture capitalist and member of the "mafia," David Sacks, is hosting a fundraiser at his Pacific Heights residence. Tickets cost $50,000 per head, with a $300,000 tier that includes perks like a photo with Trump. This event takes place a week after Trump was convicted in New York of 34 felony counts of falsifying business records in connection with a 2016 hush money payment to porn star Stormy Daniels.

Chamath Palihapitiya, the founder of Social Capital and a well-known figure on Wall Street for promoting special purpose acquisition companies (SPACs), is one of the four hosts of the popular All-In podcast, alongside Arianna Huffington, Jason Calacanis, and Andrew Yang.

The event, which is expected to raise $12 million for Trump, sold out. Sacks declined to comment. Palihapitiya didn't respond to requests for comment before publication.

The tech capital's fundraiser reflects a growing shift in sentiment towards Trump, especially in a historically liberal stronghold. Despite being a conservative, Sacks donated to Democrat Hillary Clinton in 2016. However, he has recently thrown his support behind the Republican party and started publicly backing Trump. Palihapitiya donated more than $250,000 to Biden in 2020, according to campaign records.

"According to Sacks, there will likely be many people who support Trump, but they are hesitant to admit it. However, this event may help to break the ice and make it more acceptable to acknowledge the truth."

In the past, big money techies have provided support for Trump.

In 2016, PayPal co-founder and investor Peter Thiel spoke at the Republican National Convention and later joined Trump's transition team.

In 2016, Krzanich had planned a fundraiser for Trump, but he canceled it abruptly after media started asking questions.

In July of that year, approximately 140 prominent technologists issued an open letter condemning Trump's politics, stating that he "runs on anger, prejudice, fear of new concepts and new individuals, and a deep-seated conviction that America is weak and in decline."

The tech industry tends to view Republican policies as more favorable due to their support for less regulation and lower taxes. One of Trump's notable achievements during his presidency was implementing significant tax cuts, and he took a tough stance on China while granting exemptions to protect tech companies from tariffs. Additionally, he awarded government contracts to defense tech companies, including one co-founded by Thiel.

The backlash against President Biden's policies has fueled much of the anticipation towards Trump's potential return in the 2024 election. Under Biden, the SEC has taken measures against cryptocurrencies and his antitrust regulators have cracked down on mega-cap tech companies.

A laundry list of issues exists for those in Sacks' camp.

"Biden promised a return to normalcy, but what we've received is a slowing economy, rising inflation, a burning world, vindictive partisan witch hunts, and a Dems' reliance on lawfare as their only campaign strategy."

WATCH: Venture capitalists host Trump for fundraiser