Wealthy Silicon Valley donors are newly open to putting their financial firepower behind a Democratic presidential ticket led by Vice President Kamala Harris. But they’re debating whether to back her immediately or wait for more details about her policy agenda.
The Tech Industry’s Relationship with Politics
The tech industry, largely based in California, has played a significant role in fueling Democratic campaigns over the past few decades. The industry had a particularly warm relationship with Barack Obama and his administration. This year, however, several tech titans — most prominently Elon Musk — have thrown their support and money behind Donald Trump. This shift is partly due to their view that President Joe Biden and his regulators are hostile to innovation.
Kamala Harris could provide a much-needed “reset” between Silicon Valley and the Democratic Party, said Aaron Levie, CEO of cloud computing company Box. “Kamala literally comes from this area. Her backers have been in tech,” Levie noted.
Harris’ Mixed Record with Tech
For some Silicon Valley donors, there’s uncertainty about what version of Harris will show up in the White House. She has been an industry critic in the past, calling out tech companies for “revenge porn” as California attorney general and going after Facebook as a senator during the Cambridge Analytica privacy scandal. As Biden’s vice president, she faces questions about whether she’d continue his legacy of pressing lawsuits against some of the biggest tech firms, including Amazon, Google, and Apple.
Levie suggested that some industry players are looking for Harris to make the first move. “If by the end of the week she had a tech policy framework out there, a 10-point plan for pro-business, pro-tech, pro-entrepreneurship, and it was credible, I think she could very quickly rally a significant portion of the ecosystem,” he said.
Support from Silicon Valley
Harris has a long history with the tech industry. She began her political career in San Francisco, and her runs for California attorney general and U.S. senator were bolstered by donations from former Meta executive Sheryl Sandberg, tech investor Ron Conway, and former Google executive David Drummond.
“She’s one of us,” said Andrew Byrnes, a Silicon Valley-based lawyer and longtime campaign bundler for Harris. Harris’ abrupt ascendancy to the highest level of American politics this week led to a flood of supportive social media posts from her former backers in the tech sector. Sheryl Sandberg said she’s “thrilled to support” Harris, and Ron Conway posted that the tech community “must come together to defeat Donald Trump and save our democracy by uniting behind Vice President Kamala Harris.”
Donations and Expectations
Harris has already secured significant support from at least one major Silicon Valley donor. On Tuesday, Netflix co-founder Reed Hastings donated $7 million to a Harris super PAC. Hastings had previously donated to Biden’s reelection campaign before the president’s disastrous debate performance last month.
Tech Industry’s Hope for a Policy Reset
Many tech donors, including those with liberal leanings, have soured on Biden’s agenda and hope Harris will revive a techno-optimist approach. Adam Kovacevich, a former Google executive, said it could be unwise for tech donors to wait for Harris to make the first move. “She’s gonna be the nominee — it’s over. There’s no more pining for a different or ideal candidate,” he said.
Bradley Tusk, a venture capitalist, intends to give at least $100,000 to support Harris’ bid. “As long as she seems viable, the money’s gonna be there,” Tusk said.
Conclusion
Kamala Harris’ candidacy has the potential to realign Silicon Valley’s support with the Democratic Party. Her deep ties to the tech industry and her potential to revive a pro-innovation agenda make her an appealing candidate for many in the tech community. However, much will depend on the details of her policy agenda and her ability to reassure donors about her stance on key tech issues.
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