Democrats in disarray as Silicon Valley's tech titans rally behind Donald Trump, raise millions for ex-prez's 2024 campaign

Democrats in disarray as Silicon Valley's tech titans rally behind Donald Trump, raise millions for ex-prez's 2024 campaign
Donald Trump attended a fundraising event hosted by Silicon Valley's tech investors (Getty Images)

SAN FRANCISCO, CALIFORNIA: In a surprising turn of events, the heart of America’s tech industry, long considered a Democratic stronghold, is showing signs of a shift in allegiance. A major fundraising event held in San Francisco on Thursday, June 6, raised millions for Donald Trump, signaling potential troubles ahead for President Joe Biden and the Democratic Party.

The event was spearheaded by influential venture capitalists David Sacks and Chamath Palihapitiya, as per Daily Mail.

A shift in Silicon Valley's allegiance

Sacks, a partner at Craft Ventures and former COO of PayPal, hosted the high-profile fundraiser at his Pacific Heights home. The event, which marked Trump’s first official visit to the city in over a decade, featured tickets priced at $50,000 per person, with an exclusive $300,000 tier offering perks like a photo opportunity with Trump, and $500,000 for couples.

Sacks, who endorsed Hillary Clinton in 2016, has now shifted his allegiance to the Republican Party and publicly backed Trump.


"When we agreed to do this event, we started off– the question was whether we could just raise $5 million, and that was the goal because as you well know, the Bay Area, is sort of a liberal bastion, and so we thought that $5 million might be a big lift," told the entrepreneur to Fox Business.

The event surpassed expectations, raking in an estimated $12 million for Trump's campaign.

Palihapitiya, known for his advocacy of special purpose acquisition companies (SPACs) and his role as co-host of the popular 'All-In' podcast alongside Sacks, was instrumental in planning the sold-out event.

The Sri Lankan-born venture capitalist, who donated over $250,000 to Biden's campaign in 2020, has joined Sacks in backing Trump.

The fundraiser drew approximately 100 attendees, with Sacks noting, "We couldn’t fit one more seat in the place. We were completely sold out." He emphasized the enthusiasm felt during the event, despite the presence of protesters.

Republican presidential candidate, former U.S. President Donald Trump speaks during his campaign rally at Sunset Park on June 09, 2024 in Las Vegas, Nevada. The former president continues campaigning around the country amidst ongoing legal troubles. Trump is scheduled to sit for a probation interview via video on June 10 related to the felony conviction in his New York hush money case. (Photo by Brandon Bell/Getty Images)
A San Francisco fundraising event organized by tech entrepreneurs raised $12 million for Donald Trump's 2024 campaign (Getty Images)

High-profile attendees and Donald Trump's keynote speech

The event attracted a roster of notable figures from the tech industry and beyond. Among the guests were Cameron and Tyler Winklevoss, founders of a prominent cryptocurrency exchange, and Jacob Helberg, Commissioner for the US-China Economic and Security Review Commission.

Other attendees included venture capitalist Shervin Pishevar, CEO Tom Siebel, and Joe Voboril, a partner at 1789 Capital.

Trump delivered a 45-minute speech that was described as serious-toned, beginning with a tribute to his late uncle, John G Trump, a renowned engineer and MIT professor. According to sources, he joked about following in his uncle’s footsteps before diving into more pressing issues.

Introduced by Ohio Senator JD Vance, the former president focused heavily on foreign policy, highlighting perceived threats from leaders such as Kim Jong Un and Vladimir Putin. He contrasted Russia's post-office economic and military strength with the situation during his tenure, underscoring his administration's approach to international relations.

The fundraising event’s proximity to the home of former Democratic House Speaker Nancy Pelosi in the liberal-leaning Pacific Heights neighborhood added a layer of irony to the proceedings. Sources indicated that Trump, unusually, used prepared notes during his speech, marking a departure from his typical off-the-cuff style.

WILMINGTON, DELAWARE - JANUARY 16:  U.S. President-elect Joe Biden speaks during an announcement Jan
President Joe Biden's campaign will need to reassess its strategies to maintain a stronghold in Silicon Valley (Getty Images)

Fundraiser could indicate changes in voter sentiment for Democrats 

The substantial funds raised at the event underscore a significant shift in political dynamics within Silicon Valley. Traditionally a Democratic bastion, the increasing support for Trump among tech elites could signal broader changes in voter sentiment.

This development raises concerns for the Biden campaign, as the financial and influential support from this sector has historically been a critical component of Democratic electoral strategy.

With the successful fundraiser signaling a potential realignment, the Democrats face the daunting task of reevaluating their strategies to retain their traditional base.

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