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VCs Back Kamala Harris for Biden in 2024 Election

More than 100 venture capitalists (VCs), including prominent figures like Reid Hoffman, Vinod Khosla, and Mark Cuban, have pledged their support for Vice President Kamala Harris in the upcoming U.S. presidential election. This comes as a counter-movement to the growing support for Republican nominee Donald Trump within Silicon Valley.

• The VCs, under the banner of VCsForKamala, are actively soliciting donations for Harris' campaign.
• The group emphasizes its commitment to "strong, trustworthy institutions" and sees the election as crucial for preserving these institutions.

Silicon Valley's Divided Support for Biden

The backing of VCs for Harris highlights the divided stance of Silicon Valley in the 2024 election. While a significant number of tech leaders support Biden, there's also a growing contingent supporting Trump.

• Elon Musk, Tesla and X CEO, has established a pro-Trump super PAC.
• Investors Marc Andreessen, Ben Horowitz, and David Sacks have openly endorsed Trump, expressing concerns about Biden's policies hindering the tech industry.
• The Winklevoss twins, cryptocurrency company Gemini founders, have donated to Trump's campaign in Bitcoin.

Kamala Harris' Tech Policies and Silicon Valley's Concerns

Kamala Harris' positions on tech regulation have evolved over her career. While she has advocated for measures like breaking up Meta, she has also sought dialogue with tech CEOs about the potential risks of AI.

• Harris has received praise and financial support from prominent tech leaders such as Box CEO Aaron Levi, Marc Benioff, Sheryl Sandberg, and Jony Ive.
• Her past presidential bid received backing from individuals like Reid Hoffman, Laurene Powell Jobs, and John Doerr.

Harris' Fundraising Efforts in Silicon Valley

Harris and her allies are actively engaging in behind-the-scenes lobbying campaigns to secure support from Silicon Valley elites.

• Harris is planning a fundraising trip to the San Francisco Bay Area in the coming months.
• Her campaign is on track to raise over $100 million from tech donors, including Netflix co-founder Reed Hastings, across her campaign, PACs, and "dark money" groups.

Trump's Appeal to Silicon Valley and Concerns about Biden's Tech Policies

Trump's support within Silicon Valley stems from the perception that the Republican party is more favorable to the startup ecosystem. Some tech leaders argue that Biden's administration has stifled tech businesses through overregulation and potential taxation, hindering growth in areas like AI and cryptocurrency.

• Andreessen and Horowitz, prominent VCs, believe Biden's policies have created an unfavorable environment for tech companies.
• They argue that Biden's policies threaten to stifle innovation and hinder progress in crucial fields like AI and cryptocurrency.

Harris' Focus on Tech Regulation and AI

Kamala Harris' campaign has highlighted her focus on tech regulation, particularly in the area of AI. She has engaged with tech CEOs to discuss concerns about the potential risks associated with AI development.

• Harris has previously advocated for measures like breaking up Meta, demonstrating her commitment to addressing tech monopolies.
• Her focus on AI reflects the increasing importance of this field and the need for responsible regulation.

The Future of Tech and the 2024 Election

The 2024 election promises to be a pivotal moment for the tech industry, with both Biden and Trump vying for the support of Silicon Valley. Harris' campaign is attempting to mobilize VCs and other tech leaders, while Trump continues to garner support from a segment of the tech community. The outcome of the election could have significant implications for tech regulation, AI development, and the future of Silicon Valley.