Connect with us

Published

on

Some Silicon Valley venture capitalists have begun to turn against President Joe Biden while openly touting their support for former President Donald Trump — a sea change for an industry that has overwhelmingly supported Democrats in years past.

Prominent moguls such as David Sacks, Chamath Palihapitiya, Marc Andreessen and Shaun Maguire have grown disillusioned with signature Biden policy proposals such as his call for a 25% “billionaire tax” as well as antitrust crackdowns waged by the Federal Trade Commission.

Its impossible to support Biden, Keith Rabois, an early executive at PayPal who also played a role in the growth of LinkedIn, Square and Slide, told The New York Times.

While Rabois said he was not a fan of Trump, he would be “focused on electing a GOP Congress and Senate.”

Tech executives are also unhappy with the stringent regulations imposed on the cryptocurrency sector by Gary Gensler, Biden’s pick to head the Securities and Exchange Commission.

Lina Khan, Biden’s chair of the FTC, has sought to move aggressively against large tech companies that critics say have amassed too much power in the marketplace.

Khan unsuccessfully challenged Microsoft’s $70 billion acquisition of video game maker Activision Blizzard as well as Meta’s attempt to buy virtual reality startup Within.

Last year, the FTC sued Amazon, accusing the e-commerce giant of being a monopoly.

Andreessen, founder of powerhouse VC firm Andreessen Horowitz, recently said there are “real issues” with the Biden administration.

A second Trump administration would be staffed by “very different kinds of people” particularly at the SEC and FTC, Andreessen said in a recent podcast interview.

Ben Horowitz, co-founder of Andreessen Horowitz, wrote in a blog post last year that his company would support any politician who backed “an optimistic technology-enabled future.”

Sacks, the entrepreneur and investor who made his fortune as chief operating officer at PayPal during its early days, plans to host a fundraiser for Trump as well as interview the former president on his “All In” podcast.

After the Jan. 6, 2021 riots at the US Capitol, Sacks said that the incident disqualified Trump from elected office.

But four years of a Biden presidency have changed Sacks’ mind, according to The New York Times.

“I have bigger disagreements with Biden than with Trump,” Sacks was quoted as telling a tech conference last week.

Sacks cited Biden’s tax proposal, which would penalize startup founders who are wont to offer stock options to employees.

Its a good reason for Silicon Valley to think really hard about who it wants to vote for, Sacks told tech investors at the conference.

Last month, Sacks was one of a handful of prominent tech moguls who attended an “anti-Biden” dinner alongside Elon Musk and Peter Thiel.

Palihapitiya, the venture capitalist who was Mark Zuckerberg’s vice president of user growth shortly after the founding of Facebook, has also flipped from backing Democrats in the past to endorsing Trump.

Palihapitiya, the founder of the venture capital firm Social Capital, plans to co-host the fundraiser for Trump alongside Sacks, according to the Times.

Such open expressions of support for Trump was virtually unheard of in Silicon Valley in recent election cycles.

Four years ago you had to issue an apology if you voted for him, Delian Asparouhov, an investor at the Thiel-backed Founders Fund, wrote on his X account.

Shaun Maguire, an investor at Sequoia Capital, has criticized Biden on social media, though he has refrained from directly supporting Trump.

Biden has been getting away with double standards his entire career

3 strike laws for thee but not for me (Hunter)

Keeping classified documents without punishment

And now withholding aid to an ally

Well see what happens this time https://t.co/cUh8qCRbMY

After Biden indicated that the US would withhold certain weapons to Israel in the midst of the war in Gaza, Maguire accused him of “getting away with double standards his entire career” — a reference to the Democrats’ drive to impeach Trump for threatening to withhold aid from Ukraine during his presidency.

“We’ll see what happens this time,” Maguire wrote on his X account on May 9.

The Post has sought comment from the White House.

Continue Reading

Politics

Starmer vows to fight any plots to oust him – as Labour MPs fear major budget backlash

Published

on

By

Starmer vows to fight any plots to oust him - as Labour MPs fear major budget backlash

Sir Keir Starmer is vowing to fight any challenge to his leadership rather than stand aside, amid claims of plotting by MPs being compared to TV’s The Traitors.

Number 10 is going on the attack ahead of a difficult budget this month, with fears it could prove so unpopular that Labour MPs may move against Sir Keir.

But Sky News political editor Beth Rigby reports the prime minister “has no intention of giving way”, with allies warning any challenge would lead to a “drawn-out leadership election, spook the markets, and create more chaos that further damages the Labour brand”.

One senior figure told Rigby any move against Sir Keir would be more likely to arrive after next May’s elections, rather than the budget.

They said many Labour MPs could probably get behind measures like tax rises for wealthier workers, pensioners and landlords, as well as scrapping the two-child benefit cap, if that’s what the chancellor announces on 26 November.

But there are a series of potentially damaging elections in May, including in London and for the Senedd in Wales, as Labour face a challenge from Reform UK on the right and parties like the Greens and Plaid Cymru on the left.

Rigby said there is a “settled view among some very senior figures in the party that Starmer lacks the charisma and communication skills to take on Nigel Farage and win over the public, particularly if or when he breaks a bunch of manifesto pledges”.

Sir Keir and Rachel Reeves have refused to rule out breaking their manifesto promises not to raise income tax, national insurance, or VAT at the budget.

The Number 10 operation to ward off a challenge comes after Sky News deputy political editor Sam Coates likened the febrile mood in the Labour high command to the TV hit The Traitors.

Speaking on the Politics At Sam And Anne’s podcast, he said: “A minister got in touch at the start of the weekend to say they believe that there’s some quite substantial plotting going on.

“They say there was at least one cabinet minister telling colleagues that Keir Starmer, and I quote, is finished.”

We’ve been here before…


John Craig

Jon Craig

Chief political correspondent

@joncraig

When Boris Johnson was facing mutiny from Conservative MPs, his allies launched “Operation Save Big Dog”.

When Margaret Thatcher was about to be ousted by her rebellious MPs in 1990, she declared: “I fight on, I fight to win.”

And Harold Wilson, constantly paranoid about plots, famously quipped in 1969: “I know what’s going on. I’m going on.”

Boris Johnson was ousted less than six months after “Operation Save Big Dog”, Margaret Thatcher resigned the following morning after saying “I fight on”, and Harold Wilson lost a general election to Edward Heath a year after vowing that he would go on.

Just saying.

Read more:
What tax rises will Reeves announce?

Coates said the cabinet minister “absolutely and totally denies they are up to anything nefarious whatsoever”.

“I actually do think that this is all in the style of The Traitors, because I’m not sure that there is hard and fast evidence of plotting – there might be some hints from some quarters,” he added.

“But what seems to be completely logical is that if you’re a bit worried in Number 10, you’re trying to pitch roll and ward off people who are maybe thinking about the need to position themselves by starting to get out rumours of plots and hoping that the political system turns against them for disloyalty.”

Who is plotting to unseat the PM? Pic: PA
Image:
Who is plotting to unseat the PM? Pic: PA

Cloak-and-dagger

Reports emerged on Tuesday night in The Times, The Guardian, and from the BBC of a “bunker mode” in Number 10, “regime change”, and “plotting” to replace Sir Keir.

Responding to the reports, Health Secretary Wes Streeting denied he was seeking to oust the prime minister.

A spokesperson for Mr Streeting told Sky News: “These claims are categorically untrue.

“Wes’s focus has entirely been on cutting waiting lists for the first time in 15 years, recruiting 2,500 more GPs and rebuilding the NHS that saved his life.”

It's not me, insists Wes Streeting. Pic: Reuters
Image:
It’s not me, insists Wes Streeting. Pic: Reuters

However, there is clearly a co-coordinated campaign by allies of the increasingly unpopular Sir Keir to try to prevent a leadership challenge by a cabinet minister or stalking horse.

Sir Keir’s biographer Tom Baldwin questioned the logic of those briefing from within the corridors of power.

“I’m at a loss to understand why anyone would think this sort of briefing will help Keir Starmer, the government, or even their own cause,” he said on social media. “Some people just can’t resist, I guess, but it’s all a bit nuts.”

What next?

It comes ahead of Prime Minister’s Questions this lunchtime, handing Tory leader Kemi Badenoch the chance to make it an awkward afternoon for Sir Keir.

The health secretary will start his day on Sky News’ Morning With Ridge And Frost and will then speak at an NHS providers’ conference.

Watch and follow live coverage across Sky News – including in the Politics Hub.

Continue Reading

UK

Starmer vows to fight any plots to oust him – as Labour MPs fear major budget backlash

Published

on

By

Starmer vows to fight any plots to oust him - as Labour MPs fear major budget backlash

Sir Keir Starmer is vowing to fight any challenge to his leadership rather than stand aside, amid claims of plotting by MPs being compared to TV’s The Traitors.

Number 10 is going on the attack ahead of a difficult budget this month, with fears it could prove so unpopular that Labour MPs may move against Sir Keir.

But Sky News political editor Beth Rigby reports the prime minister “has no intention of giving way”, with allies warning any challenge would lead to a “drawn-out leadership election, spook the markets, and create more chaos that further damages the Labour brand”.

One senior figure told Rigby any move against Sir Keir would be more likely to arrive after next May’s elections, rather than the budget.

They said many Labour MPs could probably get behind measures like tax rises for wealthier workers, pensioners and landlords, as well as scrapping the two-child benefit cap, if that’s what the chancellor announces on 26 November.

But there are a series of potentially damaging elections in May, including in London and for the Senedd in Wales, as Labour face a challenge from Reform UK on the right and parties like the Greens and Plaid Cymru on the left.

Rigby said there is a “settled view among some very senior figures in the party that Starmer lacks the charisma and communication skills to take on Nigel Farage and win over the public, particularly if or when he breaks a bunch of manifesto pledges”.

Sir Keir and Rachel Reeves have refused to rule out breaking their manifesto promises not to raise income tax, national insurance, or VAT at the budget.

The Number 10 operation to ward off a challenge comes after Sky News deputy political editor Sam Coates likened the febrile mood in the Labour high command to the TV hit The Traitors.

Speaking on the Politics At Sam And Anne’s podcast, he said: “A minister got in touch at the start of the weekend to say they believe that there’s some quite substantial plotting going on.

“They say there was at least one cabinet minister telling colleagues that Keir Starmer, and I quote, is finished.”

We’ve been here before…


John Craig

Jon Craig

Chief political correspondent

@joncraig

When Boris Johnson was facing mutiny from Conservative MPs, his allies launched “Operation Save Big Dog”.

When Margaret Thatcher was about to be ousted by her rebellious MPs in 1990, she declared: “I fight on, I fight to win.”

And Harold Wilson, constantly paranoid about plots, famously quipped in 1969: “I know what’s going on. I’m going on.”

Boris Johnson was ousted less than six months after “Operation Save Big Dog”, Margaret Thatcher resigned the following morning after saying “I fight on”, and Harold Wilson lost a general election to Edward Heath a year after vowing that he would go on.

Just saying.

Read more:
What tax rises will Reeves announce?

Coates said the cabinet minister “absolutely and totally denies they are up to anything nefarious whatsoever”.

“I actually do think that this is all in the style of The Traitors, because I’m not sure that there is hard and fast evidence of plotting – there might be some hints from some quarters,” he added.

“But what seems to be completely logical is that if you’re a bit worried in Number 10, you’re trying to pitch roll and ward off people who are maybe thinking about the need to position themselves by starting to get out rumours of plots and hoping that the political system turns against them for disloyalty.”

Who is plotting to unseat the PM? Pic: PA
Image:
Who is plotting to unseat the PM? Pic: PA

Cloak-and-dagger

Reports emerged on Tuesday night in The Times, The Guardian, and from the BBC of a “bunker mode” in Number 10, “regime change”, and “plotting” to replace Sir Keir.

Responding to the reports, Health Secretary Wes Streeting denied he was seeking to oust the prime minister.

A spokesperson for Mr Streeting told Sky News: “These claims are categorically untrue.

“Wes’s focus has entirely been on cutting waiting lists for the first time in 15 years, recruiting 2,500 more GPs and rebuilding the NHS that saved his life.”

It's not me, insists Wes Streeting. Pic: Reuters
Image:
It’s not me, insists Wes Streeting. Pic: Reuters

However, there is clearly a co-coordinated campaign by allies of the increasingly unpopular Sir Keir to try to prevent a leadership challenge by a cabinet minister or stalking horse.

Sir Keir’s biographer Tom Baldwin questioned the logic of those briefing from within the corridors of power.

“I’m at a loss to understand why anyone would think this sort of briefing will help Keir Starmer, the government, or even their own cause,” he said on social media. “Some people just can’t resist, I guess, but it’s all a bit nuts.”

What next?

It comes ahead of Prime Minister’s Questions this lunchtime, handing Tory leader Kemi Badenoch the chance to make it an awkward afternoon for Sir Keir.

The health secretary will start his day on Sky News’ Morning With Ridge And Frost and will then speak at an NHS providers’ conference.

Watch and follow live coverage across Sky News – including in the Politics Hub.

Continue Reading

UK

Government to reconsider whether to give compensation to Waspi women

Published

on

By

Government to reconsider whether to give compensation to Waspi women

A decision not to award compensation to the Waspi women will be reconsidered by the government because of undisclosed “evidence”, the Work and Pensions Secretary has said.

Waspi women – Women Against State Pensions Inequality – are those born in the 1950s who say they were not given sufficient warning of the state pension age for women being lifted – to be in line with men – from 60 to 65.

Politics Live: Who are the Waspi women and what happened to them?

They have long argued that this was done too quickly, leaving some women financially unprepared to cope with the number of years when they were no longer able to claim their state pension.

The government said in December that they would not be compensated, because most women knew the changes were coming.

Waspi campaigners at a protest in Westminster in October last year. Pic: PA
Image:
Waspi campaigners at a protest in Westminster in October last year. Pic: PA

But Pat McFadden told the Commons on Tuesday: “Since then, as part of the legal proceedings challenging the government’s decision, evidence has been cited about research findings from a 2007 report.”

The cabinet minister was referring to the rediscovery of a 2007 Department for Work and Pensions evaluation which had led to officials stopping sending automatic pension forecast letters out.

Mr McFadden said: “In light of this, and in the interest of fairness and transparency, I have concluded that the government should now consider this evidence. This means we will retake the decision made last December as it relates to the communications on State Pension age.”

Read more from Sky News:
Unemployment rate jumps to highest level since late 2020
Chancellor all but confirms she’ll break tax promises

Around 3.6 million women were impacted by the change to the state pension age. The government has previously said compensating them could cost £10.5bn.

Mr McFadden stressed that reviewing the decision should not be taken as an indication that the government will “decide that it should award financial redress”.

Angela Madden, the chair of Waspi, said the decision was a “major step forward”.

“The government now knows it got it wrong, and we are pleased they are now trying to do it properly,” she said.

“The only correct thing to do is to immediately compensate the 3.6 million Waspi women who have already waited too long for justice.”

The decision to refuse compensation was made despite a recommendation by the Parliamentary and Health Service Ombudsman (PHSO) that the women should be paid up to £2,950 each.

The PHSO’s findings are not binding, and last year the then-work and pensions secretary Liz Kendall said that the cost could not be justified as most women knew about the changes.

Sir Keir Starmer also said compensation would “burden” the taxpayer.

Continue Reading

Trending