Silicon Valley investors embrace Trump after years of leaning left: ‘Impossible to support Biden’

Some Silicon Valley venture capitalists have begun to turn against President 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.

“It’s 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.