Finance News

Harris’ tech allies on track to raise $100 million, Silicon Valley skeptics


Harris seems to be more of a friend to Big Tech than Biden and Trump, says Evercore ISI's Mark Mahaney

Vice President Kamala Harris‘ allies in the tech community have launched a behind-the-scenes lobbying campaign to convince wealthy donors to back her campaign for president, according to people familiar with the matter.

Longtime investors Reid Hoffman and Ron Conway have been among Harris’ allies in Silicon Valley privately calling on those in their networks to support the vice president over former President Donald Trump, these people explained.

The conversations have been ongoing since Sunday, when President Joe Biden dropped out of the race and endorsed Harris, according to people who described the discussions to CNBC.

Conway has even attempted to recruit venture capitalists Marc Andreessen and Ben Horowitz, according to three people familiar with the outreach who, like others in this story, were granted anonymity to discuss private conversations.

The move was noteworthy because the two founders of the venture capital firm Andreesen Horowitz have already said they are going to support Trump, and plan to donate to a pro-Trump political action committee.

Hoffman convinced Netflix chairman Reed Hastings to support Harris with a $7 million donation to a pro-Harris PAC, according to The Information.

Hastings, who has been a longtime Democratic donor, said shortly after Biden left the race and backed Harris that, “Dem delegates need to pick a swing state winner.”

But two days later, Hastings backed the former California senator, writing on social media, “congrats to Kamala Harris — now it is time to win.”

A source familiar with the lobbying push by Conway, Hoffman and others estimates that their efforts alone are on track to raise over $100 million from major tech industry donors.

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That money is being directed to a combination of groups: Harris’ campaign, her supportive political action committees and 501(c)(4) dark money groups, which do not publicly disclose their donors.

Hastings, as well as representatives for Conway and Hoffman, did not reply to emails from CNBC seeking comment. A spokeswoman for Andreesen Horowitz declined to comment. The company’s co-founders did not return an email seeking comment.

Conway and Hoffman have each endorsed Harris. Conway notably said that the “tech community must come together to defeat Donald Trump,” in a social media post praising Harris.

Part of the pitch from Harris’ allies in the tech community to skeptics is a pledge that, if Harris is elected president, she will be open to meeting with business leaders and hearing their concerns, according to two people familiar with the effort.

Another part of the pitch is their argument that tech investors who support Trump made the wrong choice because they thought Biden was the shoo-in nominee. Now, with Harris leading the Democratic ticket, they have a chance to change their minds to come back to her instead, these people said.

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“The train is leaving the station and it’s clear you got on the wrong one. And she will be open to hearing out…



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