The co-founders from Silicon Valley’s largest venture capital firm announced that they support Donald Trump in his bid for reelection and will make large donations to further back him.
Ben Horowitz (A16Z) and Marc Andreessen (Andreessen Horowitz), the two heads of Andreessen Horowitz revealed their plans on a 90-minute long podcast. They argued that a Trump win was necessary for the future of American innovation.
While their financial support is not expected to equal that of the billionaire Elon Musk, who announced plans to In a blog post published in June, they argued that “bad government policies are now the #1 threat to little tech”; the startups they see as the engine of US economy.
In the blogpost they did not actively support either candidate. They say that this has now changed. “It is clear that at least Donald Trump , we are not experts on everything the government does. But on startups and tech we’re among the best in the world. We think Donald Trump would be a better candidate than Joe Biden,” said Horowitz. “I will have many friends who are angry with me for saying nice things about President Trump… I wish we didn’t need to choose a side.”
Andreessen cited Trump’s support for cryptocurrencies as the reason he would vote to re-elect him in November. “It is a total, uniform and flat-out support of the whole space. It’s a complete 180 degree turn from the past. This has been an assault on a young industry I have never seen before.
They have been preparing for this announcement for some time. Horowitz said in December: “We’re non-partisan and one-issue voters. If a candidate is for an optimistic future enabled by technology, we support them. We are against those who want to choke-off important technologies.
Andreessen Horowitz and the venture capital company they founded have already donated over $24m to this election. However, the majority of the money has been given to Fairshake, an independent campaign that aims to support or oppose candidates depending on their opinions on cryptocurrency.
Fairshake, the super pac that supports Trump’s Make America Great Again Super Pac, is currently the second-best-funded Super Pac.
A16Z, founded in 2009, has supported many high-profile technology companies such as Facebook Instagram and Airbnb.
According to data from Follow the Crypto, cryptocurrency-focused political action committees have raised more than $187m for the 2024 US election and spent $38m of that. The money has largely been used to oppose Democrats and support Republicans, though some of it was spent in primaries where both parties were involved.
The crypto campaign already has a political victory. It spent $10m opposing the leftwing Congresswoman Katie Porter’s bid to run as a Democratic candidate in California for the US Senate.
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