Shaun Maguire, a partner at prominent venture capital firm Sequoia, announced he will deliver a $300,000 check to Donald Trump – just minutes after the former president was found guilty of 34 crimes. The timing, Maguire said, was no coincidence.
In a lengthy cover-up on
He also acknowledged that this may not be the smartest move for business.
“I know I will lose friends because of this. Some will refuse to do business with me,” he wrote. “The media will probably demonize me, just like so many others before me. But despite this, I still believe it is the right thing to do.”
Maguire, who did not respond to a request for comment from Business Insider, may be less alone than he thinks.
After his conviction, Trump’s campaign reported that he had raised a record $34.8 million. And while that amount came largely from small donors, according to the Trump team, some big-money donors and Silicon Valley titans have shown their support for the former president — and the guilty verdict doesn’t appear to have stopped them.
Billionaire venture capitalist David Sacks, who is co-hosting a fundraiser for Trump next week, called the process a “sham.” Elon Musk replied in agreement with Maguire. Investor Keith Rabois posted several recordings criticizing the verdict.
Although Silicon Valley has long been a liberal center, Trump has courted the deep-pocketed tech executives and venture capitalists there.
Chamath Palihapitiya, another venture capital billionaire and Sacks’ podcast partner, will also co-host the Trump fundraiser at Sacks’ home next week, despite donating six figures to Biden in 2020. Musk has reportedly been in talks with Trump about an advisory role if he wins. .
Others, such as venture capitalist Marc Andreeson and Rabois, have not announced their support for Trump but have criticized Biden.
The current administration’s stance on regulation — particularly the FTC’s approach to Big Tech companies — and its call for higher taxes on the wealthy has turned some former Democrats against the party.
The members of the cash-rich West Coast class who are throwing their support behind Trump mirror some of their Wall Street counterparts. Last week, Blackstone CEO Steve Schwarzman announced he would endorse the former president. Hedge fund giant Bill Ackman is also reportedly leaning toward backing him.
Of course, the growing number of influential voices in Silicon Valley who support Trump — Sacks and Palihapitiya have their popular podcast, Musk has his entire social media platform — is not representative of many of the area’s wealthy residents.
Earlier this month, for example, former Yahoo CEO Marissa Mayer and venture capitalist Vinod Khosla hosted fundraising events for Biden.
Correction: May 31, 2024 – An earlier version of this story misstated the amount Trump’s campaign raised after the verdict. It raised $34.8 million, not $34.8 billion.
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