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Business leaders have reacted to Donald Trump’s victory in the presidential election.
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Silicon Valley was politically divided in the run-up to the elections.
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Here’s what some of the most influential business people have to say about the election results.
Top business leaders, investors and philanthropists have reacted to Donald Trump’s victory in the presidential election.
Fox News called the race early Wednesday morning. Just under four hours later, projections come true CNN and other news organizations gave Trump the 270 Electoral College votes needed to win the presidency.
Throughout the campaign, Silicon Valley was divided over which candidate to support.
While Silicon Valley has historically leaned left, some of the biggest names in tech, including Tesla CEO Elon Musk and venture capitalist David Sacks, have tilted right this election season.
Still, 875 venture capitalists pledged to vote and donate to Harris through an initiative called VCsForKamala. A Business Insider analysis of publicly available FEC data found that VCs generally favored Democrats.
Some CEOs and executives have said Trump will better protect their business interests. Trump is expected to cut corporate taxes, extend the tax cuts from his first term — the largest of which targeted corporations and wealthy Americans — relax some regulations and raise rates.
Labor experts believe Trump could reverse the policy, making union membership easier and relaxing workplace safety rules.
Others, however, are nervous that Trump’s economic plans could be inflationary. Prices are up more than 20% from President Joe Biden’s first 45 months, which the administration has blamed on the pandemic and Russia’s invasion of Ukraine.
Economists from think tanks across the political spectrum have written that mass deportations and tariffs – which can range from 10% to 20% on most foreign goods – could increase inflation or hurt GDP.
Here’s what some of the richest and most influential business people have to say about the election results.
Elon Musk
Musk was quick to celebrate Trump’s victory, even before the election was called in the former president’s favor.
In an X-post on Wednesday, Musk said Trump had been given a “crystal clear mandate for change.”
For the CEO of Tesla and SpaceX, a lot was at stake in these elections. Musk, the world’s richest person, has donated at least $119 million to a super PAC supporting Trump.
The billionaire tech mogul also launched a $1 million giveaway for signers of a conservative-leaning petition in support of the First and Second Amendments.
Musk, who worked with Trump in Pennsylvania, has previously posted that the election could determine “the fate of Western civilization.”
Musk will likely benefit from a Trump victory, from lower tax rates to relaxed enforcement of some regulations. He will likely play a role in Trump’s second administration, given their mutual interest in having Musk lead a government efficiency commission.
Mark Cuban
Former Dallas Mavericks principal owner and “Shark Tank” star Mark Cuban posted about a Trump victory before the elections were officially called.
“You won fair and square,” Cuban wrote on X on Wednesday morning.
Cuban’s tone online changed as the evening progressed — shortly before 7 p.m., he posted on X that he had Facetimed students waiting in long lines at the University of North Carolina at Charlotte.
The billionaire investor initially supported President Joe Biden’s re-election campaignbut shifted his support to Harris after she became the Democratic nominee.
Cuban was part of the Business leaders for Harris and VCsForKamala efforts and signed the letter from almost 90 CEOs endorse her bid for the White House.
As the race went on, so did Cuban campaign with Harriswho appeared at rallies in swing states such as Arizona, Michigan and Wisconsin.
David Zaks
About
As Trump moved closer to victory, Sacks was vocal on social media.
“Stop denying the election and call it already,” he posted on X at 1:07 a.m. Eastern, four hours before CNN called the race for Trump.
Sacks endorsed Trump in June, writing on X that Trump would be better for the economy because the Biden administration contributed to increased inflation and slowed growth. He further supported Trump’s efforts on foreign policy and border policy. Sacks organized a fundraiser in San Francisco for Trump that raised $12 million and remained active on social media in support of Trump’s re-election.
“Four years ago, Kamala Harris and the Democrats came to power promising a ‘return to normalcy,’” Sacks wrote on X Tuesday afternoon. “What have they given us? Open borders, criminals released from jail, runaway spending and inflation, party politics and censorship, a world on fire. They had their chance: vote for change!”
Anthony Scaramucci
Anthony Scaramucci, who founded the investment firm SkyBridge Capital, posted on X to congratulate Trump and Musk.
“Congratulations to @realDonaldTrump and @elonmusk, the campaign was incredibly well executed. Excelsior,” he said in a post.
Scaramucci briefly served as White House communications director but was fired 10 days after his appointment. He endorsed Joe Biden in 2020 and Harris in 2024. OpenSecrets records show that Scaramucci made two $3,300 donations to Harris.
Scaramucci has been active on social media in support of Harris.
Early on Election Day, he posted on He posted Sunday: “Harris will win.”
Aaron Levie
Aaron Levie, CEO of cloud company Box, posted on X congratulating Trump before he officially won the White House.
“Wild Ride. Congratulations @realDonaldTrump on becoming president again,” Levie said. “The great thing about America is that we are now on a rocket ship and can continue to accelerate with the right policies and implementation.”
Levie has been an outspoken supporter of Harris throughout the campaign, regularly calling her pro-business in posts on X and praising her support from the tech sector. He previously told Business Insider that the Harris campaign engaged the tech sector in a meaningful way during the election. FEC records show Levie has donated more than $145,000 to the Harris Victory Fund.
In an Election Day post on X, Levie said he was confident Harris would win the election.
Andrew Yang
Andrew Yang, a technology entrepreneur and former presidential candidate, went to X to congratulate Trump.
“Defending democracy means accepting election results that don’t go your way. Congratulations to Donald Trump – I hope he brings people and the country together,” he said in a post.
On Election Day, he urged Americans to vote in multiple Twitter posts, and on Nov. 2 he posted a photo of himself hugging the vice president with the caption, “I voted for Kamala Harris.”
He announced his support for Harris in July and called her the “change candidate” in an appearance on CNN in October.
Despite his support, Yang openly criticized the Harris campaign until the end. In an Election Day post on Twitter, Yang said Harris should have participated in an interview with Joe Rogan, who ultimately endorsed Trump.
Read the original article on Business Insider
