Tech titans back Trump amid hopes for lower taxes and influence
An increasing number of investors and CEOs of Silicon Valley technology companies are following Elon Musk's example and beginning to support Donald Trump and finance his election campaign. They hope for lower taxes and want to gain influence in his potential administration, writes the Financial Times on Saturday.
4:37 PM EDT, July 21, 2024
They are all calling and want to support me, Trump said about the heads of the largest companies from the Fortune 100 list in an interview with Bloomberg. And if you know politics, you know that whoever leads the electoral race gains all the support they want. He added that I could have the personality of a shrimp, and they would still all come to him.
Although the majority of Silicon Valley magnates still vote for Democrats, there is a growing group of those who declare their support for Trump, and this trend accelerated after the assassination attempt on the former president.
Just half an hour after the attempt to shoot Trump, Elon Musk wrote on X: "I fully endorse President Trump and hope for his rapid recovery."
The British daily assesses that largely the heads of technology giants are hoping that a potential Trump administration will not fight against their monopolistic position, not raise their taxes, and stop dragging firms like Meta, Google, or Apple through the courts as part of competition protection policies.
However, the simplest explanation for this new trend is a growing conviction that Trump will win the presidential election. Therefore, it is worth gaining early influence in his circle by emphasizing the "FT."
Democrats nominate biden as presidential candidate
A dozen Congressional Democrats in the US on Friday joined the group of party members calling on President Joe Biden to withdraw his candidacy in the presidential election. The appeal was made by Senators Martin Heinrich of California and Sherrod Brown of Ohio. Their call was supported by a dozen members of the House of Representatives, including close associates of former House Speaker Nancy Pelosi—Jared Huffman and Zoe Lofgren of California.
The Democratic National Committee (DNC) announced on Saturday that the party plans to formally nominate Joe Biden as its presidential candidate during a virtual vote at the beginning of August. Biden himself has ignored calls to withdraw from the run for the highest office.
