Tech moguls who formally voted for Biden are now rallying behind former President Donald Trump, raising millions of dollars at a high-profile fundraiser in San Francisco.
The event, hosted by prominent venture capitalist David Sachs and investment firm founder Chamath Palihapitiya, marked a major shift in sentiment within an industry once seen as staunchly liberal and could be a cause for concern for Democrats.
Mr. Sachs, a partner at Craft Ventures and former chief operating officer at PayPal, opened his Pacific Heights home to the fundraiser, with tickets selling for the princely sum of $50,000 a pop, plus $300,000 for premium seating, which included perks like a photo opportunity with Mr. Trump, and $500,000 per couple.
The event is expected to bring in a staggering $12 million for the Trump campaign, marking a success for the Republican candidate despite his recent legal troubles.
Palihapitiya, an advocate of special purpose acquisition companies (SPACs) and co-host of the popular podcast “All In” with Sacks, helped organize the sold-out event.
Sachs donated to Democrat Hillary Clinton in 2016 but has since backed the Republican Party and publicly endorsed Trump as his preferred candidate.
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Palihapitiya is a former Biden supporter who donated more than $250,000 to Biden’s campaign in 2020 and now supports Trump along with Sachs.
“When we agreed to do this event, the first thing was, could we raise $5 million? That was the goal, because, you know, the Bay Area is kind of a liberal stronghold and we thought $5 million would be a huge help,” Sachs told Fox Business on Friday.
Sacks said the event was “very well attended,” with about 100 people in attendance.
“There wasn’t even one more seat left in the venue,” he added. “It was packed.” He said the “frenzy” was felt even “outside the venue.”
Protesters also showed up on the night of the incident.
“Even among the protesters, there was a big difference in enthusiasm between Trump supporters and Biden supporters,” Sachs said. “If that’s what’s happening in liberal San Francisco, what’s happening in the rest of the country?”
Among the notable guests in attendance were well-known cryptocurrency exchange founders Cameron and Tyler Winklevoss, as well as Jacob Helberg, a member of the U.S.-China Economic and Security Review Commission.
Venture capitalist Shervin Pishevar, C3.ai CEO Tom Siebel, and 1789 Capital partner Joe Boboril also attended.
According to attendees, Trump delivered a serious 45-minute speech, beginning with a reminiscence of his late uncle, John G. Trump, a respected engineer and MIT professor.
He reportedly joked that he should have followed in his uncle’s footsteps, according to the New York Post.
Introduced by Senator J.D. Vance of Ohio, he spoke about foreign policy and highlighted the threat posed by leaders like Kim Jong Un and Vladimir Putin.
He also spoke about Russia’s post-presidency economic and military strength, contrasting it with his own time in office.
The event was held in the liberal-leaning Pacific Heights neighborhood, near the residence of Representative Nancy Pelosi.
According to sources, Trump unusually used prepared notes during the speech.
