Elon Musk Wants Trump To Win the Election: Why Silicon Valley Is Turning To Politics

Elon Musk has had a mixed political contribution record . From 2004 to 2020, he donated $725,750 to federal candidates and committees, with his contributions almost evenly split between Republicans and Democrats. Recently, Musk has endorsed Republican candidates on Twitter but made no direct political contributions during the 2022 cycle. His largest recipient is the National Republican Congressional Committee, which has received $246,800 from him since 2004.

Musk’s companies, including SpaceX and Tesla, have also been active in lobbying. SpaceX spent $690,000 lobbying in 2023, mainly on aerospace and defense issues, while Tesla spent $270,000 in the first quarter of 2023 lobbying on tax and automotive industry matters. Despite their lobbying efforts, Musk’s other ventures, Neuralink, and the Boring Company, have not reported any federal or State lobbying.

Musk leverages his influence through company PACs and interest groups. SpaceX’s PAC has leaned slightly towards Republicans. Under Musk’s control since late 2022, Twitter spent $310,000 lobbying the federal government in the first three months of 2023. Tesla has also received significant government subsidies, totaling $2.8 billion since 2009, highlighting the intricate relationship between Musk’s ventures and government support.

Mark Zuckerberg’s Meta has significantly outspent its peers in State-level political contributions, investing $4.5 million since 2010. In comparison, Tesla contributed $965,234, and SpaceX spent $47,950. Twitter has generally avoided State elections, entering the lobbying arena only in 2019 with a total spend of $418,710.

Big Tech Wants to Avoid Government Influence

Donald Trump’s choice of J.D. Vance as his running mate has excited Silicon Valley conservatives, who see a potential “tech bro” nearing the White House. Vance, a Yale Law graduate and former venture capitalist, has raised hopes among conservative investors for friendlier tech regulations.

Despite the Bay Area’s liberal leanings, vocal conservatives like Peter Thiel, Marc Andreessen, and Elon Musk have become more outspoken . Thiel’s substantial financial support has been crucial for Vance. However, Vance’s stance  on breaking up tech giants like Google has caused some tension. Venture capitalist Tim Draper, recognizing Vance’s investments in cryptocurrencies and tech in general, remains optimistic about Vance’s potential to shape favorable policies.

While details on Vance’s tech policies within the Trump-Vance campaign remain limited, Vance’s connections facilitated a major fundraiser at David Sacks’ mansion, raising $12 million for Trump. This highlighted Trump’s advocacy for cryptocurrency amidst Democratic regulatory scrutiny.

Traditionally , big tech companies have aligned more closely with Democratic policies, often advocating for progressive values and innovation-friendly regulations. Increasing government scrutiny and regulatory actions under the Biden administration have led to a shift. While they historically preferred minimal government interference to foster innovation, recent antitrust probes and regulatory proposals have prompted concerns about overreach and stifling of technological advancement.