May 14, 2024 - Business

David Sacks: Silicon Valley should seriously weigh 2024 stakes

David Sacks on stage at Axios BFD in San Francisco, May 14, 2024.

David Sacks on stage at Axios BFD on May 14. Photo: Axios BFD San Francisco 2024

Famed investor David Sacks stopped short of formally endorsing a 2024 candidate on Tuesday, but warned Silicon Valley should "think really hard about who it wants to vote for" given the policy stakes.

Why it matters: Sacks is an influential tech investor, podcaster and original member of the "PayPal Mafia."

Driving the news: In a wide-ranging conversation at Axios BFD San Francisco, Sacks was asked a hypothetical question about taxing of unrealized gains, something the Biden administration has proposed as a means of engineering a fairer tax code.

What he said: "I don't think …the whole way that Silicon Valley works based on stock options and…widespread ownership of companies will survive in its current form if you have this, you know, 25% unrealized gains tax," Sacks said.

  • "Now again, you can say, well, it'll never pass. But I think it's a pretty good reason for Silicon Valley to think really hard about who it wants to vote for."

Context: A prolific tweeter who is also part of a vocal contingent of right-leaning voices in Silicon Valley, Sacks is also closely linked to Tesla CEO Elon Musk.

  • According to report from Puck, Musk and Sacks recently hosted a clandestine dinner party for wealthy entrepreneurs opposed to President Joe Biden.

Sacks also said he was willing to host both Biden and presumptive GOP nominee Donald Trump on "All In," adding that he was open to finding "commonality" with any candidate, regardless of party.

  • However, he made clear he was partial to Trump, who just last week voiced support for cryptocurrencies after earlier skepticism.
  • "It might have been pandering," Sacks told ProRata's Dan Primack regarding Trump's recent crypto comments. "But at least he's saying the right thing and Biden is not saying the right thing. At least if he's pandering, there's a higher chance that maybe he'll do the right thing."

The latest: Earlier Tuesday, Sacks announced his latest venture, Glue, an artificial intelligence company for businesses.

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