Former President Donald Trump’s choice of Sen. J.D. Vance (R-Ohio) as his running mate is reportedly a sign of Silicon Valley’s growing influence in Republican politics and Wall Street’s declining influence within the GOP.
If Trump wins the White House, tech executives are expected to have more influence in a second term while Wall Street financiers are expected to retreat.
“Wall Street is key to the party and will always play an important role,” said Ed McMullen, Trump’s campaign fundraising chief and former ambassador to Switzerland. He told The Wall Street Journal on Monday.
“But technology companies and emerging entrepreneurs are rapidly emerging through donations and mentorship, and Vance’s selection reflects President Trump’s recognition of this shift.”
A select group of Silicon Valley billionaires who have traditionally supported Democratic candidates backed Trump during this election.
Prominent venture capitalists such as Marc Andreessen and Ben Horowitz, as well as Sequoia Capital investor Doug Leone, have pledged large sums of money to political action committees supporting Trump’s campaign.
Tesla CEO Elon Musk recently announced that he will donate $45 million per month to a pro-Trump super PAC.
PayPal boss David Sachs, the Winklevoss twins and former Facebook executive Chamath Palihapitiya have also said they fully support Trump.
Vance, a 39-year-old Marine Corps veteran whose memoir, “Hillbilly Elegy,” was made into a Netflix film, worked as a junior venture capitalist and biotech executive in Silicon Valley before entering politics.
During his career in tech, Vance built connections with billionaire angel investors Peter Thiel, as well as Sachs and Musk.
Trump’s selection of Vance was an act of defiance against calls from traditional Republican donors to keep the senator out of Ohio, particularly given Vance’s past praise of Lina Khan, President Biden’s nominee to chair the Federal Trade Commission.
Khan has drawn the ire of Wall Street for his aggressive actions to crack down on alleged antitrust violations by big tech companies including Amazon, Google and Meta.
Thiel, a longtime Republican donor and Trump supporter, reportedly lobbied the former president to choose Vance.
Other Republicans had wanted Trump to select someone seen as more pro-business, such as North Dakota Gov. Doug Burgum.
The Washington Post has reached out to Vance and Trump for comment.
