Spooked by Biden’s wealth tax, big tech venture capitalists are showing their progressive credentials were only ever skin deep

Hardly a week passes without another billionaire endorsing Donald Trump. With Joe Biden proposing a 25% tax on those with assets over $100m (£80m), this is no shock. The real twist? The pro-Trump multimillionaire club now includes a growing number of venture capitalists. Unlike hedge funders or private equity barons, venture capitalists have traditionally held progressive credentials. They’ve styled themselves as the heroes of innovation, and the Democrats have done more to polish their progressive image than anyone else. So why are they now cosying up to Trump?

Venture capitalists and Democrats long shared a mutual belief in techno-solutionism – the idea that markets, enhanced by digital technology, could achieve social goods where government policy had failed. Over the past two decades, we’ve been living in the ruins of this utopia. We were promised that social media could topple dictators, that crypto could tackle poverty, and that AI could cure cancer. But the progressive credentials of venture capitalists were only ever skin deep, and now that Biden has adopted a tougher stance on Silicon Valley, VCs are more than happy to support Trump’s Republicans.

Evgeny Morozov is the author of several books on technology and politics. His latest podcast, A Sense of Rebellion, is available now

Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here.