Harris’ tech allies on track to raise $100 million, Silicon Valley skeptics

Vice President Kamala Harris‘ allies in the tech community have launched a behind-the-scenes lobbying campaign to convince wealthy donors to back her campaign for president, according to people familiar with the matter.

Longtime investors Reid Hoffman and Ron Conway have been among Harris’ allies in Silicon Valley privately calling on those in their networks to support the vice president over former President Donald Trump, these people explained.

The conversations have been ongoing since Sunday, when President Joe Biden dropped out of the race and endorsed Harris, according to people who described the discussions to CNBC.

Conway has even attempted to recruit venture capitalists Marc Andreessen and Ben Horowitz, according to three people familiar with the outreach who, like others in this story, were granted anonymity to discuss private conversations.

The move was noteworthy because the two founders of the venture capital firm Andreesen Horowitz have already said they are going to support Trump, and plan to donate to a pro-Trump political action committee.

Hoffman convinced Netflix chairman Reed Hastings to support Harris with a $7 million donation to a pro-Harris PAC, according to The Information.

Hastings, who has been a longtime Democratic donor, said shortly after Biden left the race and backed Harris that, “Dem delegates need to pick a swing state winner.”

But two days later, Hastings backed the former California senator, writing on social media, “congrats to Kamala Harris — now it is time to win.”

A source familiar with the lobbying push by Conway, Hoffman and others estimates that their efforts alone are on track to raise over $100 million from major tech industry donors.

That money is being directed to a combination of groups: Harris’ campaign, her supportive political action committees and 501(c)(4) dark money groups, which do not publicly disclose their donors.

Hastings, as well as representatives for Conway and Hoffman, did not reply to emails from CNBC seeking comment. A spokeswoman for Andreesen Horowitz declined to comment. The company’s co-founders did not return an email seeking comment.

Conway and Hoffman have each endorsed Harris. Conway notably said that the “tech community must come together to defeat Donald Trump,” in a social media post praising Harris.

Part of the pitch from Harris’ allies in the tech community to skeptics is a pledge that, if Harris is elected president, she will be open to meeting with business leaders and hearing their concerns, according to two people familiar with the effort.

Another part of the pitch is their argument that tech investors who support Trump made the wrong choice because they thought Biden was the shoo-in nominee. Now, with Harris leading the Democratic ticket, they have a chance to change their minds to come back to her instead, these people said.

“The train is leaving the station and it’s clear you got on the wrong one. And she will be open to hearing out new ideas,” a person said, describing the calls.

So far, the results of the tech campaign are mixed.

“I don’t think it’s going to work. They know her record on tech,” said an advisor to cryptocurrency executives. He pointed to Harris’ record, starting with her election as California’s attorney general in 2011.

Harris has held varying positions on tech regulation both as AG and in the Senate.

In 2019 as a senator of California she said “we have to seriously take a look at [a Facebook breakup],” according to Fortune.

Last year, she hosted four tech CEOs of Sam Altman, Dario Amodei, Satya Nadella and Sundar Pichai at the White House “to share concerns about the risks associated with AI.”

But in March, Harris told ABC News that the administration does not “intend to ban TikTok.” One month later, Biden signed a bill into law that could ban TikTok from use in the United States unless its parent company, China-based ByteDance, agrees to sell the social media asset by early 2025.

Another obstacle for Harris’ allies is the perception in Silicon Valley that the Biden administration has over regulated their industry.

Crypto and AI, two of the fastest growing sectors of the tech industry, have complained mightily in recent years as the Securities and Exchange Commission and the Federal Trade Commission have taken aim at major players.

The belief that tech has been unfairly treated by the Biden administration contributed to the decision of some high profile executives to back Trump.

Billionaire and Tesla CEO Elon Musk, for instance, has become a vocal Trump supporter. It’s not yet clear however, whether his vocal support will translate into a massive amount of campaign cash to help Trump and Sen. JD Vance get elected.

Crypto investors Cameron and Tyler Winklevoss have each donated at least $1 million in bitcoin to the Trump 47 Committee, according to Federal Election Commission filings. Some of that money was reportedly refunded because each check exceeded the $844,600 legal limit.