Key facts
- Silicon Valley donors are changing their political strategy to focus on down-ballot races.
- Tech-backed super PACs are de-emphasizing 'tech' in their messaging, focusing on cost of living.
- New super PACs funded by tech billionaires are supporting candidates in state legislative races.
- Donors plan to continue financial support for future election cycles, relying on experienced strategists.
Silicon Valley's political engagement is undergoing a significant shift, moving away from overt promotion of tech interests towards a more subtle approach focused on broader economic issues and down-ballot races. This strategic pivot comes after recent election cycles where 'tech' became a political liability, alienating voters and hindering candidates backed by the industry.
In a recent gubernatorial race, San Jose Mayor Matt Mahan, a former startup executive, received substantial backing from tech donors, exceeding $33.5 million through his campaign and super PACs. Despite this financial support, Mahan finished in sixth place with less than 4% of the vote. A consultant familiar with his campaign noted that the tech funding, while crucial for his late entry, ultimately became a burden, attracting criticism and reinforcing the perception of tech as a 'boogeyman'.
This de-emphasis on the 'tech' brand was also evident in midterm campaigns. New super PACs, bankrolled by AI companies and billionaires, found greater success in state legislative races. California Leads, funded with $10 million from Meta and Google, and Grow California, backed by billionaires Chris Larsen and Tim Draper, are supporting candidates who are on track to advance to the general election. These PACs have strategically focused their advertising on issues like the high cost of living, deliberately avoiding themes related to technology, AI, or data centers.
Looking ahead to 2028, key figures like Tim Draper and Chris Larsen are planning to continue their financial contributions. They are relying on experienced strategists, such as former lobbyist Shaudi Fulp, to build a playbook that prioritizes broader economic concerns over direct tech advocacy, aiming for greater political efficacy.