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- Business executives have been responding to Donald Trump’s presidential election win.
- Silicon Valley exhibited political divisions during the election campaign.
- Here’s what some of the most prominent business leaders are saying about the election results.
Prominent entrepreneurs, investors, and philanthropists have voiced their reactions following Donald Trump’s victory in the presidential race.
Fox News announced Trump’s win early Wednesday morning. Shortly after, projections from CNN and other media outlets confirmed that Trump had surpassed the 270 Electoral College votes required for victory.
The tech industry in Silicon Valley has shown a lack of consensus regarding candidate support throughout this electoral cycle.
While historically leaning towards liberal candidates, several influential figures in technology—such as Tesla’s CEO Elon Musk and venture capitalist David Sacks—have shifted their support to Trump this time around.
A notable group of 875 venture capitalists, however, committed to backing Kamala Harris through an initiative called VCsForKamala. An analysis by Business Insider utilizing publicly available FEC data indicated that venture capitalists generally favored Democratic candidates overall.
Certain CEOs believe that Trump’s policies will better safeguard their corporate interests. Anticipated changes include reductions in corporate tax rates, extensions of previous tax cuts primarily benefiting businesses and affluent individuals, deregulation efforts, and increased tariffs on imports.
Labor analysts suggest that Trump may potentially reverse initiatives aimed at facilitating union membership while also relaxing workplace safety regulations.
Conversely, there are concerns among some stakeholders regarding potential inflationary effects stemming from Trump’s economic strategies. Prices have surged over 20% during President Joe Biden’s first 45 months in office—a situation attributed by his administration to pandemic-related issues and geopolitical tensions following Russia’s invasion of Ukraine.
Eminent economists across various think tanks warn that mass deportations coupled with tariffs ranging from 10% to 20% on numerous foreign goods could exacerbate inflation or negatively impact GDP growth rates.
The Perspectives of Influential Business Figures Post-Election
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(Andy Manis via Getty Images)
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Reactions from Business Leaders Following Trump’s Election Victory
Mark Cuban’s Shift in Support
Shortly before 7 p.m., billionaire investor Mark Cuban shared on X that he had a FaceTime call with students who were waiting in lengthy lines at the University of North Carolina Charlotte.
Cuban initially backed President Joe Biden’s campaign for reelection but later redirected his support to Kamala Harris after she secured the Democratic nomination. He was actively involved with the Business Leaders for Harris initiative and participated in VCsForKamala, signing a letter alongside nearly 90 CEOs endorsing her presidential aspirations.
As the election intensified, Cuban joined Harris on the campaign trail, attending rallies in key battleground states such as Arizona, Michigan, and Wisconsin.
David Sacks’ Bold Statements
REUTERS/Beck Diefenbach
Silicon Valley venture capitalist David Sacks took to X to comment on the election results: “Nixon ’68 was The Greatest Comeback — until tonight.” As Trump edged closer to victory, Sacks expressed his views openly on social media.
“Stop denying the election and call it already,” he tweeted at 1:07 a.m. Eastern Time, just hours before CNN declared Trump as the winner. Having endorsed Trump back in June, Sacks argued that Trump’s policies would better serve economic growth compared to what he described as Biden’s inflationary administration. He also praised Trump’s foreign policy and border control measures.
Sacks organized a fundraiser for Trump in San Francisco that raised an impressive $12 million while remaining active online to advocate for Trump’s reelection efforts. In one of his posts on Tuesday afternoon, he criticized Democrats by stating: “Four years ago Kamala Harris & the Democrats came into power promising a ‘return to normalcy.’ What did they give us? Open borders… They had their chance — vote for change!”
The Perspective of Anthony Scaramucci
AP
An influential figure within finance and politics, Anthony Scaramucci congratulated both Donald Trump and Elon Musk via X following their successful campaigns. “Congratulations @realDonaldTrump and @elonmusk; your campaign was executed flawlessly,” he remarked.
A brief tenure as White House communications director under Trump lasted only ten days before his dismissal occurred. Despite previously supporting Joe Biden during the last presidential race, Scaramucci has shown strong backing towards Harris this time around—evidenced by two donations totaling $6,600 made towards her campaign according to OpenSecrets data.
This Election Day morning saw him post: ”If any political candidate declares victory prior to polls closing… they are harming our country.” Earlier this week he confidently stated that “Harris will win.”
Aaron Levie’s Optimism About Business Policies
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Aaron Levie—the CEO of Box—expressed congratulations toward Donald Trump even before official confirmation of his presidency emerged: “What an incredible journey! Congrats @realDonaldTrump!” He emphasized America’s potential growth trajectory under effective leadership through sound policies.
An ardent supporter throughout this electoral cycle; Levie frequently highlighted how pro-business Kamala is while praising her engagement with tech industry leaders during campaigning efforts—a sentiment echoed when discussing over $145K donated from him directly into her Victory Fund according FEC filings!
This Election Day brought forth another post where confidence radiated from him regarding expected success by HARRIS!
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