Venture Capitalists Host Trump Fundraiser

The courtship between Silicon Valley and MAGA was consummated on June 6, 2024, in San Francisco’s Pacific Heights neighborhood, on a street known as “Billionaires’ Row,” at the 22,000-square-foot, $45 million French-limestone mansion of a venture capitalist named David Sacks. Along with Chamath Palihapitiya, a fellow venture capitalist and a colleague on the All-In podcast, Sacks hosted a fundraiser for Donald Trump. He knew that other technology titans were coming around to the ex-president but remained in the closet. “And I think that this event is going to break the ice on that,” Sacks said on the podcast the week before the fundraiser. “And maybe it’ll create a preference cascade, where all of a sudden it becomes acceptable to acknowledge the truth.” Explore the June 2026 Issue Check out more from this issue and find your next story to read. A few years earlier, Sacks had described the January 6, 2021, riot at the U.S. Capitol as an “insurrection” and pronounced Trump “disqualified” from ever again holding national office. “What Trump did was absolutely outrageous, and I think it brought him to an ignominious end in American politics,” he said on the podcast a few days after the event. “He will pay for it in the history books, if not in a court of law.” Palihapitiya was more colloquial, calling Trump “a complete piece-of-shit fucking scumbag.” These might seem like tricky positions to climb down from—but the path that leads from scathing denunciation through gradual accommodation to sycophantic embrace of Trump is a well-worn pilgrimage trail. The journey is less wearisome for self-mortifiers who never considered democracy (a word seldom spoken on the podcast) all that important in the first place. One prominent traveler who had already shown the way was a guest at the fundraiser—Senator J. D. Vance, whose attendance helped close the deal on his selection as Trump’s running mate. Any lingering awkwardness between the hosts and their guest of honor was dispelled by the fundraiser’s $12 million haul, much of it from cryptocurrency moguls. Opportunist doesn’t really describe Sacks. He doesn’t come across as slippery or two-faced. There’s no evasive glance or roguish smile. He can argue at great length, in a steady sinal drone, with an aggressive debater’s ability to make an evidence-based case for any position he holds—but the position always happens to coincide with his benefit. The only consistent principle of his career is a ruthless devotion to self-interest. Sacks has identified as a “libertarian conservative” all of his adult life, but he has sought government intervention on behalf of his investments when it’s suited him. In 2023, when Silicon Valley Bank collapsed, Sacks demanded that the federal government bail out the uninsured deposits of start-up companies, much of the money from crypto firms. “Some libertarians care about the freedom of only one person,” Peter Thiel, the entrepreneur, investor, and right-wing provocateur, once said of his friend Sacks.