Sacks defended his support for Trump. First on the list: the economy. The United States is doing much better than its peers, but blames President Biden for persistent inflation, weak growth, and rising debt (although Trump also added trillions to the national debt).
But Biden has enormous support in Silicon Valley. The president has raised millions of dollars from tech industry leaders this election cycle. Last month, he attended a fundraising event hosted by Vinod Khosla, the venture capital investor, and Marissa Mayer, the former CEO of Yahoo, and Silicon Valley includes some of his biggest business allies.
Hoffman explained why no CEO should vote for Trump. Business leaders are wrong to think that Trump would be “normal and controlled” in the White House, he writes in The Economist. They should not empower a criminal, he adds.
For American businesses, the rule of law is essential. It is the soil in which commerce can take root and grow. Without this stable, predictable, rules-based environment, New York and the United States would not have become the centers of innovation, investment, profits, and progress that they are.
Unfortunately, many American business leaders have recently developed a form of myopia, miscalculating which policy and which political leaders will actually support their long-term success. Perhaps this is because they have lived their entire lives in a stable legal regime that they now take for granted. But a strong and reliable legal system is not a given. It is a necessity that we cannot afford to live without. We change it at our own risk.
That’s unlikely to stop Trump. The Republican will attend a pair of fundraisers in Southern California on Friday and Saturday, including one hosted by Palmer Luckey, the Oculus co-founder who now runs Anduril Industries, a defense technology company.
THIS IS WHAT’S HAPPENING
GameStop shares rise, ahead of Keith Gill’s long-awaited return to YouTube. Shares of the retailer rose more than 30 percent in premarket trading Friday, after a note appeared on its YouTube channel Thursday saying it had scheduled its first livestream in years. The jump in stock price extended a volatile streak sparked by Gill, the meme stock kingpin who calls himself “Roaring Kitty.”