"Tech billionaires are leveraging tens of millions of dollars to influence California politics in a marked uptick from their previous participation in affairs at the state capitol. Behemoths such as Google and Meta are getting involved in campaigns for November's elections, as are venture capitalists, cryptocurrency entrepreneurs and Palantir's co-founders. The industry's goals run the gamut from fighting a billionaire tax to supporting a techie gubernatorial candidate to firing up new, influential super political action committees (Pacs)."
"The industry's goals run the gamut from fighting a billionaire tax to supporting a techie gubernatorial candidate to firing up new, influential super political action committees (Pacs). The phenomenon squarely fits the moment for the state's politics with 2026 being the year that Politico has dubbed the big tech flex. Gavin Newsom, California's tech-friendly governor who's been quick to veto legislation that cramps the sector's unfettered growth, is reaching his term limit. That means Silicon Valley needs to find a new ally."
"The industry may have found its candidate in an upstart mayor from San Jose, Matt Mahan. Matt Mahan, the San Jose mayor who is running for governor. Photograph: Christopher Victorio/Shutterstock Silicon Valley's businesses and billionaires some of the richest and most powerful on earth, most of which are headquartered in California are in the midst of a massive AI boom. Industry insiders say tech companies need to ensure they can continue to flourish without regulations getting in the way."
Tech billionaires, major companies, venture capitalists, cryptocurrency entrepreneurs, and Palantir co-founders are investing tens of millions to influence California politics. Contributions target gubernatorial, state, local, and school board races, as well as new super PACs. Spending aims include defeating a billionaire tax, supporting pro-tech gubernatorial candidates, and securing relaxed taxation and minimal AI regulation. The tech sector faces a leadership shift as the governor reaches term limits, creating urgency to find political allies. The industry benefits from a massive AI boom and deploys a multi-pronged strategy rather than backing a single candidate or issue.
Read at www.theguardian.com
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