Laugh. A lot. A lot of people are following the calculation that Trump is quite operational and you can buy influence with him. The crypto industry is focused on the economics of this issue. They will figure it out if it’s Biden, but you can buy influence with Trump. I think there is a big movement in the crypto sector towards a pro-Trump stance.
Makena: Does Biden’s debate performance risk alienating more donors and people in Silicon Valley?
Reid: Unfortunately, yes. Silicon Valley, perhaps even more vigorously than most places in the world, tends to focus on leaders. Who is the founder? Who is the CEO? That’s how we operate. I’ve been working to remind you that the CEO is stronger because of the composition of his or her team.
Now, it’s not just how they stand up and speak in a debate, it’s how they compare to a strong team. You have to remind them that it’s Gina Raimondo, Pete Buttigieg and Jennifer Granholm. They think Lina Khan is terrible. I agree. But the team as a whole, including the chief of staff and everybody else, when you compare it to Trump, the team as a whole is terrible.
Makena: But another part of investing is betting that a company will succeed. In this case, donating to the campaign is betting that Biden can win. Are donors starting to hold back their support out of doubt that Biden can beat Trump?
Reid: It’s definitely caused a lot of turmoil. I’ve seen emails from people in Silicon Valley saying they won’t donate anymore until they have more confidence. It’s a negative factor. Certainly, part of what I’m trying to get across in this matter is that the election is a combination of negative and positive factors.
The fact is that those calling for Biden’s resignation should, frankly, be calling for the resignation of both Biden and Trump. You could say that one should resign because he is slow and the other should resign because he is a criminal liar.
(Last month, Democratic donors Lauren Powell Jobs and Ron Conway were looking for ways to convince Biden to drop out, According to The New York Times.)
Makena: What I’m hearing is that some donors aren’t completely abandoning their support for Biden, but they are taking some time to reevaluate their stance. But is this enough to turn people toward Trump?
Reid: Absolutely zero. Part of the reason you hear such loud complaints about Biden releasing his delegates and opening the convention is because people are so frantic about the dangers of Trump winning.
Makena: When it comes to people like David Sacks who support Trump, what do you think these people hope to get in the end?
Reid: Ultimately, influence. Whether it’s crypto-friendly laws, ambassadorships in different countries, the chance to go to the White House or maybe get the Rush Limbaugh Medal of Freedom, it’s all about trying to buy influence.
Makena: What do you think the Biden campaign should do to counter all this?
