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Tech billionaire Peter Thiel may drop Trump because he thinks Trump will lose

Billionaire Peter Thiel, the most famous Trump supporter in technology, distances himself from the president’s reelection campaign. Thiel fears President Donald Trump will lose the race, according to a reporting from The Wall Street Journal. Thiel soured on Trump after COVID-19 left tens of millions of Americans unemployed; the billionaire believes there will be a deep recession in November, leaving Trump vulnerable to challenges.

Thiel was a vocal supporter of the President in 2016, spoke at the Republican National Convention in 2016, and donated $ 1.25 million to his campaign and other neighboring political groups and causes that year. Thiel, who made his fortune PayPal co-founder before becoming one of the first Facebook investors, has no plans to donate money to Trump’s campaign this year, the report said.

Thiel’s libertarian views made him a bit of an outlier in the Liberal Bay Area – so much so that it was Thiel’s excuse to decamp to Los Angeles in 2018, where he now lives. (Thiel’s views on government spending, immigration, and other issues have been known since his days at Stanford University.)

Thiel lost confidence in Trump in March due to the President’s slow and ineffective response to the threat posed by COVID-19. That was before Thiel reckoned with the magnitude of the economic catastrophe triggered by the government’s inadequate response to the virus.

The venture capitalist may still intend to vote for Trump, The Wall Street Journal reports. Instead of supporting Trump financially in November, Thiel now plans to spend his money helping Republicans win congressional games; Thiel apparently fears for the down-ballot races in the event of a loss to Trump.