As the 2024 US election draws nearer, the role of technology in politics has never been more apparent, with tech moguls like Elon Musk increasingly wielding significant political influence. Musk, the CEO of Tesla and owner of X (formerly Twitter), has long been a controversial figure, but his appearance alongside Donald Trump at a Pennsylvania rally in mid-October signaled a deeper involvement in American politics by some of Silicon Valley’s most powerful figures.
While Musk may be the most visible tech figure engaging with politics, he’s not alone. Today, the intersection between technology and politics is undeniable. “The technological is political” might be the slogan that best encapsulates this era, where companies like Google, Facebook, Amazon, and Apple have transformed from innovation giants to entities with immense political clout. Their dominance was once allowed to flourish in an environment of regulatory indifference, with governments either dazzled by their achievements or asleep at the wheel. Antitrust laws were, for a long time, guided by the principle that harm to consumers only occurred if prices were inflated—a doctrine popularized by legal scholar Robert Bork.
This permissive regulatory stance allowed the big tech companies to grow without serious oversight. Services offered by companies like Google and Facebook were “free,” and Amazon’s competitive pricing kept regulators at bay. It seemed like no one was concerned about the massive influence these corporations were amassing—until now.
Under the Biden administration, this dynamic has started to change. Antitrust regulators like Jonathan Kanter at the Department of Justice (DOJ) and Lina Khan at the Federal Trade Commission (FTC) have revived the push to curb big tech’s dominance. In a landmark victory for the DOJ in August, a court ruled that Google’s 90% market share of the search industry constituted an illegal monopoly, marking a turning point for the tech sector. The DOJ has proposed various remedies to address this monopolistic behavior, including barring Google from lucrative contracts or even breaking up the company altogether.
The tech industry’s response to these regulatory challenges has been swift and decisive. Many Silicon Valley leaders now view the election of Donald Trump as potentially beneficial for their business interests, as his administration would likely push for less regulatory interference. Prominent figures like venture capitalist Marc Andreessen and Elon Musk have openly voiced support for Trump, while at least 14 other tech executives are providing more discreet backing for his campaign.
However, the tech industry’s political involvement doesn’t end with the presidency. A growing focus has been placed on influencing Congressional races, with significant funds being directed toward ensuring the “right” candidates win seats in the House and Senate. Cryptocurrency companies, in particular, have become major political players, pouring over $100 million into SuperPACs supporting crypto-friendly candidates. This strategy reflects a level of political engagement that was unheard of during the early days of Silicon Valley, when the industry largely shunned political involvement.
Meanwhile, some tech leaders are backing Democratic candidates with caution. For instance, LinkedIn co-founder Reid Hoffmann donated $10 million to Kamala Harris’s campaign but has made it clear he wants Lina Khan removed from the FTC. This highlights the complex and often conflicting relationships between Silicon Valley executives and the current political landscape.
The 2024 election has become a battleground not only for political candidates but also for the future of technology regulation in the US. The dramatic shift from a hands-off regulatory approach to a more assertive stance under Biden has left the tech industry scrambling to protect its interests. In the process, Silicon Valley has shed its political innocence, evolving into a powerful force that could shape the outcome of this year’s election—and the future of American politics.
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