Billionaire Peter Thiel, essentially the most well-known Trump supporter in tech, is distancing himself from the president’s reelection marketing campaign. Thiel fears President Donald Trump will lose the race, in accordance with a report from The Wall Road Journal. Thiel soured on Trump after COVID-19 left tens of tens of millions of People unemployed; the billionaire believes that there will likely be a profound recession when November rolls round, making Trump weak to problem.
Thiel was a vocal supporter of the president in 2016, talking on the Republican Nationwide Conference in 2016 and donating $1.25 million that yr to his marketing campaign and different adjoining political teams and causes. Thiel, who earned his fortune co-founding PayPal earlier than changing into one of many earliest Fb traders, has no plans on donating any cash to Trump’s marketing campaign this yr, the report says.
Thiel’s libertarian views made him considerably of an outlier within the liberal Bay Space — a lot in order that it was Thiel’s excuse for decamping to Los Angeles in 2018, the place he now lives. (Thiel’s positions on authorities spending, immigration, and different points have been well-known since his days at Stanford College.)
Thiel was already dropping religion in Trump in March due to the president’s sluggish and ineffective response to the menace posed by COVID-19. That was earlier than Thiel reckoned with the size of the financial disaster set in movement by the insufficient authorities response to the virus.
The enterprise capitalist nonetheless might plan on voting for Trump, The Wall Road Journal stories. As a substitute of financially supporting Trump in November, Thiel now reportedly plans to focus his cash on serving to Republicans win Congressional races; apparently Thiel fears for the down-ballot races within the occasion of a Trump loss.
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