'A generational bet': Why Vance’s mentor and ex-employer is really vying for Trump win

Peter Thiel, prominent venture capitalist and PayPal co-founder, made 2024 GOP vice presidential nominee Senator JD Vance (R-OH) "wealthy, setting him up to invest in companies that became popular with the MAGA set," according to the Washington Post, and ultimately making way for the lawmaker's "entry into politics, bankrolling, alongside other Silicon Valley donors, his successful bid for the U.S. Senate in 2022."

Three people familiar with Thiel's involvement with ushering Vance to the top of the Republican Party told the Post that Donald Trump "fielded repeated calls from tech entrepreneur David Sacks, Palantir adviser Jacob Helberg," and Thiel, "Vance’s former employer and mentor, imploring him to add the one-time Silicon Valley investor to the ticket."

Per the report, the tech billionaires "see Vance as their emissary in Washington, spreading a doctrine that government and entrenched corporate giants from Google to Lockheed Martin stifle innovation, while nimble, bold-thinking start-ups — especially their own — can propel the national interest."

READ MORE: Economist Paul Krugman: Here’s the main thing Trump and Vance have 'in common'

The Post reports:

The Biden administration, by contrast, has infuriated tech leaders by hindering the crypto industry, attempting to regulate AI and challenging corporate acquisitions — a key path for start-up founders to cash in. Sacks, Musk, Palantir co-founder Joe Lonsdale, Sequoia Capital’s Doug Leone, and founders of the prominent venture capital firm Andreessen Horowitz have all thrown in with Trump and are donating large sums to a pro-Trump PAC.

If Trump reclaims the White House, Vance could help transform the tech industry from political punching bag to engine of capitalism, filling government positions with ideologically-aligned tech leaders. A web of Thiel-associated start-ups, including Vance’s own token investment in defense startup Anduril, are competing for billions in contracts.

"For Peter, Vance is a generational bet," one of the people familiar with the matter told the newspaper.

The Post notes, "Though Thiel became a Trump megadonor during the 2016 campaign, he ultimately was disappointed by the disorganization of his administration, as well as the lack of focus on science and innovation, according to several people with knowledge of his thinking."

Now that Vance has been added to the ticket, the billionaire tech entrepreneur is re-energized.

READ MORE: JD Vance suggested America should 'punish' people for not having children

The Post also notes:

Trump’s selection coincides with a newly sharpened focus on issues of central importance to the tech world. The former president has embraced industry-friendly messages on electric vehicles, cryptocurrency, and artificial intelligence. Trump appeared last month on Sacks’ All-In podcast, where he called his Silicon Valley donors 'geniuses.' And at this month’s Republican National Convention, he praised electric vehicle pioneer Elon Musk, saying, 'We have to make life good for our smart people.'

Noting that during the Republican National Convention earlier this month, "Sacks could be seen talking with Vance in Trump’s private box," the Post emphasizes, "Others present said they had never seen the event so flooded with donors, lobbyists and others from the technology industry."

The Washington Post report is available here (subscription required).