U.S. presidential elections are underway. Because of the coronavirus, many U.S. citizens have submitted their votes through mail-in ballots. This has caused the counting process to be delayed and many people are saying that we will only have an official result on Friday. Remember, when the Invstr Community was asked who they think will be the next POTUS, the results were in favor of Joe Biden with around 47% of the votes while Trump sat right behind him with 46% of the votes.
Out of the top political contributors in 2020, major tech executives are sitting at the top of the list. Millions of dollars have been donated by big-time CEOs and founders. The list ranges from Netflix CEO Reed Hastings to Dustin Moskovitz, Facebook co-founder. Even though these characters have very different personalities, there’s one thing they all have in common, they all support Joe Biden.
About 98% of the political contributions from internet-based companies went to the Democratic party, according to the Center for Responsive Politics. For example, former Microsoft CEO Steve Ballmer and his wife contributed $7 million to Everytown for Gun Safety, an initiative created to help Biden and congressional candidates working towards gun reform and former Google CEO Eric Smidt threw down a whopping $6 million.
It’s long been known that the tech industry leans Democrat. This year’s results are still alarming even for tech industry standards. It’s been hypothesized that this surge in Democratic political contributions came from President Trump’s immigration policies, stance on trade and climate change, and even the way he’s been managing the coronavirus pandemic.
As the votes continue to be tallied in, all invstrs can do is wait and see if these political contributions will be a game changer for Joe Biden.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.