Tech billionaires are spending unprecedented sums in California races. Experts say it’s the tip of the iceberg
Key points
- Tech billionaires have shelled out hundreds of millions of dollars ahead of the 2 June primary election in California, in an unrivaled attempt to influence who gets to run the state that Silicon Valley calls home.
- The industry has used a cover-all-bases approach, funding candidates and ballot measures big and small, contributing to what looks to be the most expensive primary season in California history.
- The goal, experts say, is to gain both political and regulatory leverage that will perpetuate dominance in business.
- “This money is flowing in the direction of politicians that can be influential in defining the regulatory agenda for the next five years,” said Francesco Trebbi, a public policy professor at the University of California in Berkeley.
- “Reinforcing the cycle of economic power produces political power, and political power further establishes economic power.
Quick Summary
Tech billionaires have shelled out hundreds of millions of dollars ahead of the 2 June primary election in California, in an unrivaled attempt to influence
Why It Matters
This development is important because it may impact public opinion, policy decisions, and future developments related to Tech billionaires are spending unprecedented sums in Califor.
Key Takeaways
- Tech billionaires have shelled out hundreds of millions of dollars ahead of the 2 June primary election in California, in an unrivaled attempt to influence who gets to run the state that Silicon Valley calls home.
- The industry has used a cover-all-bases approach, funding candidates and ballot measures big and small, contributing to what looks to be the most expensive primary season in California history.
- The goal, experts say, is to gain both political and regulatory leverage that will perpetuate dominance in business.
- “This money is flowing in the direction of politicians that can be influential in defining the regulatory agenda for the next five years,” said Francesco Trebbi, a public policy professor at the University of California in Berkeley.
- “Reinforcing the cycle of economic power produces political power, and political power further establishes economic power.
📌 Source: The Guardian
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