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    Inside tech billionaire Peter Thiel’s off-the-record lectures about the antichrist

    Peter Thiel, the billionaire political svengali and tech investor, is worried about the antichrist. It could be the US. It could be Greta Thunberg.Over the past month, Thiel has hosted a series of four lectures on the downtown waterfront of San Francisco philosophizing about who the antichrist could be and warning that Armageddon is coming. Thiel, who describes himself as a “small-o orthodox Christian”, believes the harbinger of the end of the world could already be in our midst and that things such as international agencies, environmentalism and guardrails on technology could quicken its rise. It is a remarkable discursion that reveals the preoccupations of one of the most influential people in Silicon Valley and the US.“A basic definition of the antichrist: some people think of it as a type of very bad person. Sometimes it’s used more generally as a spiritual descriptor of the forces of evil,” Thiel said, kicking off his first lecture. “What I will focus on is the most common and most dramatic interpretation of antichrist: an evil king or tyrant or anti-messiah who appears in the end times.”Thiel was on the forefront of conservative politics long before the rest of Silicon Valley took a rightward turn with Donald Trump’s second term as president. He’s had close ties to Trump for nearly a decade, is credited with catapulting JD Vance into the office of vice-president, and is bankrolling Republicans’ 2026 midterm campaigns. Making his early fortune as a co-founder of PayPal, he has personally contributed to Facebook as its first outside investor, as well as to SpaceX, OpenAI and more through his investment firm, Founders Fund. Palantir, which he co-founded, has won government contracts worth billions to create software for the Pentagon, US Immigration and Customs Enforcement (Ice) and the National Health Service in the UK. Now, with more attention and political pull than ever, the billionaire is looking to spread his message about the antichrist, though he is better known for his savvy politics and investments than his contributions to theology.“I’m a libertarian, or a classical liberal, who deviates in one minor detail, where I’m worried about the antichrist,” Thiel said during his third lecture.The meandering gospel of PeterThiel’s talks, which began on 15 September and ended on Monday, were long and sweeping, mingling biblical passages, recent history and philosophy and sometimes deviating into conspiracy theories. He peppered them with references to video games and TV shows along with musings on JRR Tolkien’s The Lord of the Rings. He likewise recalled conversations with Elon Musk and Benjamin Netanyahu and spoke at length about how he thinks Bill Gates is “a very, very awful person”.Tickets for the series went for $200, selling out within hours. Attenders were told that the lectures were strictly off the record and that they were forbidden from taking photos, videos or audio recordings. At least one person who took notes and published them had his ticket revoked by a post on X.Guardian reporters did not attend the lectures or agree to the off-the-record stipulation. Recordings were provided by an attender who gave them on the condition of anonymity.When reached for comment, Thiel’s spokesperson, Jeremiah Hall, did not dispute the veracity of the material given to the Guardian. Hall did correct a piece of the Guardian’s transcription and clarified an argument made by Thiel about Jews and the antichrist.The Silicon Valley heavyweight drew on a wide swath of religious thinkers, including the French-American theorist René Girard, whom Thiel knew at Stanford University, and the Nazi jurist Carl Schmitt, whose work he said helped create the core of his own beliefs. He credited the English Catholic theologian John Henry Newman as the inspiration for his four-part series, saying: “Newman did four, so I’m doing four. I’m happy about it.”The venture capitalist has hosted and attended events and lectured on the topic for decades, going back to the 1990s, according to a report by Wired. In recent months, he has spoken to theologians and podcasters about the antichrist both publicly and in private. His beliefs are diffuse, meandering and often confusing, but one tenet he’s steadfastly maintained over the years is that the unification of the world under one global state is essentially identical to the antichrist. In his talks, he uses the term “antichrist” almost interchangeably with “one-world state”.“One world or not, in a sense is the same as the question antichrist or Armageddon. So in one sense, it’s completely the same question,” he said.His version of history, and its potential end, posits technology as a central driver of societal change and takes a Christianity-focused, Eurocentric view that declines to engage much with other religious movements or parts of the world.On the day of Thiel’s final lecture in San Francisco, as the mostly young and mostly male crowd lined up to get in, a group of about 20 protesters stood out front holding anti-Palantir and anti-Ice signs that said things such as “Predatory tech”, “We do not profit from people who profit from misery” and “Not today Satan”.View image in fullscreenA trio of self-described “satanists” dressed in black costumes with goth makeup walked up and down the line of attenders carrying a goblet of red liquid with a small plastic replica of a bone. “Will you bring our dark lord Peter Thiel this baby’s blood?” they asked. Then they performed what they called a “dark ritual”, dancing slowly in a circle to Mozart’s Requiem in D minor, which ended with them writhing on the city sidewalk, and yelling: “Take us to your personal hell … Thank you for being our dark lord.”What do Thiel’s lectures say?The Guardian is publishing substantial quoted passages alongside contextual annotations so that the public may be informed on what an influential figure in politics and technology was saying behind closed doors.He believes the Armageddon will be ushered in by an antichrist-type figure who cultivates a fear of existential threats such as climate change, AI and nuclear war to amass inordinate power. The idea is this figure will convince people to do everything they can to avoid something like a third world war, including accepting a one-world order charged with protecting everyone from the apocalypse that implements a complete restriction of technological progress. In his mind, this is already happening. Thiel said that international financial bodies, which make it more difficult for people to shelter their wealth in tax havens, are one sign the antichrist may be amassing power and hastening Armageddon, saying: “It’s become quite difficult to hide one’s money.”
    It’s because the antichrist talks about Armageddon nonstop. We’re all scared to death that we’re sleepwalking into Armageddon. And then because we know world war three will be an unjust war, that pushes us. We’re going hard towards peace at any price.
    What I worry about in that sort of situation is you don’t think too hard about the details of the peace and it becomes much more likely that you get an unjust peace. This is, by the way, the slogan of the antichrist: 1 Thessalonians 5:3. It’s peace and safety, sort of the unjust peace.
    Let me conclude on this choice of antichrist or Armageddon. And again, in some ways the stagnation and the existential risks are complementary, not contradictory. The existential risk pushes us towards stagnation and distracts us from it.
    How does Thiel think Armageddon will happen?Thiel rarely gives a definitive answer about who exactly the antichrist might be or how Armageddon might come about – a central point across his lectures is that nothing is written in stone or inevitable – but he does give the contours of what a global conflict that could lead to Armageddon might look like.
    There’s all sorts of different ways, one world or none, antichrist or Armageddon, that I’m tempted to think about this, and here’s one sort of application. In terms of how does one think about the current geopolitical moment. How does one think about the nature of the conflict between the United States and China, the west and China. You don’t really know how it’s going to go. You can ask, are we heading for world war three or cold war two? And if you sort of reflect on the history of the two world wars and the first cold war. But first, if there ever was an unjust war, world war one is an unjust war. If there ever was a just war, world war two was probably a just war, with certain caveats. World war one is really insane. World war two was about as justified as a war can be. I think we can say that if you had an all-out world war three or war between nuclear powers involving nuclear weapons, it would simply be an unjust war. A total catastrophe, possibly literal Armageddon, the end of the world. So world war three will be an unjust war. But then if you have a cold war, you have to distinguish between – can you have a just peace and an unjust peace?
    Somehow, it’s very strange how the first cold war from ‘49 to ‘89 ended. But it ended with roughly what I think of as a just peace, where somehow you didn’t have a nuclear war. And somehow our side, which I think was more the good side, basically won. And you ended up not with a perfect peace, but more or less a just peace. And so if we have world war three, it will be an unjust war. If we have cold war two, maybe it can end in a just peace or an unjust peace. Reflecting on this material and thinking about it, it’s obviously not written in stone and there’s a lot of different ways this stuff can go. But I keep thinking that, if you had to put odds on it, aren’t the odds that we’re trending towards the fourth quadrant this time. The fourth possibility that cold war two will end an unjust peace.
    Thiel devotes a large section of his second lecture to a quote from the Book of Daniel that involves a prophecy about the end times, which he equates to modern advances in technology and globalization.
    Let’s go on to ‘many shall run to and fro and knowledge shall be increased.’ It means science progressing, technology improving, globalization, people traveling around the world. Of course in some sense, I think these things … I’m not sure they’re completely inevitable, but there is some direction to it. Where there’s a linear progression of knowledge and something like globalization that happens. But of course, the details matter a lot. Knowledge increasing, science progressing, technology improving can be a very good thing. No disease, death, protect people from natural disasters. Then, of course, we can destroy ourselves with nuclear weapons, bioweapons, etc. And similarly, globalization is … you have trade in goods and services. There’s certain ways to escape from tyrannical governments. And of course there is danger in the one-world state of the antichrist.
    As the antichrist is synonymous with a one-world state for Thiel, he also believes that international bodies including the United Nations and the international criminal court (ICC) hasten the coming of Armageddon. Throughout his lectures, he warns of what he sees as the danger of these bodies and the harms they have already caused. In the following quotes, he’s lamenting the actions of the ICC:
    They’ve started arresting more and more people. Rodrigo Duterte, the former president of the Philippines, was arrested this year. They had arrest warrants out for Netanyahu and Gallant.
    When I met Netanyahu early in 2024, about a year and a half ago, we talked about what he’s doing in Gaza, and the one-liner he had was: ‘I can’t just Dresdenize Gaza – you can’t just firebomb them.’ So it’s like, come on, ‘I’m less of a war criminal than Winston Churchill. Why am I in so much trouble?’
    During a Q&A portion of one of the lectures, an attender asked specifically about Thiel’s thoughts on abolishing the ICC, saying: “If we get rid of the ICC or other organizations that exist to bring, in theory, justice, how can we right crimes? Should we not have prosecuted Nazi criminals?” Thiel responded:
    I think there was certainly a lot of different perspectives on what should be done with the Nuremberg trials. It was sort of the US that pushed for the Nuremberg trials. The Soviet Union just wanted to have show trials. I think Churchill just wanted summary executions of 50,000 top Nazis without a trial. And I don’t like the Soviet approach, but I wonder if the Churchill one would have actually been healthier than the American one.
    Who could be Thiel’s antichrist?Thiel believes that the antichrist would be a single evil tyrant. He mentions several figures he believes are particularly dangerous and, while he never definitively says who the antichrist is, he makes suggestions about how some people could be antichrist-type figures.
    A basic definition of the antichrist. Some people think of it as a type of very bad person. Sometimes it’s used more generally as a spiritual descriptor of the forces of evil. What I will focus on is the most common and most dramatic interpretation of antichrist: an evil king or tyrant or anti-messiah who appears in the end times.
    Specifically, he suggests the antichrist would be a “luddite who wants to stop all science”, referencing Thunberg, Eliezer Yudkowsky, and Marc Andreessen.
    My thesis is that in the 17th, 18th century, the antichrist would have been a Dr Strangelove, a scientist who did all this sort of evil crazy science. In the 21st century, the antichrist is a luddite who wants to stop all science. It’s someone like Greta or Eliezer.
    It’s not Andreessen, by the way. I think Andreessen is not the antichrist. Because you know, the antichrist is popular. I’m trying to say some good things about Andreessen here, come on.
    During a question-and-answer session, Thiel was asked to respond to a quote from fellow investor Andreessen – a name he audibly bristled at. He said Andreessen was engaged in hyperbole and “gobbledygook propaganda” when it comes to the promises of AI.
    Where should I start? I’m tempted to be triggered in some nasty ad hominem argument, but I can’t resist so I’ll do that. I don’t know, this is just pure Silicon Valley gobbledygook propaganda. I wouldn’t give someone who said things like that too much money to invest.
    Later, he returns to these “legionnaires of the antichrist”.
    In late modernity, where science has become scary and apocalyptic, and the legionnaires of the antichrist like Eliezer Yudkowsky, Nick Bostrom and Greta Thunberg argue for world government to stop science, the antichrist has somehow become anti-science.
    Gates, the philanthropist and co-founder of Microsoft, is high on the list of people Thiel does not like.
    One of my friends was telling me that I should not pass up on the opportunity to tell those people in San Francisco that Bill Gates is the antichrist. I will concede that he is certainly a Dr Jekyll and Mr Hyde-type character. The public Mr Rogers, the neighborhood character. I saw the Mr Hyde version about a year ago, where it was just a nonstop, Tourette’s, yelling swear words, almost incomprehensible what was going on.
    Ultimately, Thiel concedes Gates cannot be the antichrist, bringing up the topic more than once:
    He’s not a political leader, he’s not broadly popular, and again, perhaps to Gates’s credit, he’s still stuck in the 18th century alongside people like Richard Dawkins who believe that science and atheism are compatible.
    I don’t think even someone like Bill Gates, who I think is a very, very awful person, is remotely able to be the antichrist.
    Pope Benedict XVI is someone who Thiel admired because he was one of the few popes who referenced the possibility of an antichrist:
    The tl;dr: my belief is that Benedict literally thought that the historic falling away from the church during his papacy was a sign of the end times.
    However, Thiel said Benedict failed at spreading the message of the antichrist because he “was not very courageous”.
    I often like to say libertarianism and marijuana are both gateway drugs to alt-right, other ideas. The danger of the red pill is you move on the black pill. And somehow Benedict overdosed on red pills.
    Musk, a longtime friend and ally of Thiel, came up during one of the lectures in the context of the Giving Pledge, a pact Gates founded in 2010 where billionaires pledged to donate the majority of their money to philanthropy. Here is Thiel recapping the conversation:
    If I had to pick a little bit on Elon – and I’m going to pick on him because I think of him as one of the smarter, more thoughtful people …
    This is a conversation I had with him a few months ago, and it was like: ‘I want you to unsign that silly Giving Pledge you signed back in 2012, where you promised to give away half your money. You have, like, $400bn. Yes, you gave $200m to Mr Trump, but $200bn – if you’re not careful – is going to leftwing non-profits that will be chosen by Bill Gates.’
    And then I – one step ahead – rethought it and said: ‘You don’t think about this much because you don’t expect to die anytime soon, but you’re 54 years old. I looked up the actuarial tables: at 54, you have a 0.7% chance of dying in the next year. And 0.7% of $200bn is $1.4bn – about seven times what you gave to Trump. So Mr Gates is effectively expecting $1.4bn from you in the next year.’
    And to his credit, Elon was, well, pretty fluid on it. He said: ‘Actually, I think the odds of me dying are higher than 70 basis points.’ A shocking explosion of self-awareness. Then: ‘What am I supposed to do – give it to my children? I certainly can’t give it to my trans daughter; that would be bad. You know, it would be much worse to give it to Bill Gates.’
    When asked about the slain far-right commentator Charlie Kirk’s memorial in reference to the role of Christianity in American politics, Thiel initially demurred saying it was “above his pay grade”. When further prompted, he described what he saw as two versions of Christianity on display at the event:
    I think, um – what to say – I was thinking about, you know, I had the chart: the katechon pagan Christianity versus the eschaton – the Christianity of Constantine versus that of Mother Teresa. We had an illustration of that with Kirk’s wife saying that she forgave the murderers because that’s what Christ would do. This was an incredibly saintly form of Christianity. And then, you know, President Trump – I don’t know, I forget the language exactly – but, you know, Charlie was into forgiving, being nice to his enemies. He doesn’t believe in being nice to his enemies; he wants to hurt his enemies. And that’s sort of the pagan Christian view. And the problem – the naive view – is: there has to be something somewhere in between, right? But how do you concretize that? What’s the thing that’s in between Mother Teresa and Constantine – between forgiving the murderer and delighting in punishing your enemies?
    Perhaps, I don’t know, perhaps the in-between thing I thought was that maybe Trump and Elon were able to forgive each other.
    Thiel argues that, in order for the antichrist to be able to pull off the Armageddon in one lifetime, they need to be young today – he points to 33 as an auspicious number. In these quotes, he draws parallels to powerful figures who died at the age of 33, including Jesus, Buddha and some literary characters:skip past newsletter promotionafter newsletter promotion
    Christ only lived to age 33 and became history’s greatest man. The antichrist has to somehow outdo this. I don’t want to be way too literal on the 33 number – I’d rather stress the antichrist will be a youthful conqueror; maybe in our gerontocracy, 66 is the new 33. But something like these numbers do occur almost mystically through a number of different contexts.
    Buddha begins his travels at age 30 and experiences Nirvana, ego death, at age 33. But I had to be ecumenical and say something nice about Islam. One idea that’s pretty cool is, when you’re reborn into your afterlife, you’re born into your 33-year-old self. Your 33-year-old self is your best self. Livy’s – the Roman historian’s 33rd chapter of the 33rd book – it announces this 33-year-old conqueror. It’s like Alexander at the peak of his power. Or even in Tolkien, the hobbits have a coming-of-age ceremony at 33. That’s how old Frodo is when he inherits the ring.
    By the same token, people who are older cannot be Thiel’s antichrist. Here Thiel gives some examples:
    Trajan, a Roman emperor, wept when he reached the Persian Gulf in AD115 at the age of 65. He’s too old to beat Alexander the Great’s achievements in India. He died two years later. Hitler is 50 by the time world war two starts – he mimetically loses to Napoleon, who’s only 30 when he became first consul of the French Republic. That goes on to the same problem for a seventysomething Xi Jinping. Racist, sexist, nationalist, maybe the second coming of Hitler. But not even the second coming of Genghis Khan. Past the sell-by date.
    He frequently oscillates between talking about the antichrist and the katechon – a term very briefly used in the Bible that refers to something holding back the coming of the antichrist. In one example, he describes a post-cold war shift to embracing neoliberalism and bureaucracy as an example of antichrist-like government.
    Of course, you have all these examples where it’s one toggle switch from katechon to the antichristic thing. Claudius to Nero, Charlemagne to Napoleon, anti-communism after the Berlin Wall comes down, it gets replaced by neoliberalism. Which is, you know, the Bush 41 new world order, which you can think of as anti-communism where there’s no communists left. Or Christian democracy, which is sort of the European form of the katechontic, transnational anti-communism. Once the communists are gone, it sort of decays into the Brussels bureaucracy. All kinds of different riffs one could do with this. Or to go even further, if something is not powerful enough to potentially become the antichrist, it probably isn’t that good as a katechon.
    In his last lecture, Thiel also responds during the Q&A portion to a question about potential 2028 presidential candidates and whether they are antichrist or katechon. When asked about Alexandria Ocasio-Cortez, Thiel says that he worries about there being a “woke American pope”– Pope Leo XIV – and a “woke American president”, creating a “Caesar-Papist fusion”. He goes on to talk about Ocasio-Cortez in relation to Thunberg:
    One of the ways these things always get reported is, I denounce Greta as an antichrist. And I want to be very clear: Greta is, I mean she’s maybe sort of a type or a shadow of an antichrist of a sort that would be tempting. But I don’t want to flatter her too much. So with Greta, you shouldn’t take her as the antichrist for sure. With AOC, you can choose whether or not you want to believe this disclaimer that I just gave.
    What does he say about Trump and politics?Thiel is asked several times about Trump and how he fits into his imagination of what form Armageddon might take. In one instance, he is asked whether Trump’s opposition to global governance makes Thiel feel any relief about the hastening of a one-world order.
    At the very best, you shouldn’t have even the most fanatical Trump supporter. You know, no politician, not even Reagan, will solve all problems for all time. Maybe we both were sort of delusional about Reagan in the 80s. There was some moment in the 1980s when we thought that Reagan had permanently solved the deepest problems in the world for all time. And that’s too high a bar. That was too high a bar for Reagan. That’s an unfairly high bar you’re giving to Mr Trump. You’re just trying to make a subtle anti-Trump argument and I’m not going to let you do that.
    One of Thiel’s longstanding political affiliations has been anti-communism, and in his fourth lecture, he suggests that opposition to communism following the second world war is something that held back the antichrist. At other times, he is critical of post-cold war presidents and government order.
    I always sort of wonder what functions as the katechon in the world after 1945. This is Schmitt’s 1947 diary. ‘I believe in the katechons, for me the only possible way to understand Christian history and find it meaningful. The katechon needs to named for every epoch for the past 1948 years.’ The way I interpret this is that sotto voce, Schmitt is saying he has no idea what the katechon is. And maybe, the New Dealers are running the whole planet. Then of course, 1949 the Soviets get the bomb, and my sort of provisional answer is that the katechon for 40 years, from ’49 to ’89, is anti-communism. Which is in some ways is somewhat violent, not purely Christian but very, very powerful.
    I’ve argued that the katechon, or something like this, is necessary but not sufficient. And I want to finish by stressing where one goes wrong with it. If we forget its essential role, which is to restrain the antichrist, the antichrist might even present himself or itself or herself as the katechon, or hijack the katechon. This is almost a memetic version. A similarity between the antichrist and the katechon, they’re both sort of political figures. The katechon is tied in with empire and politics. If the antichrist is going to take over the world, you need something very powerful to stop it.
    Thiel also opines on modern-day Russia and offers his views on Vladimir Putin:
    In some sense, there are perhaps two candidates for the successors to Rome. For all sorts of reasons, I don’t particularly like the Russian theories of all these ways where you have Putin describing himself as the katechon and the last Christian leader in the world. It’s hard to look into someone’s heart. I always suspect he’s more of a KGB agent than a Christian. And then, of course, to be a katechon, you have to be strong enough to possibly become the antichrist. And Russia is not nearly powerful enough to take over the world. It cannot simply be the katechon or the new Rome.
    Thiel also comments on the relation between Jewish people and the antichrist. He argued against medieval theologians’ idea that the antichrist would be Jewish.
    There’s probably a lot I can say about the relation of the Jews to the antichrist. The philo-semitic rebuttal, just to get it on the table, is that the Jews in the Bible are described as a stubborn and stiff-necked people. Which is mostly a bug, but maybe in the end times, it is a feature because – this is sort of the way [Vladimir] Solovyov phrased it – that they’re too stubborn to accept Christ, they will be too stubborn to be charmed by the antichrist. And so, they become the center of resistance to the antichrist in the Solovyov narrative.
    In response, Thiel’s spokesperson said: “Peter was arguing against medieval, antisemitic theologians who suggested that the antichrist will be Jewish,” citing Solovyov.Thiel’s final lecture dedicates a large portion of its time to talking about empires and what role the US government plays in holding back or advancing the antichrist. He is characteristically noncommittal, describing the country as having characteristics of a one-world government and also being outside it:
    Now this is not meant to be an anti-British or anti-American lecture. It’s just that America is, at this point, the natural candidate for katechon and antichrist, ground zero of the one-world state, ground zero of the resistance to the one-world state. The US world police is the one truly sovereign country. They always say the president is the mayor of the US and the dictator of the world. International law gets defined by the US. That’s sort of Nato’s prime, to see in some ways, coordination of the world’s intelligence agencies.
    Then of course, the global financial architecture we discussed is not really run by shadowy international organizations, it’s basically American. And perhaps always a very important feature is the reserve currency status of the dollar, where it’s sort of the backstop for all the money. The petrodollar regime, there’s sort of crazy ways you have trade deficits, current account deficits, but then in all these ways, the money gets recycled into the US.
    Then of course, there’s sort of a way where from a certain perspective, the US is also the place that’s the most outside the world state. In many ways, it’s probably one of the best tax havens, at least if you’re not a US citizen. And then there are all these ways the US is a kind of ideological superpower. Christian, ultra-Christian, anti-Christian sense, woke Protestant liberation theology, social gospel, social justice. City on a hill, this institution serves as a beacon of light for other nations and honor.
    At another point in his final lecture, he seems to suggest that when things are codified or formalized they tend to lose their power or ability to operate. He selects Guantánamo Bay detention camp as an example:
    By 2005 in Guantánamo, you were way better off as a Muslim terrorist in Guantánamo, the liberal lawyers had taken it over by 2005, than as a suspected cop killer in Manhattan. In Manhattan if you were a suspected cop killer back in 2005, you know, there was some informal process they had for dealing with you. Guantánamo, it was formalized. Initially, they did some bad things and then very quickly, they weren’t able to do anything, any more. And this is again a sort of revelatory unraveling process.
    During the Q&A section, Peter Robinson talks about John Henry Newman’s description of the antichrist promising people things like civil liberty and equality. “He offers you baits to tempt you,” Robinson said, quoting Newman. Then, Robinson says to Thiel: “The antichrist is a really cool, glamorous hip operator. Is that Zohran Mamdani?” Thiel doesn’t directly answer the question, but does offer his take on the young, progressive mayoral candidate:
    I don’t think Mamdani can be president because he’s not a natural-born citizen. So he’s capped out at mayor. I also don’t think he’s really promised to reduce my taxes.
    In his final lecture, Thiel was asked to comment on various potential 2028 presidential candidates and whether they’d be more of an antichrist figure or a katechon.Thiel says he is “very pro-JD Vance”. But he has some concerns about his allegiance to the pope.
    “The place that I would worry about is that he’s too close to the pope. And so we have all these reports of fights between him and the pope. I hope there are a lot more. It’s the Caesar-Papist fusion that I always worry about. By the way, I’ve given him this feedback over time. And you know with the sort of … I don’t like his popeism, but there’s sort of a way if I steel manned it. It’s always, you have to think about whether if you say you’re doing something good, whether it’s a command, a standard or a limit, or whether in philosophical language, is it necessary or sufficient. And so when JD Vance said that he was praying for Pope Francis’s health, it’s as a command, as a necessary thing. OK, that’s … if you’re a lot more if you’re a good Catholic. But what I hope it really means is that it’s sufficient, and that he’s setting a good example for conservative Catholics like you, Peter, who listen to the pope too much. And perhaps all you have to do to be a really good Catholic is pray for the pope. You don’t really need to listen to him on anything else. And if that’s what JD Vance is doing, that’s really good. I’m worried about the Caesar-Papist fusion.
    Thiel also spoke about San Francisco and his views on Gavin Newsom, the California governor.
    ​​I would say that if we go to the katechontic thing and the US is that, tech and politics are radically separate, Silicon Valley is really, really separate from DC in an extreme way. If these things could be fused, … someone like that perhaps represents a way to do that. That’s the part where, if there was a way to … you know, he was the governor of California, he was the mayor of San Francisco. In a way, San Francisco is more important than California. The world city is more important than just this sort of silly province called California. And if you could fuse Washington and San Francisco, that’s a very dangerous thing. It’s kind of, it’s sort of in a way the last precedent where such a fusion of sorts happened. I think it was FDR with New York and DC. So that’s the piece that would be tricky.
    And you know, by the way, these things have been very, very unfused historically. Back in 2008, one of my liberal friends was trying to get 75 tech-type people to endorse Obama and they got like 68, 69 and thought maybe they could get me. I told them, man, if there are only six or seven, you want to be in the minority. It’s more valuable to be one of the seven than one of the 68. And then his counterpoint was, well, you know, we need to all get on board with Obama because he’s going to win and then we’ll have an influence. And then, the really crazy … and then in a way, Obama … if you think about the primary in 2008, the Democratic primary, Obama had the students, the minorities, the young people. Hillary was the finance world in New York, the unions. Hollywood was sort of split 50/50 between Obama and Hillary.
    But Silicon Valley was the one sector of the economy that went all in for Obama. But it didn’t work at all. And then if you fast forward to the Obama cabinet, there were zero people from Silicon Valley. There was no representation at all. And so, even Obama was very far from anything resembling a fusion. And then the question is whether Newsom will be like that or different.
    Why is he fixated on stagnation?Chief among Thiel’s concerns about how quickly the world is hurtling toward an Armageddon is what he describes as a stagnation or slowing down of technological and scientific progress. He attributes part of that to the use of science and technology – once largely seen as a force for good, in his telling – for harm.The creation of the gun and the machine gun “wounded our faith in science and tech”, he said. “And then the atom bomb somehow blew it up entirely. And in some sense in 1945, science and tech became apocalyptic. It left us with a question.” This fear of tech is what the antichrist will seize on to gain power, he says.During the Q&A portion of the first lecture, Thiel is asked about how artificial intelligence (AI) – the much-hyped darling of his fellow Silicon Valley investors – fits into this larger narrative of technological stagnation. Thiel said AI was a symptom of the larger tech stagnation and that people including Andreessen needed to boost its promises because there’s nothing else going on.
    If we’re going to not have this sort of crazed corporate utopianism versus effective altruist luddism, luddite thing. If you try to have some more nuanced version of this, you try to quantify it. How big is the AI revolution? How much is it going to add to GDP? Add to living standards? Things like that. My placeholder is, it’s looking probably on roughly the scale of the internet from 1990 to the late 90s. Maybe it can add 1% a year to GDP. There are big error bars around that. And I think the internet was quite significant. People talked about the internet in very similar terms in 1999. That’s another way where it sounds like roughly the right scale.
    The place where it’s very different, where it feels both true of the internet and maybe it’s true of AI, maybe a place where I would agree with Andreessen. The negative part of the statement is: ‘But for AI, nothing else is going on.’ He’s not talking about going to Mars, so it doesn’t sound like he believes Elon’s about to go to Mars. I think there’s a negative part, if AI was not happening, wow, we are really stuck. Things are really stagnant. And maybe that’s why people have to be so excited about this one specific vector of technological progress. Because outside of that, to a first approximation, things are totally, totally stagnant. Maybe even the internet has run out of steam but for AI. So that’s another framing. Now, the thing that strikes me is very different from ’99, if I had to give a difference, again I’m too anchored and rooted in the late 90s. But the late 90s, it was broadly optimistic. And there were a lot of people who thought about it just like Andreessen does. Nobody feels that personally. You can’t start a dotcom company from your basement in Sacramento. You can’t start an AI company, you have to do it in San Francisco. You have to do it in Silicon Valley. It has to be at an enormous scale. Most things aren’t big enough. And then there are layers and layers and layers where it feels incredibly non-inclusive. Maybe people just updated from the internet because maybe the internet turned out to have a lot of winner-take-all dynamics.
    In one of the lectures, Thiel plays a video of a 60 Minutes segment about a German law that cracks down on online hate speech. He’s trying to show an example of where tech regulation goes too far – hence giving power to the antichrist:
    This kind of video is ridiculous but, of course, indicative of this larger trend. There is this crazy judge in Brazil who is arresting everybody. Australia has more or less ended internet anonymity with age verification required for all social media. The UK is arresting 30 people a day for offensive speech. I’m sort of always in favor of maximal free speech, but my one concrete test is whether I can talk about the antichrist. If I can’t, that’s too restrictive.
    In his fourth lecture, he also suggests that his beliefs about the end of the world informed his own work in tech at companies such as PayPal:
    I was working at PayPal at the time trying to build the technology to evade these policies of the world’s powers and principalities. So it was natural to think about the antichrist in the context of the world of financial architecture. I’ll still defend PayPal as more good than bad.
    References to pop culture and literatureThiel peppered his lectures with references to pop culture, calling out YouTube influencers like MrBeast and throwing out terms like “libtard” – a rightwing slur for people with progressive political views. Sometimes these references pertained to the antichrist; at other times, Thiel was just giving his views on politics, modern society and Silicon Valley, like here:
    The Succession TV show about the Murdochs is unthinkably retro in Silicon Valley. Only a 20th-century media company could be handed off to someone’s children. If you think about the tech companies, I don’t know, would anybody name a company after themselves? The last tech person who did this was, I think, Dell in the mid-1980s. This is like if you’re a retro Republican from Texas. It is so unthinkable to do this.
    In his second lecture, Thiel also explores the idea of the antichrist through four works of literature – Francis Bacon’s New Atlantis, Jonathan Swift’s Gulliver’s Travels, Alan Moore’s Watchmen graphic novel and Eiichiro Oda’s manga series One Piece. Thiel states that identifying the antichrist is possibly “hard to do in the present and always sort of controversial”, but that “you at least identify the antichrist in literature”.He describes the plot of Watchmen, a 1986 graphic novel involving superheroes grappling with moral questions about humanity against the backdrop of impending nuclear war:
    The antihero Ozymandias, the antichrist-type figure, is sort of an early-modern person. He believes this will be a timeless and eternal solution – eternal world peace. Moore is sort of a late-modern. In early modernity, you have ideal solutions, ‘perfect’ solutions to calculus. In late modernity, things are sort of probabilistic. And at some point, he asks Dr Manhattan whether the world government is going to last. And he says that ‘nothing lasts forever.’ So you embrace the antichrist and it still doesn’t work.
    Thiel later finds biblical meaning in the manga One Piece, discussing how he believes it represents a future where an antichrist-like one-world government has repressed science. He believes that the hero, Monkey D Luffy, represents a Christlike figure.
    In One Piece, you are set in a fantasy world, again sort of an alternate earth, but it’s 800 years into the reign of this one-world state. Which, as the story unfolds, gradually gets darker and darker. You sort of realize, in my interpretation, who runs the world and it’s something like the antichrist. There’s Luffy, a pirate who wears a red straw hat, sort of like Christ’s crown of thorns. And then towards the end of the story, transforms into a figure who resembles Christ in Revelation.
    Thiel, along with a researcher and writer at Thiel Capital, explored these ideas at greater length in an essay for the religious journal First Things earlier this month.Do Thiel’s arguments make sense?In a word, no. For one representative example, look to his muddled, contradictory summation of who the antichrist may be:
    There is a way to think that the antichrist represents the end of philosophy – culmination, termination. He is the individual who gets rid of all individuals; the philosopher who ends all philosophers; the Caesar who ends all rulers; the person who understands all secrets. How is this possible in late modernity, where we don’t believe a philosopher-king, tyrant or ruler can come to power? More

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    Tesla shares dive as investors fear new Elon Musk political party will damage brand

    Shares in Tesla are heading for a sharp fall in the US as investors fear Elon Musk’s launch of a new political party will present further problems for the electric carmaker.Tesla stock was down more than 7% in pre-market trading on Monday, threatening to wipe approximately $70bn (£51bn) off the company’s value when Wall Street opens.If the shares fell by that much, the value of Musk’s stock would fall by more than $9bn to about $120bn. The Tesla and Space X boss remains comfortably the world’s richest person, with a wealth of about $400bn, according to Forbes.Tesla is valued at just under $1tn but its shares have come under pressure owing to the Tesla CEO’s relationship with Donald Trump.First, Musk’s strong support for the US president created a consumer backlash and now the antagonistic turn in his relationship with Trump has investors worried Musk will be distracted from his day job, or that the White House will punish his businesses.Dan Ives, analyst at Wedbush Securities, said Musk’s announcement that he is bankrolling a US political party will alarm investors.“Very simply, Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that Tesla investors/shareholders want him to take during this crucial period for the Tesla story,” Ives said, adding that there was a “broader sense of exhaustion” among Tesla investors that Musk – the company’s largest shareholder – will not stay out of politics.Trump on Sunday called Musk’s plans to form the America party “ridiculous”, launching new barbs at the world’s richest person.skip past newsletter promotionafter newsletter promotionIn a post on the Truth Social tech platform, Trump wrote: “I am saddened to watch Elon Musk go completely ‘off the rails,’ essentially becoming a TRAIN WRECK over the past five weeks.”Musk announced the creation of the America party on his X platform at the weekend. He wrote: “When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America party is formed to give you back your freedom.” More

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    Tesla denies report claiming board looked to replace Elon Musk

    Tesla has denied a report that its board sought to replace Elon Musk as its chief executive amid a backlash against his rightwing politics and declining car sales.Robyn Denholm, the chair of the board at the electric carmaker, said in a statement on Tesla’s social media account on X: “Earlier today, there was a media report erroneously claiming that the Tesla Board had contacted recruitment firms to initiate a CEO search at the company.“This is absolutely false (and this was communicated to the media before the report was published). The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead.”View image in fullscreenIt followed a Wall Street Journal story published on Wednesday that claimed “board members” had contacted headhunters to recruit a successor about a month ago.The reported move came as tensions grew at Tesla around falling profits and criticism of Musk for spending much of his time in Washington, where he has been helping Donald Trump slash federal spending as de facto head of the “department of government efficiency” (Doge).It is unclear in the report whether these members were acting on behalf of the board as a collective, or if it was only some of them taking steps to find a new chief executive. The Tesla board is made up of eight people, including Elon Musk himself, his brother, Kimbal Musk, and James Murdoch, son of media mogul Rupert Murdoch.Tesla has been hit by a widespread backlash against Musk’s recent political activity, not only against his Doge work, but also his public support for the far-right Alternative für Deutschland (AfD) party before German national elections in February. Sales of the electric car have dropped in some of its biggest markets and there have been political protests at some of its showrooms.Last week, the company reported that profits had dropped by 71% in the first quarter of this year to $409m (£307m), compared with $1.39bn in the same period in 2024. Meanwhile, Tesla’s stock has suffered, with the company losing about a quarter of its market value this year.Musk told investors that starting from May he would be “allocating far more of my time to Tesla”. He is scheduled to leave his government role on 30 May, according to a strict 130-day cap on his service as a special government employee.skip past newsletter promotionafter newsletter promotionThere have long been concerns around the demands on Musk’s time. As well as Tesla, he oversees four other companies, including the space exploration company SpaceX and the social media platform X, formerly known as Twitter.Musk denounced the Wall Street Journal report on X on Thursday. He wrote: “It is an EXTREMELY BAD BREACH OF ETHICS that the @WSJ would publish a DELIBERATELY FALSE ARTICLE and fail to include an unequivocal denial beforehand by the Tesla board of directors!” More

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    US begins inquiry into pharmaceutical and chip imports in bid to impose tariffs

    The Trump administration is kicking off investigations into imports of pharmaceuticals and semiconductors into the US as part of an attempt to impose tariffs on both sectors on national security grounds, notices posted to the Federal Register on Monday showed.The filings scheduled to be published on Wednesday set a 21-day deadline from that date for the submission of public comment on the issue and indicate the administration intends to pursue the levies under authority granted by the Trade Expansion Act of 1962. Such inquiries need to be completed within 270 days after being announced.The Trump administration has started 232 investigations into imports of copper and lumber, and inquiries completed in the US president’s first term formed the basis for tariffs rolled out since his return to the White House in January on steel and aluminum and on the auto industry.The US began collecting 10% tariffs on imports on 5 April. Pharmaceuticals and semiconductors are exempt from those duties, but Trump has said they will face separate tariffs.Trump said on Sunday he would be announcing a tariff rate on imported semiconductors over the next week, adding there would be flexibility with some companies in the sector.The US relies heavily on chips imported from Taiwan, something the then president, Joe Biden, sought to reverse by granting billions in Chips Act awards to lure chipmakers to expand production in the US.Taiwan’s economy minister, Kuo Jyh-huei, said its government would run simulations for various levels of tariffs on semiconductors and seek talks with the US.Taiwan is home to TSMC, the world’s leading producer of the most advanced chips and a main contributor to the island’s GDP. Speaking to reporters outside parliament, Kuo said he would seek to ensure “fair competition” for the Taiwanese industry.The Taiwanese and US chip sectors are complementary, he added.The investigation announced on Monday will include pharmaceuticals and pharmaceutical ingredients as well as other derivative products, the notice showed.Drugmakers have argued that tariffs could increase the chance of shortages and reduce access for patients. Still, Trump has pushed for the fees, arguing that the US needs more drug manufacturing so it does not have to rely on other countries for its supply of medicines.Companies in the industry have lobbied Trump to phase in tariffs on imported pharmaceutical products in hopes of reducing the sting from the charges and to allow time to shift manufacturing.Large drugmakers have global manufacturing footprints, mainly in the US, Europe and Asia, and moving more production to the US involves a major commitment of resources and could take years. More

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    Will the Democrats finally realize that Big Tech is not an ally? | Zephyr Teachout

    As Democrats think about how to counter the Trump administration, they need to accept a very simple lesson from the last eight years. Big tech and big business are part of the political opposition working on behalf of Donald Trump, not the Democrats’ allies working against Trump and Trumpism.It shouldn’t seem necessary to point out what seems to be an obvious fact. Nonetheless, there are some Democrats trying to stay close to big tech, or downplaying the importance of anti-monopoly policy when it comes to authoritarian risks. For example, a few days ago, Priorities USA, the largest Democratic party Super Pac, held a big resistance strategy session hosted by “our friends at Google”.As another example, Adam Jentleson, a political writer and a former chief of staff for US senator John Fetterman, wrote a recent piece for the New York Times that among other things criticized fighting monopolies as a “niche issue”. He argued that there’s a dichotomy between kitchen table issues and challenging corporate power, and we should focus on the former.The belief that big tech, and more broadly big business, is helpful to Democrats has already been tried – and found to be untrue.When Trump was elected in 2016, one central pillar of the Democratic resistance involved using big tech platforms as a counterweight. If you remember, the CEO of Google even joined anti-Trump protests. Google, Facebook, YouTube, Instagram and pre-Elon Musk Twitter were scolded for using technologies that enabled extremism, but instead of aggressively moving to regulate the algorithmic design, change liability rules or break them up, Democrats focused on nudging platforms on editorial policy.The assumption was they could be corralled into the “right” set of editorial practices, ones that would help defeat Trump and Maga-ism, and limit the reach of his rhetoric in the short term. This was the context in which the “misinformation and disinformation” framework was born.We use the phrases all the time now, but it is worth reflecting on how strange they are. Sometimes misinformation refers to inadvertent lies, and disinformation describes purposeful lies, but sometimes the terms encompass factually correct but misleading information, or as Barack Obama argued in 2022, the “suppression of true information” if such suppression was done for, among other things, “political gain” or “targeting those you don’t like”.Not only did these new categories infuriate those who were caught in the broad, fuzzy definitions, but they focused Democratic attention away from questions of power. The mis/disinformation framework fit part and parcel with joining with big tech as an anti-fascist alliance. “We”, the science-grounded Democrats, would successfully work hand in hand with the biggest tech companies in the world to protect America.Eight years later, the Democrats have lost the White House, House of Representatives and Senate. The big tech platforms are awash in extremist content. Big tech should not look like the ally anymore. Not only is Musk fully ensconced at the head of the power table, right next to Trump, but the CEOs of Meta, Alphabet, Apple and Amazon all reached out to Trump before the election, perhaps taking seriously his threat to put Mark Zuckerberg in jail if he opposed him, perhaps just realizing that Trump is a deregulatory juggernaut.Musk reportedly joined a recent phone call between Trump and the CEO of Google. We can anticipate dozens of such meetings at the highest levels, and strong relationships being born. And instead of repeatedly insisting that tech titans have too much power, we have spent eight years arming them with language that can be used to suppress dissent.Repeated polling has shown that voters actually hate corporate monopolies, and antitrust politics are extremely popular. I don’t want to overclaim the point – antitrust politics disappeared in America for the 30 years between 1980 and 2020, and it is fair to argue that anti-monopoly policy, especially against big tech, can use more experimentation in how we talk about it. On the substance, however, we should be very concerned.Facebook, Google and Amazon have destroyed the actual bulwark against autocratic leaders – local journalism – while cozying up to actual autocracy. They now control the digital ad industry. According to one recent research report, if they paid news organizations what they make off them by standing as a middleman between readers and writers, they would be handing over between $12bn and $14bn a year. The very journalists and news organizations we rely on for fact-finding and fact-checking are scared of being shadowbanned – Jeff Bezos’s fear of Trump being exhibit A of how that can impact editorial content.Google, thankfully, has officially been called an illegal monopolist by a court, thanks to the work of the Department of Justice under assistant attorney general Jonathan Kanter, and other antitrust cases regarding Facebook and Amazon are winding their way through the court system. But even if Google is forced to divest Chrome, which seems possible, the failure of Democrats in power to put serious tech-busting legislation to a vote now seems grotesque. It looks like we didn’t even try to stop the incoming power couple of Trump and tech.While pundits are trying to sort through the messaging lesson of how Kamala Harris lost what seemed like a winnable election, we would do well to look further back, and remember the real lessons from 2016: joining hands with big tech oligarchs is joining hands with the destruction of the Democratic party and democracy.

    Zephyr Teachout is a professor at Fordham Law School and the author of Break ’Em Up: Recovering Our Freedom from Big Ag, Big Tech, and Big Money More

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    Ireland prices corporation tax loss from Trump policies at €10bn

    Ireland’s prime minister has said the country could lose €10bn (£8.35bn) in corporate tax if just three US multinationals were repatriated to America under a hostile Donald Trump administration.His remarks come just days after Trump nominated the Wall Street investor Howard Lutnick to lead the Department of Commerce with direct responsibility for trade.While Trump has already warned he would impose tariffs on EU imports, Lutnick has singled out Ireland for criticism saying “it is nonsense that Ireland of all places runs a trade surplus at our expense”.Simon Harris said if he was returned as taoiseach in Friday’s general election, he would immediately seek engagement with Trump. He has also proposed an early EU-US trade summit to avert damage in trade ties with the overall European trade bloc.“If three US companies left Ireland it could cost us €10bn [£8.5bn] in corporation tax,” Harris said on Monday while canvassing in Dundrum, Dublin.“I’m not pre-empting it, I’m not saying that’s going to happen, I’m not predicting it, but that is the level of risk that our economy is exposed to,” he said.Ten multinationals account for 60% of Ireland’s corporate tax receipts, with Microsoft, which books some global as well as EU revenues through Ireland, thought to be the single biggest contributor.Ireland’s goods trade surplus with the US is now a record €35bn with Irish goods exports up by 8% in the first eight months of 2024, boosted by the pharmaceutical and chemical sectors.Goods exported to the US totalled €45.5bn between January and August, according to the government’s Central Statistics Office, compared with imports of €11bn for the same period.Harris said he had no reason to believe that Trump was not “serious about pursuing the policies that he has campaigned on”, which includes repatriating jobs and profits that he believes should be homegrown.skip past newsletter promotionafter newsletter promotionHe also referenced the Wall Street Journal article on what it said was the “US tax system blows a windfall into Ireland” fuelling savings into not just one but two sovereign wealth funds, including a €14bn windfall in back tax from Apple on the foot of a European court of justice ruling.“The Wall Street Journal front page gives an indication here” that Trump is intent on action, said Harris.However, he said Ireland would be prepared and would cope just as it did with “Brexit, Covid [and the] cost of living crisis”. More

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    Undertaxed and over here: why the UK welcomes US mega firms | Phillip Inman

    Americans love Britain, and in many ways the British admire Americans, but the benefits of the relationship are becoming increasingly one-way.That’s the argument set out in a book published next month documenting how US companies have made inroads into the UK economy by exploiting a desperate need for investment, weak regulation and a public that seems oblivious to the cost to themselves and, ultimately, the economy.Clinton, Bush, Obama, Biden: whichever administration is pulling the levers, presidents pay lip service to a special relationship with the UK. Each one makes sure US companies leverage Washington’s power to gain entry, kill off local competition, secure monopoly control and run off with the profits largely tax-free.But UK companies that try to break into the US face huge legal and regulatory hurdles. It’s true that selling goods to America is a lucrative business. That’s not the same as setting up a US subsidiary in the US and going head-to-head with domestic corporations.Labour leaders fall into the trap of lauding energetic and profitable US companies as much as their cheering Tory counterparts do. Tony Blair and Gordon Brown were more ardent Americanophiles than most. And Keir Starmer shows every sign of rushing to Washington should he be elected, even if Trump is in charge – much as Theresa May did in 2017, before a humiliating return visit two years later.The new book is not an anti-American leftist call to arms of the kind published in the 1980s, when Margaret Thatcher’s admiration for Ronald Reagan generated tomes about the UK being the 51st state of America. Vassal State by Angus Hanton (Swift Press) examines for the first time the disparate data showing how much US companies have embedded themselves in the UK, capitalising on our willingness to pay them outlandish fees and subscriptions and afford them the hefty tax breaks needed to keep them in the UK.We know about the power and influence of Amazon, Apple, Meta/Facebook, Microsoft, Netflix and Alphabet/Google. Other high-profile names include online sellers eBay, Wayfair and Etsy, and streaming companies Sky, Disney and Apple TV.The internet’s cloud storage is mostly provided by American companies. All our data, bit by bit, is being collected by US firms, whether at the front end as we buy stuff using Amazon or travel using Google Maps, or at the back end, so to speak, as health data is scraped by US spy technology firm Palantir – which is run by Peter Thiel, the co-founder of another US web behemoth, PayPal.Hanton, a London-based entrepreneur who co-founded the Intergenerational Foundation charity, documents their rise, but also that of less well-known firms which have acquired the UK’s financial and physical plumbing.A classic example is WorldPay, a payments system used by tens of thousands of UK businesses to process card transactions. Once owned by NatWest, it was offloaded after the 2008 crash to US private equity firms Advent International and Bain Capital for £2bn.That was a European Commission order that the UK could have ignored but chose to obey. Advent and Bain floated the company on the London stock market for a handsome profit in 2015, but it soon went private again. Another Advent-owned firm, payments processing technology company Vantiv, paid $10.4bn for it in 2018, then Florida-based Fidelity National Information Services (FIS) paid $35bn in cash and shares for WorldPay in 2019.What ties these firms together is that they offer popular services that somehow we accept should be charged for, without any reference to the cost of production or market influence.It doesn’t happen on the continent in nearly the same way – and some would probably argue France, Germany, Spain and Italy are the poorer for it. WorldPay executives would no doubt say US companies are big investors, enhancing and expanding the UK businesses they buy, often with a long-term vision. Except that the vision includes domination and control of the economy, holding the government to ransom with threats of cutting investments if tax subsidies are not generous enough or tax rates low enough.Google’s soon-to-be-opened monster HQ in London’s King’s Cross is emblematic of the way the UK’s red-carpet treatment for investors has profited US companies and offset the threat of an exodus after Brexit. Google has found the UK, unlike the EU, willing to turn a blind eye to its monopolistic practices.That is great news for Brexiters. It’s not so good for the rest, who, wherever they turn, must pay for the services of an ever-expanding array of US mega-companies. More

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    Inside tech billionaires’ push to reshape San Francisco politics: ‘a hostile takeover’

    In a way, it’s a story as old as time: ultra-wealthy figures pouring a flood of money into city politics in an effort to shape the way it is run.Still, the political-influence machine that tech billionaires and venture capitalists have recently built in San Francisco stands out for its size and ambition. A new analysis of campaign filings, non-profit records and political contributions by the Guardian and Mission Local reveals the extent of this network, which is using its financial and organizational muscle to push the famously progressive city into adopting policies that are tougher on crime and homelessness, and more favorable to business and housing construction.In the past six years, prominent tech and venture capital leaders – including the hedge fund manager William Oberndorf, the billionaire investor Michael Moritz, the cryptocurrency booster Chris Larsen, the PayPal co-founder David Sacks, the Y Combinator CEO, Garry Tan, and the Pantheon CEO, Zachary Rosen – have invested at least $5.7m into reshaping San Francisco’s policies, according to the analysis of public data. Because not all of their donations are publicly disclosed, the sum of their contributions may be far higher.In a solidly Democratic city, they have joined forces with traditional business and real estate elites in an effort to oust some of its most progressive leaders and undo its most progressive policies.To achieve those goals, they have created a loose network of interlocking non-profits, dark money groups and political action committees – a framework colloquially known as a “grey money” network – that allows them to obscure the true scale of their involvement in San Francisco’s municipal politics.View image in fullscreenThe three major groups in this network – NeighborsSF, TogetherSF and GrowSF – have pulled in more than $26m in contributions since 2020, according to campaign finance and tax records, more than $21m of which they have spent on various political issues.“They’re using multiple layers of organizations to hide the sources of their money, and to hide how much they’re spending,” said Jim Stearns, a political consultant with decades of experience in San Francisco politics and a critic of the groups.“This is a $20bn hostile takeover of San Francisco by people with vested real estate and tech interests, and who don’t want anyone else deciding how the city is run,” he said, referring to the combined wealth of the most prolific new donors.Billionaires’ increasing involvementIn its storied history, San Francisco has always seen tycoons seek influence over city business. In the 2010s, the tech investor Ron Conway played a crucial role in the election of the mayor Ed Lee and was a major factor in the ascent of the current mayor, London Breed, after Lee died in office in 2017 . But the entry of a libertarian billionaire class into local politics is new, said political operatives and people who have been targeted by them. So are the vast amounts of wealth created in the most recent tech boom that these figures can tap into.View image in fullscreenPolitical observers trace the newcomers’ involvement to 2018, when a special election brought Breed to power. Their engagement grew as progressive candidates won a number of narrow but surprising victories in 2019, including the district attorney office and several seats in San Francisco’s legislative body, the board of supervisors. But, those observers say, their political participation really intensified during the pandemic, when frustrations over rising visible homelessness, a sharp increase in petty crime and fentanyl-related overdose deaths, and an economic downturn in the city boiled over.“There is a growing sense … that the city’s progressive political class has failed its citizens,” Moritz, the billionaire investor and a former journalist, wrote in a May 2023 feature for the Financial Times. “Online discourse about San Francisco’s ‘doom loop’, a downward economic and social spiral that becomes irreversible, feels less like hyperbole by the day. Even for a city that has always managed to rebuild after flattening financial and geological shocks, San Francisco – emptier, deadlier, more politically dysfunctional – seems closer to the brink than ever.”The priorities of these deep-pocketed figures have varied. Oberndorf, the hedge fund manager, had been a long-time charter school advocate and major Republican party donor. Larsen, the crypto investor, has been a strong backer of expanding police ranks and surveillance capabilities. Tan, the Y Combinator CEO, has pushed for business policies favorable to crypto, artificial intelligence and autonomous cars.Broadly, though, they maintain that San Francisco needs a tougher approach to homelessness and drug problems, a more punitive approach to crime, and a climate more friendly to business and housing construction. Some have called for centralizing more power in the office of the mayor.In past years, several of these operatives have set up organizations to advance policy on those issues – non-profit organizations, so-called dark money groups, political action committees and even media outlets.View image in fullscreenDogged reporting by Bay Area outlets has previously exposed some of the money flowing into these groups. But their structure makes it difficult to easily uncover all sources of donations. Political action committees, or Pacs, are required to name their major donors. But the so-called dark money groups, which are technically civic leagues or social welfare groups, were formed under the 501(c)4 section of the tax code, and do not have to disclose donors or political contributions. Since the 2010 supreme court ruling Citizens United v Federal Election Commission relaxed regulation around political donations, 501(c)4 groups have exponentially increased their involvement in political donations, to the tune of at least $1bn by 2019 nationwide, according to ProPublica reporting.However, the Guardian and Mission Local’s analysis of financial records shows several of the organisations donating money to one another, and several groups sharing personnel, addresses and donors. And it reveals the sheer financial deluge they are spending ahead of the 2024 elections.Complicated contributionsAmong the most prominent and resourced groups in this network is Neighbors for a Better San Francisco Advocacy, which was founded by Oberndorf, and an affiliated 501(c)4 started by the longtime San Francisco real estate lobbyist Mary Jung, among others. Oberndorf sits on the board of directors of the dark money group.NeighborsSF says it is committed to improving public safety, public education and quality of life in the city, backing what it calls “pragmatic” and “responsible” groups and candidates. The group has funded publicity campaigns for moderate candidates and bankrolled other 501(c)4s working to advance related issues.NeighborsSF has been primarily funded by a handful of extremely wealthy donors from the tech and real estate worlds. Campaign contribution data from the San Francisco Ethics Commission and state election disclosures show that Oberndorf has poured more than $900,000 over the years into the 501(c)4s. The group’s biggest donor, Kilroy Realty, a southern California-based firm with major holdings in downtown office property and highly desired parcels in the South of Market district, has given $1.2m since 2020. The dynastic real estate investor Brandon Shorenstein has contributed $899,000 through his family’s real estate firm. Larsen has donated at least $300,000. Moritz donated $300,000 in 2020 alone.View image in fullscreenMoritz is one of the most prominent players in reshaping San Francisco. Since 2020, he has donated more than $336m towards various causes in the city, both social and political, according to a recent Bloomberg report.In addition to his contributions to NeighborsSF, Moritz seeded $3m for TogetherSF Action, a 501(c)4 that is most famously known for a flashy, sarcastic poster campaign decrying the city’s fentanyl crisis and campaigns for expanding the power of the mayor. The group has an affiliated non-profit, TogetherSF, that serves as a volunteering hub. According to incorporation filings with the state of California, Moritz occupies key positions with both organizations, which also share personnel with NeighborsSF. Moritz has also sunk $10m into the San Francisco Standard, a startup news publication in the city run by Griffin Gaffney, a co-founder of TogetherSF.The third big player is GrowSF, a dark money group run by Sachin Agarwal, an alum of Apple, Twitter and Lyft, and Steven Buss, formerly of Google and Amazon. Tan is a member of its board. GrowSF has several affiliated Pacs and says it endorses “common sense” candidates as an alternative to “far-left” elected officials.Campaign contribution filings show that major donors include Agarwal’s father, Aditya Agarwal, as well as Larsen ($100,000), Tan ($25,000) and Pantheon’s Rosen, a tech investor who launched the controversial pro-market-rate development group YIMBY California. GrowSF has received tens of thousands of dollars from NeighborsSF over the years, according to federal tax filings.Follow the moneyThrough varying alliances, the groups have exerted their influence on debates that go to the heart of San Francisco policy. Among the first was the February 2022 recall of three members of the San Francisco school board, whom voters ousted from office over frustrations with the slow reopening of district schools during the pandemic, a controversial proposal to rename school sites, racially charged tweets by one of the members, and changes to the testing requirements for admission to the city’s only selective academic public high school, Lowell.The campaign to unseat the members raised more than $2m, more than 20 times the $86,000 the school board members gathered to fight off the challenge, according to campaign contribution filings.The billionaire charter school backer Arthur Rock was the single largest donor to the SFUSD recalls, giving $500,000. But NeighborsSF Advocacy came in a close second, directing $488,800 into political action committees supporting the recall effort.Separate from NeighborsSF, state disclosures show, Sacks gave $75,000 to Pacs supporting the school board recall, and the Y Combinator founding partner Jessica Livingston donated $45,000. Tan, Agarwal and Buss respectively gave $25,000, $10,000 and $5,000 to a cluster of political action committees bankrolling the school board recall efforts for each specific board member.NeighborsSF was also key to the successful recall of the progressive district attorney Chesa Boudin in 2022. A former deputy public defender and the son of convicted “new left” militants, Boudin was elected DA in 2019 on a promise to reduce mass incarceration and police misconduct. The pushback against his policies was immediate.Over 15 months, Boudin’s opponents raised $7.2m for the campaign supporting his ouster, more than twice the $2.7m collected by the anti-recall effort, campaign finance data compiled by Mission Local has shown.View image in fullscreenMost of these donations were channelled through NeighborsSF. The group contributed $4m of the $7.2m raised by the campaign, Mission Local reporting established, with the California Association of Realtors coming in a distant second at $458,000 in donations.State campaign finance records also show a $68,000 contribution to the recall campaign by GrowSF’s political action committee.There have been other victories. In 2022, GrowSF backed the successful candidacy of Joel Engardio, a former SF Weekly staff writer and former GrowSF leadership member, for supervisor through its Pac. GrowSF contributed more than $92,000 in support of Engardio’s campaign, per state campaign finance data. Since being elected, Engardio has promoted policies including increased police staffing, harsh penalties for narcotics offenses, building market-rate housing and sweeps of homeless camps.The Pac also spent at least $15,400 supporting the campaign of Matt Dorsey, a former head of communications at the San Francisco police department, for a full term as supervisor. And it spent at least $15,569 supporting Brooke Jenkins, Boudin’s successor and a supporter of the recall campaign, when she ran for re-election.It’s a “longer-term, widespread, deliberate strategy”, said Aaron Peskin, the progressive president of San Francisco’s board of supervisors. “They’re propping up innumerable 501(c)4s that are doing everything from mounting political attack campaigns to infiltrating dozens of long-term neighborhood groups … Why would you say no if someone knocked on your door to organize Saturday neighborhood cleanups?”Towards 2024With key successes under its belt, this network is gearing up to play a major role in the 2024 elections, which will determine control of the San Francisco board of supervisors and the Democratic county central committee.GrowSF is among the main drivers behind aggressive efforts to oust two progressive supervisors: Dean Preston, who represents the Haight, Hayes Valley and the Tenderloin districts, and Connie Chan, whose district includes the Inner and Outer Richmond neighborhoods.The group has set up separate “Dump Dean” and “Clear Out Connie” Pacs targeting the supervisors. GrowSF has raised at least $300,000 for its anti-Preston campaign, which has run attack ads falsely accusing him of opposing affordable housing. Larsen, Tan and a number of Y Combinator partners all have donated to GrowSF’s effort, according to San Francisco ethics commission campaign finance data.View image in fullscreenTan, who is known for his massive Twitter blocklist and recently faced ire for wishing a slow death upon progressive supervisors on the platform, has personally pledged $50,000 to oust Preston. He is publicly soliciting more donations.In addition to the board of supervisors races, GrowSF is backing a slate of moderate Democrats running to replace progressives on the Democratic county central committee, which makes endorsements for the Democratic party. Several of these moderate candidates are also running for supervisor, and while contributions to the supervisorial race are capped, there’s no limit to donations for the DCCC.The moderates have collectively raised about $1.16m, about four times as much as the progressive candidates.In light of the bruising national political landscape in 2024, San Francisco’s proverbial “knife fight in a telephone booth” may seem inconsequential. But the political network erected with the aid of libertarian tech money has already demonstrated its power to chill San Francisco’s progressive politics. So far, not one progressive candidate has thrown their hat in the ring to challenge London Breed.Peskin, who has long been eyed as a potential mayoral candidate, told Politico in January that the tech money backing moderate candidates has made it hard for progressives to fight back. It was one reason, he said, why he is leaning against getting into the race.The success of these political campaigns in one of the US’s most progressive cities could inspire similar efforts in cities around the country, Peskin warned.“There’s a sense by these guys that they are the tip of the spear,” he said. “If you can take on liberal/progressive thought in politics in San Francisco, you can do it anywhere.”This story was published in collaboration with Mission Local, an independent San Francisco non-profit news site More