Reid Hoffman, the tech mogul known for co-founding LinkedIn, is reportedly orchestrating a major funding initiative to support Vice President Kamala Harris’s bid for the presidency. He is said to be rallying Silicon Valley’s elite to amass around $100 million for her campaign. However, Hoffman’s support comes with specific demands: he is pressing for the dismissal of Lina Khan, the FTC’s leading antitrust official who has been cracking down on Big Tech monopolies.
Hoffman has also been vocal about his disdain for current tariffs and his preference for the US to revert to its longstanding free trade policies, which he discussed in a CNN interview.
CNN reporter Matt Egan highlighted Hoffman’s specific grievances against FTC Chair Lina Khan, whom he accused of harming American businesses. Hoffman hoped that under a Harris presidency, Khan would be replaced.
“Lina Khan is…a person who is not helping America,” Hoffman told CNN. “I would hope that Vice President Harris would replace her.”
Hoffman sits on the board of Microsoft which acquired LinkedIn in 2016 for $26.2 billion in an all-cash transaction.
“Antitrust is fine…Waging war is not,” said Hoffman.
In his commentary over the years, Hoffman has consistently opposed strong antitrust measures against Big Tech companies. His stance was reiterated in a 2021 Washington Post interview, underscoring his view that antitrust actions are detrimental to innovation.
The New York Times suggested that Harris might be yielding to pressure from influential donors like Hoffman concerning the FTC’s leadership. While Harris has supported regulatory measures in areas like artificial intelligence, she reportedly harbors doubts about Khan’s aggressive antitrust approach.
Lina Khan, appointed as the Chair of the Federal Trade Commission (FTC) in June 2021, has significantly reshaped the agency’s approach towards antitrust and competition, especially concerning Big Tech companies.
Since her appointment, Khan has spearheaded aggressive regulatory actions aimed at curbing the dominance of major technology firms, reflecting a broader shift towards more stringent antitrust enforcement in the digital economy. Under her leadership, the FTC has ramped up scrutiny on mergers and acquisitions involving Big Tech companies, challenging deals that historically might have slipped under the radar. Khan’s FTC has also expanded efforts to regulate unfair competition practices and enhance consumer protections against privacy violations, setting a new precedent for how regulatory bodies tackle the immense influence of tech conglomerates.
Vice Presidential candidate J.D. Vance, a venture capitalist and political figure, has shown surprising support for Lina Khan’s rigorous stance on antitrust issues, particularly in the context of Big Tech. Despite his conservative background and initial involvement in the tech industry, Vance has advocated for stronger regulatory measures against Big Tech, aligning with Khan’s approach.
