Ex-Soros executive reveals why more Silicon Valley venture capitalists think ‘it’s okay to support Donald Trump’ now

A former chief investment officer for George Soros revealed that a new generation of venture capitalists is warming up to Donald Trump, even as some Republican Wall Street bankers are reluctantly voicing their support for the former president.

Scott Bessent, the CEO and chief investment officer of investment firm Key Square Group and former chief investment officer of the Democratic-led Soros Fund, is deliberately stepping up his criticism of Bidenomics and supporting Trump ahead of the 2024 election.

“The Wall Street group was always going to come back [to Trump],” he told DailyMail.com during the Manhattan Institute Conference.

“What I find more interesting is the new venture capital cohort backing Trump, as they say in Las Vegas, a ‘new shooter.’

Bessent spoke as former President Donald Trump raised money in San Francisco, reportedly raising $12 million at an event hosted by two tech venture capitalists last weekend.

Scott Bessent, founder and CEO of Key Square Group

‘This is a completely new group. This is now being socialized in Silicon Valley: It’s okay to be a Republican and to support Donald Trump,” Bessent said.

The fundraiser took place at David Sacks’ mansion in Pacific Heights.

Bessent also hosts fundraisers for Trump, one at his South Carolina home and one last weekend with Donald Trump Jr. in London.

He said there was a lot of “anti-Biden sentiment” among investors, who were also concerned about “pervasive anti-Semitism” within the Democratic Party.

Yes indeed rumors to be a possible candidate for President Donald Trump as Secretary of the Treasury, as well as for John Paulson, who rose to fame by making billions by gambling on subprime mortgages.

At the event, he said he was surprised by the Biden administration’s spending priorities, explaining that political leaders were usually rewarded by voters for big spending programs.

“He gave away so much money, why are the programs so unpopular?” he asked. ‘Unemployment is low, investments are high and everyone is unhappy.’

Republican presidential candidate, former President Donald Trump, speaks during a campaign rally in Las Vegas

Republican presidential candidate, former President Donald Trump, speaks during a campaign rally in Las Vegas

US President Joe Biden attends a flag ceremony during the G7 summit

US President Joe Biden attends a flag ceremony during the G7 summit

He blamed the Biden administration for widespread inflation, high costs of living and skyrocketing housing costs.

The Biden administration, he said, stepped on the accelerator for the economy with too much spending and the Federal Reserve hit the brakes by raising interest rates.

“In Grand Prix racing it’s called riding two-footed… the engine burns out,” he said.

Bessent criticized Treasury Secretary Janet Yellen for shortening the maturity of the national debt, easing financial conditions for the government just before the election.

US Treasury Secretary Janet Yellen

US Treasury Secretary Janet Yellen

The Biden administration, he argued, was taking over the federal reserve.

“When people talk about politicizing the Fed, I actually think the Treasury Department took over the Fed, as a former Fed chair she knew how to do that,” he said, referring to Yellen, who chaired the Board of Governors of the Fed. Book from 2014 to 2018.

Bessent predicted the Biden administration would move quickly to provide more economic stimulus and win over more voters in November.

“The government has a lot of tricks up its sleeve before November 5,” he said. “Everything is up for grabs, we’re probably going to get $100 to $150 billion out of COVID employee retention checks. Those checks will be mailed out next month, for convenience.”