Business

The billionaire lieutenant helping Elon Musk fight the culture wars

Sacks has also been a vocal supporter of the cryptocurrency industry and has targeted the media for its coverage of the market in the wake of the dramatic collapse of FTX, an exchange run by big Democratic donor Sam Bankman-Fred.

In a tweet this week, Sachs wrote: “For years, the elite media has treated every successful tech startup as if it were a scam that needed to be exposed.

“But when the mother of all scams actually comes in, they downplay and cover it up.”

This comment was certainly written with half an eye on Tesla, long bet on by hedge funds and attacked by critics for all spinning and no substance before becoming one of the world’s largest companies.

Sachs more or less embodies the ideology embedded in Musk’s inner circle, which includes other notables such as Jason Calacannies, Sriram Krishnan and his brother Kimball.

With its foundation in Silicon Valley libertarianism, this movement emphasizes the value of the game-changing individual over grounded groupthink. But she also has aspects of conservative skepticism toward liberal institutions.

Former Facebook product manager turned tech commentator Antonio García Martinez sums up the movement as “a revolt by entrepreneurial capital against the professional managerial class system that dominates everywhere (including big tech companies in particular).” He adds, “The same CMC (which includes the media) treats it as an act of chastity in majesty.”

At the heart of this new philosophy is the complaint that professionals constrain founders from taking risks by forcing them to adhere to a bureaucratic worldview based on values ​​that opponents deem “awakened”.

Or, as Martinez puts it, Musk targets “the entire HR system, ESG supporters, bristly-haired people with mouse-click jobs who think they are daring social crusaders rather than a parasitic weight around any organization’s neck.”

For his part, Sachs remains a background figure with no official ties to Twitter. However, he appears ready to push his political agenda even further.

Sachs has made donations before to both Democrats and Republicans, but last year he hosted a fundraiser for Ron DeSantis, the Republican Florida governor most likely to run against Donald Trump in the race for the 2024 presidential bid.

According to The New Republic, a new political finance organization dubbed the Purple Good Government PAC was created over the summer. Purple Good has already collected $125,000 from Sacks and his wife, and the filings show people from his network associated with the organization.

It took a long time for Sachs’ philosophy to reach the mainstream. But while the next chapter is being written, it will likely be less than 20 years before the world takes notice.

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