They object to the Biden administration's policies around regulation of tech, especially a proposed tax on unrealized capital gains. Others have cited the antitrust efforts of the Biden administration's Federal Trade Commission chair, Lina Khan, as a reason for their support of Trump.
So it's an interesting and potentially discouraging time for the slice of the VC world that doesn't support Trump. It's a topic that came up onstage at Fortune's Brainstorm Tech in Park City, Utah yesterday with Arian Simone, founding partner of Fearless Fund, the VC firm that has been targeted by an anti-affirmative action lawsuit brought by conservative legal activist Edward Blum.
From the audience, I asked Simone how it feels for her to see her colleagues in venture capital align themselves with the movement that has gone after her firm. "We are clearly caught up in somebody's political agenda," she acknowledges. She's realistic about the role of the financial services industry—one that persists through whatever administration is in office. But she's frustrated by VCs and tech industry leaders who seemingly have opposed diversity.
"Anybody who has a stance against diversity...Yes, that is concerning," she says. "[Diversity is] just good business. If you're choosing not to support diversity, it's alarming because are you trying to signal that your desire of oppression and suppression is greater than a desire to make money?"
Fearless Fund recently lost on appeal the preliminary injunction filed against the fund, which blocks the firm from administering a grant program for Black women founders. The firm has committed to continuing operations and investing amid the lawsuit, but it's been challenging. "We had closings falling apart left and right," Simone says. Other LPs stayed committed to the fund, she says.
Simone says she'll continue to advocate for diversity in business no matter who occupies the White House. "We're even petitioning the current administration, the current president and vice president, to definitely step up and [issue] executive orders. We're asking for one to protect the rights to fund marginalized communities...Whoever was in office, we'd be asking them to do this."
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Broadsheet is Fortune's newsletter for and about the world's most powerful women. Today's edition was curated by Joseph Abrams. Subscribe here.
Good morning, Broadsheet readers! New Balance partners with the WNBA, Microsoft lays off an entire DEI team, and Arian Simone of Fearless Fund keeps advocating for diversity in business—even as some of Silicon Valley takes a stance on the other side. Have a wonderful Wednesday!
- Still fearless. The floodgates have opened, and the corner of Silicon Valley that supports former President Donald Trump in the 2024 election is becoming more vocal. Marc Andreessen and Ben Horowitz, the founders of elite venture capital firm Andreessen Horowitz are the latest, announcing yesterday that they personally plan to donate millions to organizations supporting the Trump campaign.
They object to the Biden administration's policies around regulation of tech, especially a proposed tax on unrealized capital gains. Others have cited the antitrust efforts of the Biden administration's Federal Trade Commission chair, Lina Khan, as a reason for their support of Trump.
So it's an interesting and potentially discouraging time for the slice of the VC world that doesn't support Trump. It's a topic that came up onstage at Fortune's Brainstorm Tech in Park City, Utah yesterday with Arian Simone, founding partner of Fearless Fund, the VC firm that has been targeted by an anti-affirmative action lawsuit brought by conservative legal activist Edward Blum.
From the audience, I asked Simone how it feels for her to see her colleagues in venture capital align themselves with the movement that has gone after her firm. "We are clearly caught up in somebody's political agenda," she acknowledges. She's realistic about the role of the financial services industry—one that persists through whatever administration is in office. But she's frustrated by VCs and tech industry leaders who seemingly have opposed diversity.
"Anybody who has a stance against diversity...Yes, that is concerning," she says. "[Diversity is] just good business. If you're choosing not to support diversity, it's alarming because are you trying to signal that your desire of oppression and suppression is greater than a desire to make money?"
Fearless Fund recently lost on appeal the preliminary injunction filed against the fund, which blocks the firm from administering a grant program for Black women founders. The firm has committed to continuing operations and investing amid the lawsuit, but it's been challenging. "We had closings falling apart left and right," Simone says. Other LPs stayed committed to the fund, she says.
Simone says she'll continue to advocate for diversity in business no matter who occupies the White House. "We're even petitioning the current administration, the current president and vice president, to definitely step up and [issue] executive orders. We're asking for one to protect the rights to fund marginalized communities...Whoever was in office, we'd be asking them to do this."
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Broadsheet is Fortune's newsletter for and about the world's most powerful women. Today's edition was curated by Joseph Abrams. Subscribe here.
Good morning, Broadsheet readers! New Balance partners with the WNBA, Microsoft lays off an entire DEI team, and Arian Simone of Fearless Fund keeps advocating for diversity in business—even as some of Silicon Valley takes a stance on the other side. Have a wonderful Wednesday!
- Still fearless. The floodgates have opened, and the corner of Silicon Valley that supports former President Donald Trump in the 2024 election is becoming more vocal. Marc Andreessen and Ben Horowitz, the founders of elite venture capital firm Andreessen Horowitz are the latest, announcing yesterday that they personally plan to donate millions to organizations supporting the Trump campaign.
They object to the Biden administration's policies around regulation of tech, especially a proposed tax on unrealized capital gains. Others have cited the antitrust efforts of the Biden administration's Federal Trade Commission chair, Lina Khan, as a reason for their support of Trump.
So it's an interesting and potentially discouraging time for the slice of the VC world that doesn't support Trump. It's a topic that came up onstage at Fortune's Brainstorm Tech in Park City, Utah yesterday with Arian Simone, founding partner of Fearless Fund, the VC firm that has been targeted by an anti-affirmative action lawsuit brought by conservative legal activist Edward Blum.
From the audience, I asked Simone how it feels for her to see her colleagues in venture capital align themselves with the movement that has gone after her firm. "We are clearly caught up in somebody's political agenda," she acknowledges. She's realistic about the role of the financial services industry—one that persists through whatever administration is in office. But she's frustrated by VCs and tech industry leaders who seemingly have opposed diversity.
"Anybody who has a stance against diversity...Yes, that is concerning," she says. "[Diversity is] just good business. If you're choosing not to support diversity, it's alarming because are you trying to signal that your desire of oppression and suppression is greater than a desire to make money?"
Fearless Fund recently lost on appeal the preliminary injunction filed against the fund, which blocks the firm from administering a grant program for Black women founders. The firm has committed to continuing operations and investing amid the lawsuit, but it's been challenging. "We had closings falling apart left and right," Simone says. Other LPs stayed committed to the fund, she says.
Simone says she'll continue to advocate for diversity in business no matter who occupies the White House. "We're even petitioning the current administration, the current president and vice president, to definitely step up and [issue] executive orders. We're asking for one to protect the rights to fund marginalized communities...Whoever was in office, we'd be asking them to do this."
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Broadsheet is Fortune's newsletter for and about the world's most powerful women. Today's edition was curated by Joseph Abrams. Subscribe here.
