Following Donald Trump’s election victory, Reid Hoffman—cofounder of LinkedIn, partner at Greylock, and a major donor to Vice President Kamala Harris’s campaign—is figuring out where business, tech, and his own energy go from here. Hoffman shares his reaction to the election and what the outcome means for Silicon Valley, the overall economy, and more. Despite being a vocal critic of Trump, Hoffman is committed to driving U.S. prosperity over the next four years, assuring “we’re all in this boat together.”
This is an abridged transcript of an interview from Rapid Response, hosted by Robert Safian, former editor-in-chief of Fast Company. From the team behind the Masters of Scale podcast, Rapid Response features candid conversations with today’s top business leaders navigating real-time challenges. Subscribe to Rapid Response wherever you get your podcasts to ensure you never miss an episode.
Over the past couple of years, you’ve not been shy about your wariness about Donald Trump as a presidential candidate. You put a lot of money behind that effort. You became a public figure in that opposition. Even on election day, you released a video on social media, urging people to reject Trump. The country has gone a different way. What have the past couple of days been like for you?
Well obviously, it’s this weird place where you’re basically hoping you were wrong. Because there were a number of folks I talked to who were like, Trump’s rhetoric on the campaign trail is extreme because that’s the way he gets his news and attention. It isn’t really going to be the way he’s going to govern. So it isn’t going to be crony capitalism with tariff wars.
It isn’t going to be retribution to so-called enemies within. That’s just kind of his media campaigning, and it’s actually going to snap back to what’s good for business.
Obviously, I feared and still fear they were wrong, but now I’m hoping they are right.
Are you still focused on the political sphere, or are you just going to return to business? What are your next steps from here?
Generally, my participation in politics has been a weird thing because I’m more naturally a founder, builder, and investor. What I’ve spent my entire life doing is trying to help what I think is the broader country on platforms for a stronger country, which got me engaged.
Initially, I’d find leaders in both parties to support. As it got more dire, the importance of truth-telling in discourse is fundamentally important to me.
So I made the strongest efforts I could, and now it’s back to what I’m more naturally suited for. My skill set naturally resolves to building companies, founding companies, investing in companies, and exploring what AI means for humanity’s elevation.
I have a book coming out in January called Super Agency, which discusses how AI can increase human agency and give us superpowers—an optimistic take. That’s where the focus will be for a long time.
Many Democrats, folks who supported Harris, are not particularly optimistic right now. You are trying, emphasizing optimism still?
Well, it’s like I said: I’m hoping I was wrong. You don’t just sit back; you try to help. I’m going to grow things in the American economy and make stuff work as strongly as possible.
If I were to continue in politics, I’d likely have a negative influence because it would be just oppositional. I think it’s best to add where I can contribute, which is on the business, technology, and investment sides.
One of the things that struck me about the election results is it sort of shows that voters have this strong dissatisfaction about their financial situation, even though the economy hasn’t actually been that bad, historically speaking. Inflation has certainly taken a bite, but the job market is strong. Why do you think so many Americans feel so dissatisfied?
Most Americans don’t realize the impact of the stimulus and COVID. They don’t understand that when I get a free hamburger today, it costs me tomorrow. They don’t have enough of a global perspective to realize that what [President Joe] Biden is doing has managed to keep inflation lower than in other developed countries. They’ve been better off because of it, but all they know is inflation is making it harder to pay bills. Of course, one should feel sympathetic to that.
When someone tells them that Joe Biden messed up the economy, it feels that way because it’s harder to make the economics work in life. On the one hand, yes, that’s true, and it feels that way, but it’s actually a result of all the COVID stimulus.
A lot of the listeners on this show are business leaders themselves. Lots of businesses are excited about the prospect of a Trump administration. But is your advice now to sort of wait and see? Are there things that you think businesses should be looking at, should be thinking about moving on now?
Probably the principle is planning on volatility. It’s the combination of hope and fear. Planning for unevenness, like if tariffs happen, it would hurt the U.S. export industry and reduce prosperity. If it’s more grifter capitalism, benefiting certain industries at the expense of others, it won’t elevate the whole platform.
Prepare for multiple options rather than committing to one overly.
Do you have any insight about what a Trump administration might mean for the future of AI?
Not really. I suspect that the whole, like “We’re going to rescind the executive order on AI” is probably similar to the “We’re going to throw out Obamacare,” right?
When actually, in fact, we don’t have a better idea. So we’re just going to keep doing their idea. Because after a complete Trump term, there was no repeal of Obamacare. It’s probably similar, but that obviously could be different depending on various folks being in the mix and what the conception of AI is.
The one thing I would say I’m hopeful for is that the belief in the enablement of the American AI industry across multiple companies is extremely important, and we’ll see whether or not that’s what’s playing, or if there will be a crony capitalist at play.
Has your experience changed your perspective on the role of business and tech leaders in politics and civic activity?
This is a week of processing. I was putting maximum energy into articulating key things about the future’s vision.
Even with Trump winning, the country is very divided. How do you get to unity? Even winning the popular vote shows division, and it’s about finding how we achieve unity as an entire country.
Tech is increasingly important in American society; therefore, tech leaders must engage in political discussions. We need better discourse, reflecting on social media’s problems. I believe engaging in the political discussion as a society is crucial. I plan to speak up, especially when fear of political retaliation is present, to give a voice and shelter. I won’t be silenced. Upon people in positions of influence, it’s crucial to make the boat work best we can and oppose division.
America’s success lies in avoiding an attitude of making an administration unsuccessful. It’s about maximizing the country’s success. Part of that involves focusing on creating the next generation of industry-transforming tech companies.
Expect business leaders’ voices to prosper but avoid regulatory capture by large interests creating problems.
It seems there’s a notion that business leaders can impact the future more than political realms. Do you see a shift in that perspective?
Business leaders are leaders, and must express opinions, especially against potential retaliation. Those with wealth and position should speak up because courage is easier for them. Understanding the adaptability of businesses to their environment is essential, and Democrats seeking opposition will notice a focus on business thriving, which benefits jobs.
Optimists build the world. Amid adversity, ask how to build positively. Despite challenges, opportunities for positive building are always present.
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