In 2011, Peter Thiel paid $27 million for a home in Maui. In 2022, the billionaire entrepreneur and investor is on track to get a US Senate seat for his friend and former employee, J.D. Vance, for roughly half that. It might be the best deal he’s gotten since acquiring a sizable chunk of Facebook for $500,000 in 2004.
Vance is now the favorite to become Ohio’s next senator after winning Tuesday’s competitive Republican primary. He’d been trailing in the polls but shot to the top after a late endorsement from Donald Trump. Thiel was with him every step of the way.
The PayPal co-founder announced that he was putting $10 million into a super-PAC backing Vance’s Ohio Senate bid before Vance even got into the race. He went on to give another $5 million to the super-PAC. The group functioned as a shadow campaign for Vance by conducting polling, funneling people to his events, and hiring staff that later joined Vance’s official campaign, the New York Times reported.
But money was not Thiel’s most important contribution to Vance’s campaign. He was instrumental in getting Trump to forgive Vance’s vocal Never Trumpism during the 2016 election. Last year, Thiel and Donald Trump Jr. joined Vance for a meeting with the former president at Mar-a-Lago, Politico reported. With Thiel’s help, Vance was able to convince Trump that he’d be one of the Senate’s strongest supporters of the MAGA agenda.
Like any good venture capitalist, Thiel has pull with Trump not because he spent big but because he invested early.Like any good venture capitalist, Thiel has pull with Trump not because he spent big but because he invested early. During the 2016 campaign, he was Trump’s biggest backer in Silicon Valley and spoke in a key slot at the Republican National Convention. He went on to donate $1.25 million to support Trump while others were fleeing in the wake of the Access Hollywood tape.
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