(CNBC) Tech executives, rich from an 11-year bull market thatās disproportionately benefited their industry, were among the top political donors in the 2020 cycle.
The vast majority of that money went to gettingĀ President Donald TrumpĀ out of office and helping Democrats take control of the Senate.
AsanaĀ CEO Dustin Moskovitz, who made his fortunes as aĀ FacebookĀ co-founder, spent about $24 million.Ā TwilioĀ CEO Jeff Lawson and his wife, Erica, donated about $7 million. Along with formerĀ GoogleĀ CEOĀ Eric Schmidt, who donated about $6 million, theyāre some of the leading contributors toĀ Future Forward USA, a super PAC behindĀ Joe BidenāsĀ presidential effort.
Of current CEOs at large-cap tech companies,Ā NetflixāsĀ Reed Hastings opened his wallet the widest. Hastings and his wife, Patty Quillin, donated more than $5 million. The biggest chunk went to theĀ Senate Majority PAC, a group backing Democratic candidates in the closest races, like in Maine, Texas and Iowa.
Democrats head into election day with a 53-47 deficit in the Senate.
Between funds to campaigns and outside groups, employees from internet companies committed 98% of their contributions to Democrats, according to the Center for Responsive Politics…
Googleās Schmidt and formerĀ MicrosoftĀ CEOĀ Steve Ballmer, who now owns the NBAās Los Angeles Clippers, have been among the biggest spenders in the group of retired industry executives. Ballmer contributed $7 million toĀ Everytown for Gun Safety, which supports Biden and congressional candidates working toward gun reform.