LinkedIn billionaire Reid Hoffman on staying positive after Trumps win
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Following Donald Trumps election victory, Reid Hoffmancofounder of LinkedIn, partner at Greylock, and a major donor to Vice President Kamala Harriss campaignis 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 were 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 todays 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, youve 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, its this weird place where youre basically hoping you were wrong. Because there were a number of folks I talked to who were like, Trumps rhetoric on the campaign trail is extreme because thats the way he gets his news and attention. It isnt really going to be the way hes going to govern. So it isnt going to be crony capitalism with tariff wars.It isnt going to be retribution to so-called enemies within. Thats just kind of his media campaigning, and its actually going to snap back to whats good for business.Obviously, I feared and still fear they were wrong, but now Im 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 Im more naturally a founder, builder, and investor. What Ive 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, Id 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 its back to what Im more naturally suited for. My skill set naturally resolves to building companies, founding companies, investing in companies, and exploring what AI means for humanitys elevation.I have a book coming out in January called Super Agency, which discusses how AI can increase human agency and give us superpowersan optimistic take. Thats 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, its like I said: Im hoping I was wrong. You dont just sit back; you try to help. Im going to grow things in the American economy and make stuff work as strongly as possible.If I were to continue in politics, Id likely have a negative influence because it would be just oppositional. I think its 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 hasnt 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 dont realize the impact of the stimulus and COVID. They dont understand that when I get a free hamburger today, it costs me tomorrow. They dont 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. Theyve 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 its harder to make the economics work in life. On the one hand, yes, thats true, and it feels that way, but its 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. Its 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 its more grifter capitalism, benefiting certain industries at the expense of others, it wont 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 Were going to rescind the executive order on AI is probably similar to the Were going to throw out Obamacare, right?When actually, in fact, we dont have a better idea. So were just going to keep doing their idea. Because after a complete Trump term, there was no repeal of Obamacare. Its 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 Im hopeful for is that the belief in the enablement of the American AI industry across multiple companies is extremely important, and well see whether or not thats whats 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 futures vision.Even with Trump winning, the country is very divided. How do you get to unity? Even winning the popular vote shows division, and its 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 medias 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 wont be silenced. Upon people in positions of influence, its crucial to make the boat work best we can and oppose division.Americas success lies in avoiding an attitude of making an administration unsuccessful. Its about maximizing the countrys 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 theres 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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