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Republican presidential candidate Donald Trump on Tuesday warned that a dangerous financial bubble has formed in the technology industry – and Silicon Valley responded with a collective eye roll.[1]
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In a Reuters interview, the New York billionaire said technology start-ups that had never earned a profit were able to sell shares at very high prices, likening the situation to the overheated stock market in 2007.[2]
“I’m talking about companies that have never made any money, that have a bad concept and that are valued at billions of dollars, so here we go again,” Trump said.[3]
Many tech watchers have repeatedly warned of a tech bubble as the number of private companies valued at $1 billion or more – known as unicorns – have soared to 163, according to venture capital research firm CB Insights.[6]
So Trump’s declaration, in the eyes of Silicon Valley’s entrepreneurs and venture capitalists, was nothing new. Investors and others took to Twitter to poke fun at Trump‘s campaign slogan “Make America Great Again!” by repeating the phrase, “Make Bubbles Great Again.”[8]
“FINALLY someone calls it out,” Marc Andreessen, a general partner at the prominent venture capital firm Andreessen Horowitz, Silicon, tweeted, mocking Trump.
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In the interview, Trump said the high valuations that tech start-ups are able to fetch today remind him of 2007, when an overheated housing market helped drive U.S. stocks to unsustainable valuations before the bubble burst.[7]
“You have a stock market that is very strange,” the presumptive Republican nominee said. “You look at some of these tech stocks that are so, so weak as a concept and a company, and they’re selling for so much money. And I would have said can that ever happen again? I think that could happen again.”[4]
Some startup founders rejected Trump’s generalization that all companies are burning cash and overvalued; certainly many of them are, and in the last several months a correction has started to rectify years of exuberant investments.[5]
Still, other companies continue to raise money successfully and turn profits.
“So far he has been saying dumb things but they seem to be getting dumber and dumber,” Vivek Wadhwa, an entrepreneur and Stanford University fellow, told Reuters.[10]
“I was going to tweet (the comments) while calling Peter Thiel and saying, ‘Here is your buddy.'”
Thiel, an influential investor well-known for his contrarian ideas, is one of the few Silicon Valley leaders to openly support Trump.
Thiel was not immediately available for comment.[11]
“There is nothing in his (Trump’s) track record to show that he has been out here and met with any technology leaders and knows this industry and knows about innovation,” said Aaron Ginn, co-founder of the Lincoln Initiative, a community that promotes libertarian and technology-friendly values.[1]
Which is ironic, Ginn said, given how much technology – especially Twitter – has helped Trump’s campaign.
“He says things and does things that are made for entertainment,” Ginn said.
Source: Reuters
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![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
