While Altman cited his personal disillusionment with political parties, his comments are emblematic of a broader realignment under way in Silicon Valley—a region once synonymous with progressive politics, now witnessing a high-profile migration of its elite toward the political right.

“I’m not big on identities, but I am extremely proud to be American,” Altman wrote in a post on X. “This is true every day, but especially today—I firmly believe this is the greatest country ever on Earth. The American miracle stands alone in world history.”

It was a pointed critique of the Democratic Party’s perceived drift away from innovation and entrepreneurship, as Altman explicitly called for a renewed focus on what he called “techno-capitalism”—a philosophy that champions both wealth creation and broad-based prosperity through innovation.

Silicon Valley’s political shift

Altman’s public break with the Democrats is not an isolated event. It comes at a time when Silicon Valley’s political allegiances are in flux. For decades, the tech industry was seen as a reliable ally of the Democratic Party, especially during the Obama years, when the administration fostered close ties with tech leaders such as Google’s Eric Schmidt. However, as the Biden administration increased regulatory scrutiny—particularly around artificial intelligence, cryptocurrency, and antitrust—many tech executives began to feel alienated.

Altman’s critique echoes a growing sentiment among tech leaders that the Democratic Party has become hostile to the very forces—innovation, entrepreneurship, and wealth creation—that once defined Silicon Valley’s ethos.

The jury is out on the true nature of this split, as Silicon Valley has long had a libertarian bent while Democrats of left-wing and center-lift varieties have long favored strong regulation, but the Trump years have created new coalitions. Prominent tech and venture capital executives have increasingly aligned with the Republican Party while expressing the sentiment that they don’t feel at home anymore with the Democrats.

The political divide in Silicon Valley is now stark. While many tech workers remain liberal or progressive, the upper echelons—CEOs, venture capitalists, and founders—are increasingly embracing conservative or libertarian ideologies.

Fear of ‘anti-billionaire’ sentiment

The shift is driven by several factors:

Many leaders believe that Democratic policies stifle innovation through overregulation and punitive taxation.Executives cite a growing “anti-billionaire” and anti-tech sentiment within progressive circles, which they see as antithetical to Silicon Valley’s culture of risk-taking and wealth creation.The Trump administration’s deregulatory stance, especially on AI and crypto, has proven attractive to tech elites seeking fewer constraints on their businesses.

Perhaps the most striking example of Silicon Valley’s rightward drift is Marc Andreessen, co-founder of Andreessen Horowitz. Formerly a Democrat, Andreessen has become a vocal supporter of Donald Trump, citing the Biden administration’s regulatory approach as a threat to the startup ecosystem. In July 2024, Andreessen and his partners released the “Little Tech Agenda,” a policy document advocating for deregulation, lower taxes, and a hands-off approach to innovation. This effectively provided a “permission structure” for tech leaders to back Trump and the GOP.

Andreessen’s transformation is emblematic of a broader trend: the tech elite’s growing willingness to align with conservative populism if it means protecting their interests and vision for the future. Andreessen’s “Techno-Optimist Manifesto” from 2023 argued that technological innovation is the ultimate solution to social problems and that regulatory constraints are obstacles to be overcome, not safeguards to be respected.

Altman’s declaration of political homelessness and Andreessen’s rightward shift both signal a profound change in the political landscape of Silicon Valley — and then there’s Elon Musk’s deep involvement with Republican politics. A major backer of Donald Trump’s reelection in 2024, then a prominent member of the first few months of Trump’s second term, and finally an exile from the White House, Musk recently launched the “America Party,” a new political party that he said will provide voters with an alternative to the Democratic and Republican parties.

For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.