Good morning.
J.D. Vance is a millennial, a populist, a bestselling author, a former Marine-turned-venture capitalist, a senator and now Donald Trump’s vice presidential pick. In choosing the 39-year-old Republican from Ohio as his running mate, Trump also picked a successor who echoes his views and MAGA stance. It’s a sign of Trump’s growing confidence that he chose a VP who isn’t from a critical swing state, instead picking a contender whose message resonates with white working-class voters.
While Vance has consistently called for a “reindustrialization” of America, he can be a tough man to pin down on how to do it. On worker pay, for example, he has called for “upward pressure on wages” and “downward pressure on services” to create efficiencies. But he opposes government intervention in making it easier to work, calling universal daycare “a class war against normal people.” (He also opposes abortion and some LGBTQ+ rights.) As Service Employees International Union President April Verrett argued last night, “Vance may portray himself as a working class hero, but his record tells another story.” Others might disagree.
As a VC, Vance worked alongside tech billionaires like Peter Thiel and Steve Case. But he’s also been a critic of Big Tech and has taken tough stances on immigration and antitrust enforcement that goes against the zeitgeist in Silicon Valley. He’s called for a lower dollar, higher taxes on corporate mergers, and more tariffs.
Vance’s most important role right now is to support Trump. Having already said that he would have challenged the results of the 2020 election, Vance has his boss’s back.
With more money now pouring into Trump’s coffers since Saturday’s assassination attempt—Elon Musk plans to donate $45 million monthly until the election—attention will naturally shift to the man who’s topping the GOP ticket.
The pressure for business leaders will be to pay attention to the issues while staying neutral on the politics. In a new survey out this morning from the Weber Shandwick Collective, 61% of U.S. adults said they are worried that the election will get violent, and 59% fear the election will undermine American democracy and rule of law.
About 69% of both consumers and employees agree that American businesses must take a stand to protect democracy—with 80% of Democrats and those who lean Democratic and 62% of Republicans and those leaning that way taking that stance. Americans want business to take a stand while remaining neutral. Maybe they know that long periods of violence are bad for the markets. Maybe they want to look at the issues and consider the candidates themselves.
More news below.
Diane Brady
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TOP NEWS
Consolidating cybersecurity
The cybersecurity sector is “too fragmented” and needs “consolidation,” Wiz co-founder Assaf Rappaport said at Fortune’s Brainstorm Tech conference on Monday. Rappaport said customers will prefer to get all their security needs through a single platform, especially as more move their data to the cloud. The cybersecurity founder repeatedly declined to comment on Alphabet’s reported interest in acquiring his startup for about $23 billion. Fortune
Burberry’s CEO turnover
Jonathan Akeroyd, CEO of British fashion brand Burberry, stepped down Monday after the company issued its third profit warning so far this year. Joshua Schulman, the former CEO of Michael Kors, will replace him. Burberry’s shares have fallen 70% in the past year, as demand in China and U.S. slumped. Fortune
What to say after the assassination attempt
Experts suggest that business leaders pause before commenting on the assassination attempt against former President Donald Trump. It may be better to not say anything: Commenting now may set a precedent for political-charged events in the future, warns Sam Schwartz-Fenwick, an employment lawyer at Seyfarth Shaw. When leaders do step in, they should consider taking the “third side,” speaking for the whole community. Fortune
AROUND THE WATERCOOLER
California AI bill SB-1047 sparks fierce debate, senator likens it to ‘Jets vs. Sharks' feud by Sharon Goldman
Experts worry that a U.S.-China cold war could turn hot: 'Everyone’s waiting for the shoe to drop in Asia' by Lionel Lim
Robinhood CEO Vlad Tenev touts crypto and tokenization as the natural transition for financial services: ‘An obvious technology advantage’ by Leo Schwartz
Elon Musk and Bill Ackman quickly endorsed Trump after his assassination attempt, but expect most CEOs to stay out of the fray by Phil Wahba
The former president of Tesla talks about the importance of having ‘horizontal mentors’ by Emma Burleigh
How the Celsius CEO turned a cult-favorite energy drink into a stock-market lightning rod with 6,000% growth by Jane Thier
This edition of CEO Daily was curated by Nicholas Gordon.
