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The rise of China’s venture market “signifies a shift from a single-epicenter view of the world to a duopoly,” he says.

The surge also positions Asia’s investors to win stakes in markets that Western companies covet, or that have national security implications.

. “If you think that being the locus of invention gives you a boost to your GDP and so forth, that’s a deterioration of the U.S. competitive advantage.”

Although one of the biggest Asian investors is Japan’s SoftBank Group Corp. , which has tapped Middle Eastern money to create the world’s largest tech-investment fund, it is Chinese activity that is having the greatest impact.

China is creating unicorns—startups valued at a billion dollars or more—at much the same pace as the U.S., drawing on funding from internet giants like Alibaba Group Holding Ltd. and Tencent Holdings Ltd. as well as more than a thousand domestic venture-capital firms that have raised billions of dollars a year for the past few year

Chinese-led venture funding is about 15 times its size in 2013, outpacing growth in U.S.-led financing, which roughly doubled in that time period

Most Chinese-led investment so far has gone to the country’s own firms, the Journal analysis found. Many of them, like the Yelp equivalent Meituan-Dianping, are household names with millions of customers in China, yet virtually unknown elsewhere.

Many Chinese tech companies are “at this critical size that the China market alone is not enough to support their business and valuation,

Madhur Deora, chief financial officer for Paytm, one of India’s biggest e-payments firms, says the company approached Alibaba affiliate Ant Financial instead of U.S. backers for funding in 2015 because Chinese mobile-internet innovations are “way far ahead of anything that’s happened in the U.S.

One reason China’s push into new technologies worries many in the U.S. is that, unlike the hunt for good returns that underpins most Western venture finance, a lot of Chinese investment is driven by strategic interests, some carrying the specter of state influence.

China is pushing hard into semiconductors, for which the government has provided billions of dollars in public funding, and artificial intelligence, where Beijing in July set a goal of global leadership by 2030

Mr. Lee, the venture investor, predicts that in the next five to 10 years Chinese tech companies will become pacesetters for tech-related development, vying with the likes of Alphabet Inc.’s Google and Facebook for dominance in markets outside the English-speaking world and Western Europe.

“All the rest of the world will basically be a land grab between the U.S. and China,

“The U.S. approach is: We’ll build a better product and just win over all the countries,” says Mr. Lee. The Chinese approach is “we’ll fund the local partner to beat off the American companies.”

Asia’s rise as a startup financier is even starker in the biggest venture investments—those of $100 million or more. These megadeals have become an increasingly important part of venture finance as valuations have ballooned, with their proportion of deal volume growing from around 8% in 2007 to around half of the total last year.

In Southeast Asia, a flood of Chinese money into local startups—such as the $1.1 billion Alibaba-led investment into Indonesian online marketplace PT Tokopedia last year—is drawing the region closer to China

Chinese money is also playing a big role in India, which, with a population of 1.2 billion, has been described as the next big internet market. Chinese and Japanese investors each led nearly $3 billion in venture finance in India last year, ahead of the nearly $2 billion in deals led by U.S. investors

“Think of strategic investments and M&A as playing a game of go,” said Mr. Tsai, the Alibaba executive vice chairman, at the investor conference last year. “In a game of go the strategic objective is to put your pieces on the chessboard and surround your opponent.”

after Mr. Trump won the election that year, the world seemed to blame tech companies for his victory. The resulting “techlash” against Facebook and others caused some industry leaders to reassess their political views, a trend that continued through the social and political turmoil of the pandemic.

The start-up industry has also been in a downturn since 2022, with higher interest rates sending capital fleeing from risky bets and a dismal market for initial public offerings crimping opportunities for investors to cash in on their valuable investments.

Some investors said they were frustrated that his pick for chair of the Federal Trade Commission, Lina Khan, has aggressively moved to block acquisitions, one of the main ways venture capitalists make money. They said they were also unhappy that Mr. Biden’s pick for head of the Securities and Exchange Commission, Gary Gensler, had been hostile to cryptocurrency companies.

Last month, Mr. Sacks, Mr. Thiel, Elon Musk and other prominent investors attended an “anti-Biden” dinner in Hollywood, where attendees discussed fund-raising and ways to oppose Democrats,

Some also said they disliked Mr. Biden’s proposal in March to raise taxes, including a 25 percent “billionaire tax” on certain holdings that could include start-up stock, as well as a higher tax rate on profits from successful investments.

“If you keep telling someone over and over that they’re evil, they’re eventually not going to like that,” he said. “I see that in venture capital.”

Some tech investors are also fuming over how Mr. Biden has handled foreign affairs and other issues.

Mr. Andreessen, a founder of Andreessen Horowitz, a prominent Silicon Valley venture firm, said in a recent podcast that “there are real issues with the Biden administration.” Under Mr. Trump, he said, the S.E.C. and F.T.C. would be headed by “very different kinds of people.” But a Trump presidency would not necessarily be a “clean win” either, he added.

Mr. Sacks said at the tech conference last week that he thought such taxes could kill the start-up industry’s system of offering stock options to founders and employees. “It’s a good reason for Silicon Valley to think really hard about who it wants to vote for,” he said.

“Tech, venture capital and Silicon Valley are looking at the current state of affairs and saying, ‘I’m not happy with either of those options,’” he said. “‘I can no longer count on Democrats to support tech issues, and I can no longer count on Republicans to support business issues.’”

Ben Horowitz, a founder of Andreessen Horowitz, wrote in a blog post last year that the firm would back any politician who supported “an optimistic technology-enabled future” and oppose any who did not. Andreessen Horowitz has donated $22 million to Fairshake, a political action group focused on supporting crypto-friendly lawmakers.

Venture investors are also networking with lawmakers in Washington at events like the Hill & Valley conference in March, organized by Jacob Helberg, an adviser to Palantir, a tech company co-founded by Mr. Thiel. At that event, tech executives and investors lobbied lawmakers against A.I. regulations and asked for more government spending to support the technology’s development in the United States.

This month, Mr. Helberg, who is married to Mr. Rabois, donated $1 million to the Trump campaign

Total funding for clean-tech start-ups fell during most of the past decade

But there are dozens, if not hundreds, of start-ups developing new technologies that address the issue.

Two major scientific organizations said last fall that even if greenhouse-gas emissions were reduced significantly, stopping drastic global warming would require technological breakthroughs that allowed for the removal of billions of tons of carbon dioxide already in the atmosphere.

Some promising methods for accomplishing that involve old-fashioned technologies, like planting trees and changing the ways farmers till their fields

In 2018, $6.6 billion was invested in clean tech, about 15 percent of what went to software start-ups. Carbon-removal start-ups got a tiny sliver of that.

So far, no one has found an obvious way to turn capturing carbon dioxide into a profitable business.

Noah Deich, the founder of Carbon180, a nonprofit that sponsored the event, said it was encouraging to see investors there. But he said he had not seen the commitment to investing that he believed was necessary to get the technologies working.

“For an internet company, even if you don’t have a real product, you can get money to develop one,” he said. “Here, it’s the opposite.

“It is tackling big markets and big challenges, but that doesn’t necessarily mean that those are going to be big businesses,”

a broad array of investors, including venture capitalists, will need to get involved. And they will need to wait more than three or four years to cash out

Mr. Oros said that his fund had not made an investment in the sector and that he did not see a way for the industry to take off without government policy encouraging it

for these businesses to succeed it would probably be necessary for governments to create a carbon tax or other subsidies as incentives for new businesses.

Mr. Lackner said investors should assume that governments would be willing at some point to pay for what these companies were doing.

“In the end, there is no way for the market to not exist,” he said. “This will be a brand-new industry at a huge scale.”

In the time it took Carbon Engineering to raise one round of $68 million, Slack, a messaging company founded the same year, has raised more than 10 times as much and is now preparing for an initial public offering that could value it at nearly $20 billion.

Everyone who discusses the difficulties these start-ups face points back to the clean-tech boom, when several venture capital firms put billions of dollars into solar energy and other technologies. While solar power has gained traction, most of the clean-tech funds were viewed as failures.

venture capitalists needed their investments to show returns within a few years

“There is a fundamental mismatch in time lines,”

One of the biggest investors in climate-focused start-ups is Breakthrough Energy Ventures, a $1 billion fund that seeks to support the development of world-saving technology that might not have a quick turnaround. The fund has received money from Bill Gates and several other billionaires.

money from major philanthropists would not be enough to get even one start-up up to speed, much less the dozens needed to meet the carbon-reduction goals set by international bodies like the Intergovernmental Panel on Climate Change

Ocean-Based Climate Solutions, has created a device that stirs up water in the ocean to promote the growth of phytoplankton, which are algae that can take carbon dioxide out of the air and deliver it to the bottom of the sea in solid form.

“We don’t need another photo-sharing app or another blockchain start-up,” said Mr. Rogers, who is investing his money through Incite Ventures, a fund he created with his wife, Swati Mylavarapu. “We need to solve the carbon crisis. But a lot of folks are chasing the easy money rather than taking responsibility for what needs to be done.”

On the other hand, he said that Ms. Pao had “a female chip on her shoulder,” according to a report by an independent investigator hired by Kleiner.

Yet even allowing for the fact that all the witnesses so far were called by Ms. Pao’s team, documents and testimony in the trial show a firm whose attitudes derived from an earlier era. When Mr. Hirschfeld asked for a copy of Kleiner’s manual on discrimination, it could not be found.

Sheryl Sandberg, wrote a popular book telling women to “lean in,” by, for instance, seizing a seat at the table during meetings instead of hanging back at the edges.

“I feared somewhat for her safety,” Mr. Lane testified. Later, he underscored his alarm, adding: “This could have gone in a different direction. He could have pushed his way into the room.”

The men and women sitting in judgment of all this behavior look nothing like what Silicon Valley would consider a jury of its peers. Instead of being young, white and male, with a sprinkling of Asians — what critics say is the furthest limit in Silicon Valley in terms of diversity — the jury is half female and ethnically diverse. Testimony ended abruptly Thursday afternoon when one of the jurors had a family emergency.

Peter Thiel has lost interest in democracy.

Thiel has cultivated an image as a man of ideas, an intellectual who studied philosophy with René Girard and owns first editions of Leo Strauss in English and German. Trump quite obviously did not share these interests, or Thiel’s libertarian principles.

For years, Thiel had been saying that he generally favored the more pessimistic candidate in any presidential race because “if you’re too optimistic, it just shows you’re out of touch.” He scorned the rote optimism of politicians who, echoing Ronald Reagan, portrayed America as a shining city on a hill. Trump’s America, by contrast, was a broken landscape, under siege.

Thiel is not against government in principle, his friend Auren Hoffman (who is no relation to Reid) says. “The ’30s, ’40s, and ’50s—which had massive, crazy amounts of power—he admires because it was effective. We built the Hoover Dam. We did the Manhattan Project,” Hoffman told me. “We started the space program.”

Their failure to make the world conform to his vision has soured him on the entire enterprise—to the point where he no longer thinks it matters very much who wins the next election.

His libertarian critique of American government has curdled into an almost nihilistic impulse to demolish it.

“Voting for Trump was like a not very articulate scream for help,” Thiel told me. He fantasized that Trump’s election would somehow force a national reckoning. He believed somebody needed to tear things down—slash regulations, crush the administrative state—before the country could rebuild.

He admits now that it was a bad bet.

“There are a lot of things I got wrong,” he said. “It was crazier than I thought. It was more dangerous than I thought. They couldn’t get the most basic pieces of the government to work. So that was—I think that part was maybe worse than even my low expectations.”

eid Hoffman, who has known Thiel since college, long ago noticed a pattern in his old friend’s way of thinking. Time after time, Thiel would espouse grandiose, utopian hopes that failed to materialize, leaving him “kind of furious or angry” about the world’s unwillingness to bend to whatever vision was possessing him at the moment

Thiel. He is worth between $4 billion and $9 billion. He lives with his husband and two children in a glass palace in Bel Air that has nine bedrooms and a 90-foot infinity pool. He is a titan of Silicon Valley and a conservative kingmaker.

“Peter tends to be not ‘glass is half empty’ but ‘glass is fully empty,’” Hoffman told me.

he tells the story of his life as a series of disheartening setbacks.

He met Mark Zuckerberg, liked what he heard, and became Facebook’s first outside investor. Half a million dollars bought him 10 percent of the company, most of which he cashed out for about $1 billion in 2012.

Thiel made some poor investments, losing enormous sums by going long on the stock market in 2008, when it nose-dived, and then shorting the market in 2009, when it rallied

on the whole, he has done exceptionally well. Alex Karp, his Palantir co-founder, who agrees with Thiel on very little other than business, calls him “the world’s best venture investor.”

Thiel told me this is indeed his ambition, and he hinted that he may have achieved it.

He longs for radical new technologies and scientific advances on a scale most of us can hardly imagine

He longs for a world in which great men are free to work their will on society, unconstrained by government or regulation or “redistributionist economics” that would impinge on their wealth and power—or any obligation, really, to the rest of humanity

Did his dream of eternal life trace to The Lord of the Rings?

He takes for granted that this kind of progress will redound to the benefit of society at large.

More than anything, he longs to live forever.

Calling death a law of nature is, in his view, just an excuse for giving up. “It’s something we are told that demotivates us from trying harder,”

Thiel grew up reading a great deal of science fiction and fantasy—Heinlein, Asimov, Clarke. But especially Tolkien; he has said that he read the Lord of the Rings trilogy at least 10 times. Tolkien’s influence on his worldview is obvious: Middle-earth is an arena of struggle for ultimate power, largely without government, where extraordinary individuals rise to fulfill their destinies. Also, there are immortal elves who live apart from men in a magical sheltered valley.

But his dreams have always been much, much bigger than that.

Yes, Thiel said, perking up. “There are all these ways where trying to live unnaturally long goes haywire” in Tolkien’s works. But you also have the elves.

How are the elves different from the humans in Tolkien? And they’re basically—I think the main difference is just, they’re humans that don’t die.”

During college, he co-founded The Stanford Review, gleefully throwing bombs at identity politics and the university’s diversity-minded reform of the curriculum. He co-wrote The Diversity Myth in 1995, a treatise against what he recently called the “craziness and silliness and stupidity and wickedness” of the left.

Thiel laid out a plan, for himself and others, “to find an escape from politics in all its forms.” He wanted to create new spaces for personal freedom that governments could not reach

But something changed for Thiel in 2009

he people, he concluded, could not be trusted with important decisions. “I no longer believe that freedom and democracy are compatible,” he wrote.

ven more notable one followed: “Since 1920, the vast increase in welfare beneficiaries and the extension of the franchise to women—two constituencies that are notoriously tough for libertarians—have rendered the notion of ‘capitalist democracy’ into an oxymoron.”

By 2015, six years after declaring his intent to change the world from the private sector, Thiel began having second thoughts. He cut off funding for the Seasteading Institute—years of talk had yielded no practical progress–and turned to other forms of escape

The fate of our world may depend on the effort of a single person who builds or propagates the machinery of freedom,” he wrote. His manifesto has since become legendary in Silicon Valley, where his worldview is shared by other powerful men (and men hoping to be Peter Thiel).

Thiel’s investment in cryptocurrencies, like his founding vision at PayPal, aimed to foster a new kind of money “free from all government control and dilution

His decision to rescue Elon Musk’s struggling SpaceX in 2008—with a $20 million infusion that kept the company alive after three botched rocket launches—came with aspirations to promote space as an open frontier with “limitless possibility for escape from world politics

It was seasteading that became Thiel’s great philanthropic cause in the late aughts and early 2010s. The idea was to create autonomous microstates on platforms in international waters.

“There’s zero chance Peter Thiel would live on Sealand,” he said, noting that Thiel likes his comforts too much. (Thiel has mansions around the world and a private jet. Seal performed at his 2017 wedding, at the Belvedere Museum in Vienna.)

As he built his companies and grew rich, he began pouring money into political causes and candidates—libertarian groups such as the Endorse Liberty super PAC, in addition to a wide range of conservative Republicans, including Senators Orrin Hatch and Ted Cruz

Sam Altman, the former venture capitalist and now CEO of OpenAI, revealed in 2016 that in the event of global catastrophe, he and Thiel planned to wait it out in Thiel’s New Zealand hideaway.

When I asked Thiel about that scenario, he seemed embarrassed and deflected the question. He did not remember the arrangement as Altman did, he said. “Even framing it that way, though, makes it sound so ridiculous,” he told me. “If there is a real end of the world, there is no place to go.”

You’d have eco farming. You’d turn the deserts into arable land. There were sort of all these incredible things that people thought would happen in the ’50s and ’60s and they would sort of transform the world.”

None of that came to pass. Even science fiction turned hopeless—nowadays, you get nothing but dystopias

He hungered for advances in the world of atoms, not the world of bits.

Founders Fund, the venture-capital firm he established in 200

The fund, therefore, would invest in smart people solving hard problems “that really have the potential to change the world.”

This was not what Thiel wanted to be doing with his time. Bodegas and dog food were making him money, apparently, but he had set out to invest in transformational technology that would advance the state of human civilization.

He told me that he no longer dwells on democracy’s flaws, because he believes we Americans don’t have one. “We are not a democracy; we’re a republic,” he said. “We’re not even a republic; we’re a constitutional republic.”

“It was harder than it looked,” Thiel said. “I’m not actually involved in enough companies that are growing a lot, that are taking our civilization to the next level.”

Founders Fund has holdings in artificial intelligence, biotech, space exploration, and other cutting-edge fields. What bothers Thiel is that his companies are not taking enough big swings at big problems, or that they are striking out.

In at least 20 hours of logged face-to-face meetings with Buma, Thiel reported on what he believed to be a Chinese effort to take over a large venture-capital firm, discussed Russian involvement in Silicon Valley, and suggested that Jeffrey Epstein—a man he had met several times—was an Israeli intelligence operative. (Thiel told me he thinks Epstein “was probably entangled with Israeli military intelligence” but was more involved with “the U.S. deep state.”)

Buma, according to a source who has seen his reports, once asked Thiel why some of the extremely rich seemed so open to contacts with foreign governments. “And he said that they’re bored,” this source said. “‘They’re bored.’ And I actually believe it. I think it’s that simple. I think they’re just bored billionaires.”

he has a sculpture that resembles a three-dimensional game board. Ascent: Above the Nation State Board Game Display Prototype is the New Zealander artist Simon Denny’s attempt to map Thiel’s ideological universe. The board features a landscape in the aesthetic of Dungeons & Dragons, thick with monsters and knights and castles. The monsters include an ogre labeled “Monetary Policy.” Near the center is a hero figure, recognizable as Thiel. He tilts against a lion and a dragon, holding a shield and longbow. The lion is labeled “Fair Elections.” The dragon is labeled “Democracy.” The Thiel figure is trying to kill them.

When I asked Thiel to explain his views on democracy, he dodged the question. “I always wonder whether people like you … use the word democracy when you like the results people have and use the word populism when you don’t like the results,” he told me. “If I’m characterized as more pro-populist than the elitist Atlantic is, then, in that sense, I’m more pro-democratic.”

“I couldn’t find them,” he said. “I couldn’t get enough of them to work.

He said he has no wish to change the American form of government, and then amended himself: “Or, you know, I don’t think it’s realistic for it to be radically changed.” Which is not at all the same thing.

When I asked what he thinks of Yarvin’s autocratic agenda, Thiel offered objections that sounded not so much principled as practical.

“I don’t think it’s going to work. I think it will look like Xi in China or Putin in Russia,” Thiel said, meaning a malign dictatorship. “It ultimately I don’t think will even be accelerationist on the science and technology side, to say nothing of what it will do for individual rights, civil liberties, things of that sort.”

Still, Thiel considers Yarvin an “interesting and powerful” historian

he always talks about is the New Deal and FDR in the 1930s and 1940s,” Thiel said. “And the heterodox take is that it was sort of a light form of fascism in the United States.”

Yarvin, Thiel said, argues that “you should embrace this sort of light form of fascism, and we should have a president who’s like FDR again.”

Did Thiel agree with Yarvin’s vision of fascism as a desirable governing model? Again, he dodged the question.

“That’s not a realistic political program,” he said, refusing to be drawn any further.

ooking back on Trump’s years in office, Thiel walked a careful line.

A number of things were said and done that Thiel did not approve of. Mistakes were made. But Thiel was not going to refashion himself a Never Trumper in retrospect.

“I have to somehow give the exact right answer, where it’s like, ‘Yeah, I’m somewhat disenchanted,’” he told me. “But throwing him totally under the bus? That’s like, you know—I’ll get yelled at by Mr. Trump. And if I don’t throw him under the bus, that’s—but—somehow, I have to get the tone exactly right.”

Thiel knew, because he had read some of my previous work, that I think Trump’s gravest offense against the republic was his attempt to overthrow the election. I asked how he thought about it.

“Look, I don’t think the election was stolen,” he said. But then he tried to turn the discussion to past elections that might have been wrongly decided. Bush-Gore in 2000, for instanc

He came back to Trump’s attempt to prevent the transfer of power. “I’ll agree with you that it was not helpful,” he said.

there is another piece of the story, which Thiel reluctantly agreed to discuss

Puck reported that Democratic operatives had been digging for dirt on Thiel since before the 2022 midterm elections, conducting opposition research into his personal life with the express purpose of driving him out of politic

Among other things, the operatives are said to have interviewed a young model named Jeff Thomas, who told them he was having an affair with Thiel, and encouraged Thomas to talk to Ryan Grim, a reporter for The Intercept. Grim did not publish a story during election season, as the opposition researchers hoped he would, but he wrote about Thiel’s affair in March, after Thomas died by suicide.

He deplored the dirt-digging operation, telling me in an email that “the nihilism afflicting American politics is even deeper than I knew.”

He also seemed bewildered by the passions he arouses on the left. “I don’t think they should hate me this much,”

he spoke at the closed-press event with a lot less nuance than he had in our interviews. His after-dinner remarks were full of easy applause lines and in-jokes mocking the left. Universities had become intellectual wastelands, obsessed with a meaningless quest for diversity, he told the crowd. The humanities writ large are “transparently ridiculous,” said the onetime philosophy major, and “there’s no real science going on” in the sciences, which have devolved into “the enforcement of very curious dogmas.”

“Diversity—it’s not enough to just hire the extras from the space-cantina scene in Star Wars,” he said, prompting laughter.

Nor did Thiel say what genuine diversity would mean. The quest for it, he said, is “very evil and it’s very silly.”

“the silliness is distracting us from very important things,” such as the threat to U.S. interests posed by the Chinese Communist Party.

“Whenever someone says ‘DEI,’” he exhorted the crowd, “just think ‘CCP.’”

Somebody asked, in the Q&A portion of the evening, whether Thiel thought the woke left was deliberately advancing Chinese Communist interests

“It’s always the difference between an agent and asset,” he said. “And an agent is someone who is working for the enemy in full mens rea. An asset is a useful idiot. So even if you ask the question ‘Is Bill Gates China’s top agent, or top asset, in the U.S.?’”—here the crowd started roaring—“does it really make a difference?”

About 10 years ago, Thiel told me, a fellow venture capitalist called to broach the question. Vinod Khosla, a co-founder of Sun Microsystems, had made the Giving Pledge a couple of years before. Would Thiel be willing to talk with Gates about doing the same?

Thiel feels that giving his billions away would be too much like admitting he had done something wrong to acquire them

He also lacked sympathy for the impulse to spread resources from the privileged to those in need. When I mentioned the terrible poverty and inequality around the world, he said, “I think there are enough people working on that.”

besides, a different cause moves him far more.

Should Thiel happen to die one day, best efforts notwithstanding, his arrangements with Alcor provide that a cryonics team will be standing by.

Then his body will be cooled to –196 degrees Celsius, the temperature of liquid nitrogen. After slipping into a double-walled, vacuum-insulated metal coffin, alongside (so far) 222 other corpsicles, “the patient is now protected from deterioration for theoretically thousands of years,” Alcor literature explains.

All that will be left for Thiel to do, entombed in this vault, is await the emergence of some future society that has the wherewithal and inclination to revive him. And then make his way in a world in which his skills and education and fabulous wealth may be worth nothing at all.

I wondered how much Thiel had thought through the implications for society of extreme longevity. The population would grow exponentially. Resources would not. Where would everyone live? What would they do for work? What would they eat and drink? Or—let’s face it—would a thousand-year life span be limited to men and women of extreme wealth?

“Well, I maybe self-serve,” he said, perhaps understating the point, “but I worry more about stagnation than about inequality.”

Thiel is not alone among his Silicon Valley peers in his obsession with immortality. Oracle’s Larry Ellison has described mortality as “incomprehensible.” Google’s Sergey Brin aspires to “cure death.” Dmitry Itskov, a leading tech entrepreneur in Russia, has said he hopes to live to 10,000.

. “I should be investing way more money into this stuff,” he told me. “I should be spending way more time on this.”

You haven’t told your husband? Wouldn’t you want him to sign up alongside you?“I mean, I will think about that,” he said, sounding rattled. “I will think—I have not thought about that.”

No matter how fervent his desire, Thiel’s extraordinary resources still can’t buy him the kind of “super-duper medical treatments” that would let him slip the grasp of death. It is, perhaps, his ultimate disappointment.

There are all these things I can’t do with my money,” Thiel said.

As it turns out, technology demand only increased and the Nasdaq had its best year since 2009, spurred on by low interest rates and a surge in spending on products for remote work.

“Companies that recently raised at very high prices at the height of valuation inflation may be grappling with high burn rates and near-term challenges growing into those valuations,” Shakir told CNBC in an email. “Others that were more dilution-sensitive and chose to raise less may now need to consider avenues for extending runway that would have seemed unpalatable to them just months ago.”

“Our companies heeded that advice and most companies are now prepared for winter,” Lux wrote.

“This time, many of those tools have been exhausted,” Sequoia wrote. “We do not believe that this is going to be another steep correction followed by an equally swift V-shaped recovery like we saw at the outset of the pandemic.”Sequoia told its companies to look at projects, research and development, marketing and elsewhere for opportunities to cut costs. Companies don’t have to immediately pull the trigger, the firm added, but they should be ready to do it in the next 30 days if needed.

And among companies that are still private, staff reductions are underway at Klarna and Cameo, while Instacart is reportedly slowing hiring ahead of an expected initial public offering. Cloud software vendor Lacework announced staffing cuts on Friday, six months after the company was valued at $8.3 billion by venture investors.“We have adjusted our plan to increase our cash runway through to profitability and significantly strengthened our balance sheet so we can be more opportunistic around investment opportunities and weather uncertainty in the macro environment,” Lacework said in a blog post.

Shakir agreed with that assessment. “Like many, we at Lux have been advising our companies to think long term, extend runway to 2+ years if possible, take a very close look at reducing burn and improving gross margins, and start to set expectations that near-term future financings are unlikely to look like what they may have expected six or 12 months ago,” she wrote.

Lux highlighted one of the painful decisions it expects to see. For several companies, the firm said, “sacrificing people will come before sacrificing valuation.”But venture firms are keen to remind founders that great companies emerge from the darkest of times. Those that prove they can survive and even thrive when capital is in short supply, the thinking goes, are positioned to flourish when the economy bounces back.

conditions.”CORRECTION: This story was updated to reflect that cloud software vendor Lacework raised $1.3 billion in growth funding at a valuation of $8.3 billion.

But with the web, “all of the sudden we began moving to a market where first mover advantage became enormous,” he said. Connection speeds were growing faster, Americans were starting to shop online, and multiplying e-commerce sites fought gladiatorial battles to control most every area of spending.

If the dawn of the start-up era meant that consumer-oriented ideas were becoming more important than proprietary technology, he asked himself aloud, shouldn’t more women have flooded in?

“The notion that diversity in an early team is important or good is completely wrong,” he added. “The more diverse the early group, the harder it is for people to find common ground.”

David Sacks, on the other hand, was unmarried and unencumbered, and in 1999 he left politics, his law degree and a job at the consulting firm McKinsey & Company to join his Stanford Review friends at a technology start-up, because of “the desire to live on the edge, to fight an epic battle, to experience in a very diluted way what previous generations must have felt as they prepared to go to war,” he wrote at the time. For his generation, he wrote, “instead of violence, unbridled capitalism has become the preferred vehicle for channeling their energy, intellect and aggression.”

his lack of social grace became an asset, according to Mr. Thiel and other former colleagues. He did not waste time on meetings that seemed pointless, and he bluntly insisted that the engineers whittle an eight-page PayPal registration process down to one.

But those debates did a great deal for Mr. Sacks. After graduation, he and Mr. Thiel published “The Diversity Myth,” a book-length critique of Stanford’s efforts. Within a few more years, he, Mr. Thiel, Mr. Rabois and others had transformed themselves into a close-knit network of technology entrepreneurs — innovators who created billion-dollar business after billion-dollar business, using the ideas, ethos and group bonds they had honed at The Stanford Review.

he and Mr. Thiel now had a setting in which to try out their ideas about diversity and meritocracy. “In the start-up crucible, performing is all that matters,” Mr. Sacks wrote about that time. He wanted to give all job applicants tests of cognitive ability, according to his colleague Keith Rabois, and when the company searched for a new chief executive, one of the requirements was an I.Q. of 160 — genius level.

intentionally or not, he stated something many people quietly believed: The same thing that made Silicon Valley phenomenally successful also kept it homogeneous, and start-ups had an almost inevitable like-with-like quality.

The kind of common ground shared by the early PayPal leaders “is always the critical ingredient on the founding teams,” Mr. Thiel said in an interview. “You have these great friendships that were built over some period of time. Silicon Valley flows out of deep relationships that people have built. That’s the structural reality.”

Another woman from the class of 1994 was quoted in the Fortune article: Trae Vassallo, who was Traci Neist when she built the taco-eating machine all those years ago, attended Stanford Business School with Ms. Herrin and Ms. Bianchini, co-founded a mobile device company, and then joined Kleiner Perkins, a premier venture capital firm.

The success of the struggle to create PayPal, and its eventual sale price, gave the men a new power: the knowledge to create new companies and the ability to fund their own and one another’s. Billion-dollar start-ups had been rare. But in the next few years, the so-called PayPal Mafia went on to found seven companies that reached blockbuster scale, including YouTube, LinkedIn, Yelp and a business-messaging service called Yammer, founded by Mr. Sacks and sold a few years later to Microsoft for $1.2 billion.

Since 1999, the number of female partners in venture capital has declined by nearly half, from 10 percent to 6 percent, according to a recent Babson College study.

in early 2014, Ms. Vassallo was quietly let go. The firm was downsizing over all, especially in green technology, one of Ms. Vassallo’s specialties, and men were shown the exit as well. But in interviews, several former colleagues said it was far from an easy environment for women, with all-male outings and fierce internal competition for who got which board seat — meaning internal credit — for each company, not to mention a sexual discrimination lawsuit filed by a female junior partner, scheduled for trial in early 2015.

They also said that Ms. Vassallo, earnest and so technical that she started a robotics program at a local girls’ school, had not been as forceful, or as adept a politician, as some of her male peers.

Less than 10 years after graduation, he and Mr. Thiel had been transformed from outcasts into favorites with a reputation for seeing the future. Far from the only libertarians in Silicon Valley, they had finally found an environment that meshed perfectly with their desire for unfettered competition and freedom from constraints. The money they made seemed like vindication of their ideas.

As classmates started conversations with greetings like “How’s your fund?” some of those who did not work in technology joked that they felt like chumps. The Stanford campus had gone computer science crazy, with the majority of students taking programming courses. A career in technology didn’t feel like a risk anymore — it felt like a wise bet, said Jennifer Widom, a programming professor turned engineering dean. Computer science “is a degree that guarantees you a future, regardless of what form you decide to take it in,” she said.

The nature of start-ups was shifting again, too, this time largely in women’s favor. From servers onward, many components could be inexpensively licensed instead of custom-built. Founders could turn to a multiplying array of investment sources, meaning they no longer had to be supplicants at a handful of male-run venture firms. The promise that the Internet would be a leveler was finally becoming a bit more fulfilled.

The frenzy had an unlikely effect on the some members of the Stanford Review group: They were becoming cheerleaders for women in technology, not for ideological reasons, but for market-based ones.

Like many others, he was finding that the biggest obstacle to starting new companies was a dearth of technical talent so severe they worried it would hinder innovation.

The real surprise of the reunion weekend, however, was that more of the women in the class of ’94 were finally becoming entrepreneurs, later and on a smaller scale than many of the men, but founders nonetheless.

The rhythms of their lives and the technology industry were finally clicking: Companies were becoming easier to start just as their children were becoming more self-sufficient, and they did not want to miss another chance.

Intel, founded by Gordon Moore and Robert Noyce, both physicists, began by building memory chips that were twice as fast as old ones. Sun Microsystems introduced a new kind of modular computer system, built by one of its founders, Andy Bechtolsheim. Their “big ideas” were expressed in physical products and grew out of their own technical expertise. In that light, Meraki, which came from Biswas’s work at M.I.T., can be seen as having its origins in the old guard. And it followed what was for decades the highway that connected academia to industry: Grad students researched technology, powerful advisers brokered deals, students dropped out to parlay their technologies into proprietary solutions, everyone reaped the profits. That implicit guarantee of academia’s place in entrepreneurship has since disappeared. Graduate students still drop out, but to start bike-sharing apps and become data scientists. That is, if they even make it to graduate school. The success of self-educated savants like Sean Parker, who founded Napster and became Facebook’s first president with no college education to speak of, set the template. Enstitute, a two-year apprenticeship, embeds high-school graduates in plum tech positions. Thiel Fellowships, financed by the PayPal co-founder and Facebook investor Peter Thiel, give $100,000 to people under 20 to forgo college and work on projects of their choosing.

Much of this precocity — or dilettantism, depending on your point of view — has been enabled by web technologies, by easy-to-use programming frameworks like Ruby on Rails and Node.js and by the explosion of application programming interfaces (A.P.I.s) that supply off-the-shelf solutions to entrepreneurs who used to have to write all their own code for features like a login system or an embedded map. Now anyone can do it, thanks to the Facebook login A.P.I. or the Google Maps A.P.I.

One of the more enterprising examples of these kinds of interfaces is the start-up Stripe, which sells A.P.I.s that enable businesses to process online payments. When Meraki first looked into taking credit cards online, according to Biswas, it was a monthslong project fraught with decisions about security and cryptography. “Now, with Stripe, it takes five minutes,” he said. “When you combine that with the ability to get a server in five minutes, with Rails and Twitter Bootstrap, you see that it has become infinitely easier for four people to get a start-up off the ground.”

The sense that it is no longer necessary to have particularly deep domain knowledge before founding your own start-up is real; that and the willingness of venture capitalists to finance Mark Zuckerberg look-alikes are changing the landscape of tech products. There are more platforms, more websites, more pat solutions to serious problems

There’s a glass-half-full way of looking at this, of course: Tech hasn’t been pedestrianized — it’s been democratized. The doors to start-up-dom have been thrown wide open. At Harvard, enrollment in the introductory computer-science course, CS50, has soared

many of the hottest web start-ups are not novel, at least not in the sense that Apple’s Macintosh or Intel’s 4004 microprocessor were. The arc of tech parallels the arc from manufacturing to services. The Macintosh and the microprocessor were manufactured products. Some of the most celebrated innovations in technology have been manufactured products — the router, the graphics card, the floppy disk

One of Stripe’s founders rowed five seat in the boat I coxed freshman year in college; the other is his older brother. Among the employee profiles posted on its website, I count three of my former teaching fellows, a hiking leader, two crushes. Silicon Valley is an order of magnitude bigger than it was 30 years ago, but still, the start-up world is intimate and clubby, with top talent marshaled at elite universities and behemoths like Facebook and Google.

Part of the answer, I think, lies in the excitement I’ve been hinting at. Another part is prestige. Smart kids want to work for a sexting app because other smart kids want to work for the same sexting app. “Highly concentrated pools of top talent are one of the rarest things you can find,” Biswas told me, “and I think people are really attracted to those environments.

The latter source of frustration is the phenomenon of “the 10X engineer,” an engineer who is 10 times more productive than average. It’s a term that in its cockiness captures much of what’s good, bad and impossible about the valley. At the start-ups I visit, Friday afternoons devolve into bouts of boozing and Nerf-gun wars. Signing bonuses at Facebook are rumored to reach the six digits. In a landscape where a product may morph several times over the course of a funding round, talent — and the ability to attract it — has become one of the few stable metrics.

there is a surprising amount of angst in Silicon Valley. Which is probably inevitable when you put thousands of ambitious, talented young people together and tell them they’re god’s gift to technology. It’s the angst of an early hire at a start-up that only he realizes is failing; the angst of a founder who raises $5 million for his company and then finds out an acquaintance from college raised $10 million; the angst of someone who makes $100,000 at 22 but is still afraid that he may not be able to afford a house like the one he grew up in.

San Francisco, which is steadily stealing the South Bay’s thunder. (“Sometime in the last two years, the epicenter of consumer technology in Silicon Valley has moved from University Ave. to SoMa,” Terrence Rohan, a venture capitalist at Index Ventures, told me

Both the geographic shift north and the increasingly short product cycles are things Jim attributes to the rise of Amazon Web Services (A.W.S.), a collection of servers owned and managed by Amazon that hosts data for nearly every start-up in the latest web ecosystem.Continue reading the main story

now, every start-up is A.W.S. only, so there are no servers to kick, no fabs to be near. You can work anywhere. The idea that all you need is your laptop and Wi-Fi, and you can be doing anything — that’s an A.W.S.-driven invention.”

This same freedom from a physical location or, for that matter, physical products has led to new work structures. There are no longer hectic six-week stretches that culminate in a release day followed by a lull. Every day is release day. You roll out new code continuously, and it’s this cycle that enables companies like Facebook, as its motto goes, to “move fast and break things.”

A few weeks ago, a programmer friend and I were talking about unhappiness, in particular the kind of unhappiness that arises when you are 21 and lavishly educated with the world at your feet. In the valley, it’s generally brought on by one of two causes: coming to the realization either that your start-up is completely trivial or that there are people your own age so knowledgeable and skilled that you may never catch up.

These days, a new college graduate arriving in the valley is merely stepping into his existing network. He will have friends from summer internships, friends from school, friends from the ever-increasing collection of incubators and fellowships.

As tech valuations rise to truly crazy levels, the ramifications, financial and otherwise, of a job at a pre-I.P.O. company like Dropbox or even post-I.P.O. companies like Twitter are frequently life-changing. Getting these job offers depends almost exclusively on the candidate’s performance in a series of technical interviews, where you are asked, in front of frowning hiring managers, to whip up correct and efficient code.

Moreover, a majority of questions seem to be pulled from undergraduate algorithms and data-structures textbooks, which older engineers may have not laid eyes on for years.

“Much of the new growth in the segment is coming from younger consumers who seek foods that fit an overall lifestyle, be it for health reasons or personal ethics,” Mr. Loucks wrote. “They are not just seeking foods that mimic meat. Instead they specifically want vegetarian foods with distinctive flavors and visible, recognizable ingredients.”

“Not that long ago, electrical cars were considered nonperformers, and when Prius came out, a lot of people didn’t think there was a market for it,” said Yves Potvin, founder and chief executive of Gardein Protein International, which makes the Gardein line of meatless products. “Now people are willing to pay $70,000 for a Tesla, and more than one million Prius cars are sold each year.”

Mr. Brown is most proud of Beyond Meat’s “chicken breast” products, which are sold in strips that look like real chicken and can be pulled into shreds for chicken salad. “That was kind of the holy grail,” he said.

“It has to be just as good as, just as convenient as and maybe even cheaper than ground beef or chicken,” Mr. Brown said. “Our business is to create something better than meat; otherwise we are not going to move the needle.”

it has invested in more than 800 companies, including a 12 percent stake in Snap and 5 percent in Tesla. By comparison, GV, formerly Google Ventures and the most active corporate venture capital arm in the United States, has invested in more than 500 companies.

Most important, Tencent is a platform operator. It runs WeChat, a mobile messaging app with social media and financial services abilities.

WeChat needs other companies to keep its one billion users glued to the app. An operating system and an app store in its own right, WeChat allows users to run miniprograms created and run by other companie

Those users can make purchases using WeChat’s payment system. Tesla, Airbnb and Starbucks all have their own WeChat miniprograms. So do most of major Chinese websites — barring those that WeChat forbids.

Friendly companies build miniprograms for WeChat. Tencent invested in China’s ride-sharing and bike-sharing companies because their users pay frequently, and Tencent wanted them to use WeChat Pay.

No matter how decent or humble Tencent may act, it’s a giant conglomerate with $24 billion in profit last year and spends much of it on investment. It picks winners and losers, but the winners won’t always be the best out there, thus harming innovation and efficiency.

It limits user access to other products and services. Its WeChat app doesn’t allow users to share links for merchandise on Alibaba’s Taobao online marketplace or for short videos on Douyin, TikTok’s Chinese sister company.

Tencent doesn’t just court the industry. It has also long tried to get close to the government. Compared with the sometimes defiant Alibaba, Tencent has long publicly underscored its willingness to comply fully with rules and regulations.

In April, the company said it would spend $7.8 billion on green energy, education, village revitalization and other pet topics of President Xi Jinping. In the view of Hong Bo, an internet commentator, Tencent is acting for self-preservation.

While most police commanders have denied putting a quota in place, city officials have not shied from explaining that they keep close track of how productive their officers are, as would any other employer of a large work force.

A 2010 state law forbids the department from retaliating against officers for not making a certain minimum number of street stops. But Mr. Beirne testified that performance goals did not violate that law. “My feeling was that the supervisors or the department could set performance goals for employees,” Mr. Beirne said. “Whether they be numerical or not was not an issue.”

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Already, he says, elites in Silicon Valley are more connected to one another and to their counterparts around the globe than to non-techies in their midst or nearby. “My Stanford network connects to Harvard and Beijing more than [California’s] Central Valley,” says Mr. Srinivasan. Eventually, he argues, “there will be a recognition that if we don’t have control of the nation state, we should reduce the nation state’s power over us.”

“It’s crazy to me that people in Silicon Valley have no idea how half the country lives and is voting,” said Ben Ling, an investment partner at venture firm Khosla Ventures. Many “coastal elites” attribute the results “to just sexism or racism, without even trying to figure out why [people] wanted to vote for Trump.”

tech supporters of U.B.I. consider machine intelligence to be something like a natural bounty for society: The country has struck oil, and now it can hand out checks to each of its citizens.

These supporters argue machine intelligence will produce so much economic surplus that we could collectively afford to liberate much of humanity from both labor and suffering.

As computers perform more of our work, we’d all be free to become artists, scholars, entrepreneurs or otherwise engage our passions in a society no longer centered on the drudgery of daily labor.

“For a couple hundred years, we’ve constructed our entire world around the need to work. Now we’re talking about more than just a tweak to the economy — it’s as foundational a departure as when we went from an agrarian society to an industrial one.”

“I think it’s a bad use of a human to spend 20 years of their life driving a truck back and forth across the United States,” Mr. Wenger said. “That’s not what we aspire to do as humans — it’s a bad use of a human brain — and automation and basic income is a development that will free us to do lots of incredible things that are more aligned with what it means to be human.”

There is an urgency to the techies’ interest in U.B.I. They argue that machine intelligence reached an inflection point in the last couple of years, and that technological progress now looks destined to change how most of the world works.

Wage growth is sluggish, job security is nonexistent, inequality looks inexorable, and the ideas that once seemed like a sure path to a better future (like taking on debt for college) are in doubt. Even where technology has created more jobs, like the so-called gig economy work created by services like Uber, it has only added to our collective uncertainty about the future of work.

people are looking at these trends and realizing these questions about the future of work are more real and immediate than they guessed,”

A cynic might see the interest of venture capitalists in U.B.I. as a way for them to atone for their complicity in the tech that might lead to permanent changes in the global economy.

they don’t see U.B.I. merely as a defense of the current social order. Instead they see automation and U.B.I. as the most optimistic path toward wider social progress.

When you give everyone free money, what do people do with their time? Do they goof off, or do they try to pursue more meaningful pursuits? Do they become more entrepreneurial? How would U.B.I. affect economic inequality? How would it alter people’s psychology and mood? Do we, as a species, need to be employed to feel fulfilled, or is that merely a legacy of postindustrial capitalism?

Proponents say these questions will be answered by research, which in turn will prompt political change. For now, they argue the proposal is affordable if we alter tax and welfare policies to pay for it, and if we account for the ways technological progress in health care and energy will reduce the amount necessary to provide a basic cost of living.

They also note that increasing economic urgency will push widespread political acceptance of the idea. “There’s a sense that growing inequality is intractable, and that we need to do something about it,

Andrew L. Stern, a former president of the Service Employees International Union, who is working on a book about U.B.I., compared the feeling of the current anxiety around jobs to a time of war. “I grew up during the Vietnam War, and my parents were antiwar for one reason: I could be drafted,” he said.

Today, as people across all income levels become increasingly worried about how they and their children will survive in tech-infatuated America, “we are back to the Vietnam War when it comes to jobs,

if I were president of a mid-tier university, I would be looking over my shoulder very nervously right now, because if a leading university offers a free circuits course, it becomes a real question whether other universities need to develop a circuits course.”

The edX project will include not only engineering courses, in which computer grading is relatively simple, but also humanities courses, in which essays might be graded through crowd-sourcing, or assessed with natural-language software. Coursera will also offer free humanities courses in which grading will be done by peers.

“What faculty don’t want to do is just take something off the shelf that’s somebody else’s and teach it, any more than they would take a textbook, start on Page 1, and end with the last chapter,” he said. “What’s still missing is an online platform that gives faculty the capacity to customize the content of their own highly interactive courses.”

But regardless of industry, the families investing the most in presidential politics overwhelmingly lean right, contributing tens of millions of dollars to support Republican candidates who have pledged to pare regulations; cut taxes on income, capital gains and inheritances; and shrink entitlement programs.

In marshaling their financial resources chiefly behind Republican candidates, the donors are also serving as a kind of financial check on demographic forces that have been nudging the electorate toward support for the Democratic Party and its economic policies. Two-thirds of Americans support higher taxes on those earning $1 million or more a year, according to a June New York Times/CBS News poll, while six in 10 favor more government intervention to reduce the gap between the rich and the poor. According to the Pew Research Center, nearly seven in 10 favor preserving Social Security and Medicare benefits as they are.

The donor families’ wealth reflects, in part, the vast growth of the financial-services sector and the boom in oil and gas, which have helped transform the American economy in recent decades. They are also the beneficiaries of political and economic forces that are driving widening inequality: As the share of national wealth and income going to the middle class has shrunk, these families are among those whose share has grown.

Most of the families are clustered around just nine cities. Many are neighbors, living near one another in neighborhoods like Bel Air and Brentwood in Los Angeles; River Oaks, a Houston community popular with energy executives; or Indian Creek Village, a private island near Miami that has a private security force and just 35 homes lining an 18-hole golf course.

More than 50 members of these families have made the Forbes 400 list of the country’s top billionaires, marking a scale of wealth against which even a million-dollar political contribution can seem relatively small. The Chicago hedge fund billionaire Kenneth C. Griffin, for example, earns about $68.5 million a month after taxes, according to court filings made by his wife in their divorce. He has given a total of $300,000 to groups backing Republican presidential candidates. That is a huge sum on its face, yet is the equivalent of only $21.17 for a typical American household, according to Congressional Budget Office data on after-tax income.

“The campaign finance system is now a countervailing force to the way the actual voters of the country are evolving and the policies they want,” said Ruy Teixeira, a political and demographic expert at the left-leaning Center for American Progress.

The accumulation of wealth has been particularly rapid at the elite levels of Wall Street, where financiers who once managed other people’s capital now, increasingly, own it themselves. Since 1979, according to one study, the one-tenth of 1 percent of American taxpayers who work in finance have roughly quintupled their share of the country’s income. Sixty-four of the families made their wealth in finance, the largest single faction among the super-donors of 2016.

instead of working their way up to the executive suite at Goldman Sachs or Exxon, most of these donors set out on their own, establishing privately held firms controlled individually or with partners. In finance, they started hedge funds, or formed private equity and venture capital firms, benefiting from favorable tax treatment of debt and capital gains, and more recently from a rising stock market and low interest rates

In energy, some were latter-day wildcatters, early to capitalize on the new drilling technologies and high energy prices that made it economical to exploit shale formations in North Dakota, Ohio, Pennsylvania and Texas. Others made fortunes supplying those wildcatters with pipelines, trucks and equipment for “fracking.”

The families who give do so, to some extent, because of personal, regional and professional ties to the candidates. Jeb Bush’s father made money in the oil business, while Mr. Bush himself earned millions of dollars on Wall Street. Some of the candidates most popular among ultrawealthy donors have also served in elected office in Florida and Texas, two states that are home to many of the affluent families on the list.

the giving, more broadly, reflects the political stakes this year for the families and businesses that have moved most aggressively to take advantage of Citizens United, particularly in the energy and finance industries.

The Obama administration, Democrats in Congress and even Mr. Bush have argued for tax and regulatory shifts that could subject many venture capital and private equity firms to higher levels of corporate or investment taxation. Hedge funds, which historically were lightly regulated, are bound by new rules with the Dodd-Frank regulations, which several Republican candidates have pledged to roll back and which Mrs. Clinton has pledged to defend.

And while the shale boom has generated new fortunes, it has also produced a glut of oil that is now driving down prices. Most in the industry favor lifting the 40-year-old ban on exporting oi

As Tuna and Moskovitz, now 29 and 30, respectively, began to compare one possibility with another and then another, they have become pioneers in an emerging philosophy of philanthropy known as “effective altruism” — which applies evidence and reason over things like emotion and intuition to determine where one can do the most good.

Early in her research, Tuna came across Peter Singer’s “The Life You Can Save” — a book she cites as the catalyst for their approach. An Australian philosopher, Singer makes the moral case for giving, arguing that many people in the developed world can do so at little cost to themselves.

Today, Tuna and Moskovitz have a reputation for being among Silicon Valley’s most low-key billionaires. Friends and colleagues mention that they prefer to spend their free time doing yoga, meditating and taking walks. They fly coach, share a used car and bike or take public transportation to work.

Each topic is assigned to one of four researchers who work full-time — which include Tuna, Karnovsky and two other young whizzes from the country’s top colleges. They conduct “shallow” investigations of the ideas that involve making a few phone calls with experts and reading a few smart papers or journal articles on the subject.

A former hedge fund analyst, Karnovsky was frustrated that he could not compare the impact of different charities when he tried to give away $5,000 of his own one year. So he and a colleague, Elie Hassenfeld, quit their jobs and founded an independent, nonprofit charity evaluator that they dubbed GiveWell.

“Cari and I are stewards of this capital,” Moskovitz wrote in a Quora chat in 2013 shortly before they married. In response to a question about what it feels like to be a billionaire, he said: “It’s pooled up around us right now, but it belongs to the world. We intend not to have much left when we die.”

“One thing I learned early on is that a well-placed donation can transform someone’s life, but a poorly placed donation can have no impact or even do harm,” Tuna said. “But it’s not at all obvious from charities’ marketing which are the best buys.”

The centerpiece of the team’s investigation is a giant spreadsheet, the origins of which can be traced to a Google Doc list Tuna began in 2011. She added causes as she thought of them: Malaria, microfinance, marijuana policy. The arts. Nuclear security, climate change and on and on until there were hundreds of entries.

Tuna and Karnovsky approached the challenge like reporter-scientists, partnering to collect data on the universe of possible causes, evaluate them and share their findings online for anyone interested to see. As part of a joint venture between Good Ventures and GiveWell that they called the Open Philanthropy Project, they talked to foundation heads, technical experts, historians, biologists, former government officials, political campaign managers and many others.

They consider three questions when deciding whether a cause has promise. First, importance — how many people’s lives would be affected and by how much? Second, could it be solved, in the short-term and long-term? And third, how crowded is the space? If a lot of smart people are already thinking about the issue, the marginal impact could be less than in other areas.

If a topic passes this initial test, an in-depth investigation follows. That can take months and includes discussions with as many as 50 people in the field and an attempt to home in on what kind of specific project could make a difference.

One of the topics they zeroed in on was criminal justice reform. Tuna and her team were struck by two statistics: The United States incarcerates a larger percentage than almost any other country in the world at great fiscal cost and it has highest rate of criminal homicides in the developed world. Clearly something wasn’t working.

“The world is a big, complicated system,” Tuna said, “and I feel we need to be as smart as we can be in order to stand a chance of having an impact with the resources we have — which are significant in one sense but really small in comparison to the kinds of the problems we want to work on.”

female interviewers were more turned off by confident women than men were.

Ms. Rudman attributed the aversion to women’s self-promotion — despite the necessity for it in workplaces — to ingrained expectations about gender roles. Women are widely assumed to be supportive, humble and cooperative in the workplace, she said, while men are seen as confident, competitive and strong leaders

In another study, Ms. Rudman found that men were similarly penalized for exhibiting so-called feminine traits.

Despite becoming the top instructor at an institution that billed itself as a university, he didn’t have a background in education or even, according to his story, a college degree.

When he was hired in 2008, he was already a convicted felon—for aggravated assault, recent depositions in the Trump University case reveal. And according to 2011 divorce filings in Gwinnett County, Georgia, Harris threatened to kill his ex-wife and tried to have her Range Rover repossessed the day after she filed for a restraining order.

The school, which has been defunct since 2011, is currently the subject of two class-action lawsuits in California and a $40 million suit brought by Eric Schneiderman, the Attorney General from New York.

Trump University began in earnest on May 23, 2005, a for-profit venture with a website, TrumpUniversity.com, and a collection of courses—on entrepreneurship, real estate, and marketing—available on CD-ROM for $300 a pop.

From the outset, Trump University’s roster of brainy professors was a selling point. In a promotional video

Sonny Low, who paid $25,000 for a Trump mentorship in 2010, reported that Nowlin didn’t even “appear knowledgeable” about real estate or investing, according to one class-action lawsuit against Trump University.

Attendees were required to sign a waiver promising not to sue the company if they later faced legal troubles, the Enquirer reported.

Students started with a $1,495 three-day seminar, before some instructors, according to court papers, goaded them into buying mentorship packages totaling up to $34,995.

The lawsuits against Trump University claim some pupils, encouraged to increase their credit limits and to max out their credit cards, paid twice as much.

Trump decided to go in another direction, according to Schank. There would be no more online courses, no more lectures from ivy league professors, no more books—just seminars, with speakers like Harris

On social media, he posed for photos in a plush, white bathrobe on a manicured lawn, flanked by a shiny silver Hummer and Mercedes-Benz. He told students they could live like him, too, and vowed to teach them to earn $25,000 a month, according to court filings.

At some point, Harris was also employed by Armando Montelongo Seminars, a venture similar to Trump University and also facing lawsuits from disgruntled students who claim they were scammed.