San Francisco billionaire Chris Larsen backs Democrats in successful 2026 election bets

The 2026 election night was challenging for many in Silicon Valley, but San Francisco native Chris Larsen, cofounder and executive chairman of Ripple Labs, emerged with significant political wins, the San Francisco Standard reported.

Larsen invested more than $22 million in national politics this cycle, primarily supporting Democratic candidates and political action committees. His contributions helped fuel a historic blue wave, according to the report.

In California, Larsen focused on backing moderate, business-friendly candidates and ballot measures, which succeeded in deep-blue districts. This approach contrasted with other Silicon Valley billionaires who supported Republicans and faced losses.

Larsen's political strategy aimed to balance pro-business pragmatism with progressive policies, a combination that no other Silicon Valley billionaire managed to achieve this election cycle, the Standard noted.

A spokesperson for Larsen described his engagement as following a principle of 'getting back to basics' by supporting candidates and initiatives that prioritize effective governance at local, statewide, and national levels.