Billionaire Democratic donors Barry Diller and Reid Hoffman openly expressed their desire for Kamala Harris to replace Federal Trade Commission Chair Lina Khan if she becomes U.S. president. In interviews this week, they rejected a significant aspect of President Joe Biden’s antitrust policy.
Lina Khan has spearheaded the Biden administration’s efforts to leverage U.S. antitrust laws to enhance competition, tackle high prices, and address low wages. She has drawn criticism from corporate groups but garnered support from notable figures like Donald Trump’s running mate, JD Vance, for her critical stance on big business.
However, prominent Democratic donors have voiced their opposition to Khan’s inclusion in a potential Harris administration. Barry Diller, chairman of travel site Expedia, stated in a recent Bloomberg interview that he would donate the maximum allowed to Harris’ campaign. In a CNBC interview on Friday, Diller pledged to lobby Harris to replace Khan, arguing that Khan opposes nearly all business initiatives aimed at efficient growth.
Despite the FTC’s reputation for blocking mergers under Khan’s leadership, the agency reviews fewer than 2% of deals annually and blocks fewer than 1%. In cases where it has sued to block mergers, such as the Kroger and Albertsons merger, the FTC has emphasized not only consumer impact but also potential repercussions for workers.
“Chair Khan serves in the Biden Harris administration to protect consumers, workers, and entrepreneurs from illegal conduct and corporate abuse,” said FTC spokesperson Douglas Farrar.
Reid Hoffman, co-founder of LinkedIn, echoed Diller’s sentiments in a CNN interview on Thursday, expressing his hope that Harris would replace Khan. Hoffman criticized Khan as “a person who is not helping America.” He has donated $7 million to a Democratic super PAC that raises funds for candidates. Hoffman also serves on the board of Microsoft, which acquired LinkedIn for $26.2 billion in 2016. The FTC sued Microsoft over its acquisition of gaming company Activision Blizzard.
Prominent Democratic senators, including Bernie Sanders and Elizabeth Warren, have spoken out in support of Khan. Warren emphasized on Friday that Khan should continue her work, crediting it as “a big reason the economy is growing strong, as evidenced by yesterday’s GDP data.”
