LinkedIn co-founder Reid Hoffman is financially backing Smartmatic, the voting technology company, as it battles Fox News and Newsmax over defamation claims related to false 2020 election allegations. Hoffman, a billionaire venture capitalist and Democratic donor, sees his multimillion-dollar investment as a means to bolster Smartmatic’s global operations amidst its expensive legal fight. He emphasized the importance of Smartmatic’s technology in making voting trustworthy and noted the company’s undeserved targeting after Donald Trump’s 2020 election loss.
Although the exact terms of Hoffman’s investment were not disclosed, sources indicate it exceeds $10 million. Hoffman, who has known Smartmatic CEO Antonio Mugica for years, expressed his support for the company and its mission. The investment is not just for litigation financing, according to an anonymous source; instead, Hoffman believes Smartmatic is undervalued and stands to profit if the company succeeds in the future. Despite his significant financial contribution, Hoffman does not have the authority to influence the settlement decisions in the lawsuits.
Hoffman’s investment comes amid his increasing criticism of Donald Trump, as he recently argued that Trump’s disregard for the rule of law makes him a less favorable candidate for business compared to President Joe Biden. Hoffman’s support for Smartmatic is reportedly part of his broader effort to push back against misinformation and support democratic institutions.
