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Trump’s refusal to concede ‘hurts the economy’: LinkedIn Co-Founder

LinkedIn Co-Founder Reid Hoffman joins 'Influencers with Andy Serwer' to discuss the outcome of the 2020 Presidential election and it's impact on the U.S. economy.

Video Transcript

ANDY SERWER: President Trump has said, I didn't lose the election, and is challenging and contesting the results in specific states that he's lost by even an excess of 100,000 votes. He's lost the popular vote by close to five million. How do you think this is going to play out?

REID HOFFMAN: Well, I think ultimately, we will see a transition of power. I think we will see sabotage from Trump and his administration on that transition. I think that sabotage is essentially anti-American, it's anti, not just rule of law and process, but in good governance for all of us as American citizens who live here. And that's I think because, you know, President Trump has fundamentally more approached governance as a reality television show, you know, including the COVID stuff. Like I have a good feeling it's going to go away, you know, hey, maybe you can inject bleach, right? Because of course you're not talking to actually medical experts and doctors on this.

And I think that's going to be a real problem, and I think it's going to have lasting impacts on the divisions in the country, because we're, actually in fact, we should be saying, hey, we should be coming together. We should be building our way out of the pandemic. Like that should be, like you could just imagine, you know, like the superstars from the Republican side, you know, George W Bush and other folks kind of going, OK, like this is actually in fact, we should be coming together as a country. This is essentially what we should be doing, and I think this refusal to admit it, the treating it like it's a reality television star of like, you know, Donald Trump is on "The Apprentice" and refuses to be fired, you know, is simply a one more dismissive of the health of American society.

ANDY SERWER: Does this hurt the economy, Reid, and maybe in particular, Silicon Valley, and what's the conversation there like?

REID HOFFMAN: Well, I think it definitely hurts the economy, because, you know, people frequently associate business only with like free flowing capital, lower taxes and lower regulation. And there's lots of things that help actually affect business. Like for example, a stable society that's predictable, an environment that you can invest in, an accessible use of talent, a healthy and thriving middle class that can buy goods and services. And so, actually in fact, there's a lot of different approaches that are being pro-business, and this kind of chaos is anti-business, because it-- now, relative to Silicon Valley, which obviously, you know, we're fortunate that technology is what's driving a lot of the changes in industry and the future.

So a lot of, you know, Silicon Valley investors and businesses are all benefiting from this. You know, even in COVID, where we see like, you know, Satya Nadella, the CEO of Microsoft, said it very well in the first two months of the pandemic said, in two months, we've seen two years of digital transformation where people are using the technologies and adopting them more quickly and more thoroughly, because they need to in order to keep business running. So it's been, you know, good for all that, but instability is bad for all business, including technology.