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Transcript of What the Trump Administration Must Do Instead of Revenge: Peter Thiel

Read the full transcript of a conversation between Dave Rubin of The Rubin Report and Peter Thiel on “What the Trump Administration Must Do Instead of Revenge”, premiered on Mar 2, 2025.

Listen to the audio version here:

TRANSCRIPT:

The Changing Political Landscape

DAVE RUBIN: Alright, Peter Thiel. Last time we did this was about a year and a half ago, pre-Trump reelection. I would say the world was a little different. The first time we ever sat down was 2018. The world was very different. We started to get to know each other in about 2016. That feels like a different world altogether. So my first question to you is, you used to be the counterculture tech bro. Now everybody has come around to your positions, it seems. But as a guy that likes being in the opposition, just personally, how do you feel about that?

PETER THIEL: I feel a lot better about it. I don’t think there’s any virtue in being in the opposition of one for the sake of that or anything like that. It’s quite strange how much Silicon Valley has shifted. And of course, in some ways, even the Trump election in 2024 feels almost miraculous on some level.

If you look at the total votes, it wasn’t that enormous a shift. But if you believe in demographic determinism, it’s an enormous shift because the electorate’s different in 2024 from 2016. The Republicans in 2016, one would have said, were old white people, and eight years later a lot of them would not be alive, and they would be replaced by a younger, more diverse electorate.

The Republicans should never have won another election if you believed in the sort of demographic determinism of identity politics, where you do not vote based on reason or argument, but you vote on subrational factors like your gender or your race or your sexual orientation or other things like that.

For Trump and J.D. Vance to win, you needed millions and millions of people who had to change their minds, and that’s what I think was so impressive and so hopeful—that somehow there was an argument that was made, it convinced people, it worked, and we have another chance in this country.

The Rise of J.D. Vance

DAVE RUBIN: What did you see in JD early? Because you were basically his first backer, and I think the first real show that he did, like primetime show online, was my show, and it was because you said to me at lunch one day, “Why don’t you chat with this guy?” And he was—you could see how rough he is in that, and now he’s just become perfectly polished, I would say.

PETER THIEL: I always didn’t want to exaggerate my abilities in these things, but I think for a long time I had a keenly felt sense that there was some need to rethink Republican priorities. We needed to somehow move on from the RINO republicanism of the Bush years and even the zombie Reaganism of the 1980s. There were elements of these things that could be kept, but then we really needed to update it in various ways. And I always found him to be very thoughtful, interested in trying to figure these things out, and then somehow, it all came together.

DAVE RUBIN: Were you even surprised the way he has so stepped into this thing? I mean, for me, it started at that debate. Suddenly, it was like, “Oh, he was ready to level up,” and now you see it in these speeches he’s given all over the world at this point.

PETER THIEL: I don’t know what the right euphemism is, but I always thought he had a high ceiling.

Being the First Tech Leader to Support Trump

DAVE RUBIN: Why do you think you were sort of first in? I mean, I know you’re a contrarian thinker in general, but when it comes to all of these tech guys that are now part of the administration, many of whom—Elon and David Sachs, guys that you started PayPal with 20+ years ago—you were really the outsider on all of these guys.

PETER THIEL: Maybe I was out of my mind. I had no idea what I was doing in 2016. I had this naive idea in 2016—outside of Silicon Valley, it’s like roughly half the people vote for one party, half vote for the other. So on some level, I thought supporting Trump for president in 2016 was the least contrarian thing I’d done in my life. If you’re just doing what half the population’s doing, there’s nothing contrarian about that.

But in that world, it’s a pretty insular world, and you still lived there at the time. And I thought even with respect to that world, most of them were in the Democratic Party. They were having these intra-Democratic fights, and I wasn’t fighting over whether it was going to be Hillary or Bernie Sanders. I thought there could have been intense fights there, and then on the Republican side it was just this different thing.

And yet it was some way where it got weaponized and it was dangerous in ways that were greater than ever before. Obviously there were ways people were very anti-Bush or there were probably a lot of Republicans who were very deranged about Clinton in different ways, but certainly the way it happened with Trump was, I think, quite unprecedented.

I was not in an executive CEO role at one of these companies where you are in a much higher pressure position. I was maybe a board member at two companies.

DAVE RUBIN: But you were still on the board at Facebook, right?

PETER THIEL: I think that is, in some ways, a much less public role than if you’re a senior executive or CEO at one of these companies, and the felt sense of pressure on these people was extraordinary.

Silicon Valley’s Political Evolution

It’s always sort of a question—I think to some extent people change their minds and shifted.