Eric Schmidt isn’t shy about his wealth and power.
Eric Schmidt isn’t shy about his wealth and power: the former Google CEO recently won an auction for a superyacht seized from a Russian oligarch, he owns a big stake in a secretive and successful hedge fund and he spent $US15 million for the Manhattan penthouse featured in Oliver Stone’s sequel toHe has also leveraged his $US27 billion fortune to build a powerful influence machine in Washington that’s allowed him to shape public policy to reflect his worldview and benefit the industries in...
And Schmidt himself has been on high-profile advisory committees under the past three presidential administrations, including the National Security Commission on AI — mandated by Congress — which he led from 2019 to 2021.
Back in June, Schmidt agreed at a public auction to pay $US67.6 million for the Alfa Nero superyacht, which was abandoned in Antigua after the US Treasury sanctioned Russian billionaire Andrey Guryev. He dropped the purchase after the deal faced legal challenges. “The people who work in the commission and then go into the government, they are your emissaries,” Schmidt told a Capitol Hill cyber policy event in June. “A rule of business is that if you could put your person in the company, they’re likely to buy from you. It’s the same principle.
The Tech Transparency Project, a nonprofit, also documented how Schmidt helped craft the 2022 CHIPS and Science Act, which injected more than $US50 billion into US manufacturing of semiconductors, an essential ingredient in AI development. Several of his initiatives, including the public-private America’s Frontier Fund, are poised to benefit from the legislation, according to the nonprofit’s July report.
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