Gay men have long been rumored to run Silicon Valley. No one can say exactly when, or if, gay men started running Silicon Valley. They seem to have dominated its upper ranks at least the past five years, maybe more. On platforms like X, the clues are there: whispers of private-island retreats, tech executives going "gay for clout," and the suggestion that a "seed round" is not, strictly speaking, a financial term. It is an idea so taken for granted, in fact, that when I call up a well-connected hedge fund manager to ask his thoughts about what is sometimes referred to in industry circles as the "gay tech mafia," he audibly yawns. "This has always been the case." It had been the case, the hedge funder says, back in 2012, when he was raising money from a venture capitalist whose office was staffed with dozens of "attractive, strong young men," all of whom were "under 30" and looked as though they had freshly decamped from "the high school debate club." "They were all sleeping with each other and starting companies," he says. And it is absolutely the case now, he adds, when gay men are running influential companies in Silicon Valley and maintain entire social calendars with scarcely a straight man, much less a woman, in sight. "Of course the gay tech mafia exists," he continues. "This is not some Illuminati conspiracy theory. And you do not have to be gay to join. They like straight guys who sleep with them even more." Ever since I started covering Silicon Valley in 2017, I've heard variations of this rumor--that "gays," as an AI founder named Emmett Chen-Ran has quipped, "run this joint." On its face, a gay tech mafia seemed too dumb to warrant actual investigative inquiry.

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