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Billionaire Chris Sacca warns of Donald Trump's 'smoke and mirrors' wealth

Billionaire venture capitalist Chris Sacca told Jim Cramer that few people from Wall Street and Silicon Valley are willing to back GOP nominee Donald Trump. This is a rare instance of the business community being largely united for one candidate.

"They are desperate for surrogates to get behind Trump and they can't find anyone who has actually had genuine success who is willing to stand behind him," Sacca said. "That is because he is all smoke and mirrors. We know he doesn't have all the money he claims he has."

"We know the money he did get he didn't get through any means you would be proud to tell your kids and your grandkids you made your money," Sacca continued. "We know he has probably got it stashed off shore he doesn't give it away."





Chris Sacca, founder of Lowercase Capital LLC, speaks during an interview at the DreamForce Conference in San Francisco, Tuesday, Oct. 4, 2016.
David Paul Morris | Bloomberg | Getty Images
Chris Sacca, founder of Lowercase Capital LLC, speaks during an interview at the DreamForce Conference in San Francisco, Tuesday, Oct. 4, 2016.

As the founder of Lowercase Capital, Sacca was an early investor in companies like Twitter, Instagram and Kickstarter. He said that as an investor in the technology and consumer sectors, he aims to see lower interest rates and stable capital markets, an open IPO market, a limited regulatory environment and no censorship of the internet.

"I want broadband to grow, more mobile devices available particularly in underprivileged communities, I want STEM education to go ahead and fund the next generation of engineers. He won't do a single one of those things," Sacca said about Trump.

Sacca said the chief export of the U.S. has switched from weapons and entertainment to the American dream of entrepreneurship. Sacca also is a guest on "Shark Tank," where he says the show brings him back to his passion of entrepreneurship, and why he began in the space in the first place.

"As the dollars got bigger and bigger in some of these later stage companies … There is a lot of politics, a lot of back stepping, there is blood all over the walls and that's not what got me into investing and got me into start-ups in the first place," Sacca said.

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