One of Silicon Valley’s star investment bankers is expected to take a senior job at the Commerce Department, becoming the latest person from the tech sector to join the Trump administration.
Michael Grimes, the co-leader of Morgan Stanley’s global technology banking practice, is expected to take a senior role at the agency, which oversees international trade and other cross-border matters, according to three people with knowledge of Mr. Grimes’s move. His precise role at the agency has not yet been finalized.
Mr. Grimes is one of Silicon Valley’s most prominent bankers. He advised Elon Musk on his $44 billion purchase of Twitter in 2022, helping connect Mr. Musk with firms and individuals to help finance the acquisition. Mr. Grimes’s colleague in that high-wire act, Anthony Armstrong, has already assumed a role at the Office of Personnel Management, the federal human-resources agency that has taken on Mr. Musk’s heavy imprint.
Mr. Grimes became a quasi-celebrity in the world of investment banking as he shepherded many of the largest and buzziest technology companies into the public markets. Mr. Grimes led the initial public offerings for landmark companies like Facebook in 2012 and, in 2019, Uber — a deal that Mr. Grimes won after working as an Uber driver in order to impress the company’s management.
The New York Times had previously reported that Mr. Grimes was in talks for some administration role. Mr. Grimes did not respond to a request for comment.
A number of top Silicon Valley executives have followed Mr. Musk into the federal government, some as part of an effort that Mr. Musk has called the Department of Government Efficiency. Mr. Trump cultivated the tech industry’s billionaires and companies during his election campaign and presidential transition.
The Commerce Department plays an increasingly important role in overseeing the technology sector. It is in charge of U.S. export controls, which regulate how many high-tech chips go to China, and guides the government’s policy on artificial intelligence. The department is also in charge of dispensing tens of billions of dollars of subsidies to build up semiconductor manufacturing and expand broadband access in the United States.
At the Commerce Department, Mr. Grimes will link up with another Wall Street veteran, Howard Lutnick. Mr. Lutnick is expected to be confirmed for the role of commerce secretary after testifying before a Senate committee on Wednesday. Mr. Grimes was present in the hearing room to watch his probable future boss, one of the people said.
The post Silicon Valley Deal Maker to Join Commerce Dept. appeared first on New York Times.
