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The candidate that Silicon Valley built is now the one they want to tear down Connie Loizos 4:30 AM PST · March 3, 2026 For months, there has been talk that Silicon Valley’s billionaire class was recruiting a candidate to take on Representative Ro Khanna. Early Tuesday morning, that candidate made it official.
Ethan Agarwal (pictured above), a 40-year-old tech entrepreneur with no political background, told TechCrunch on Monday evening that he is running for California’s 17th congressional district. That process is likely to set up what may become one of the most lavishly funded primary challenges of the 2026 cycle.
The race puts a spotlight on Khanna, a 49-year-old Democrat widely seen as a possible 2028 presidential candidate, who has publicly backed a one-time wealth tax in California. His endorsement has infuriated some of the state’s richest founders and investors, but Khanna just doubled down anyway, introducing national legislation on Monday with Senator Bernie Sanders that would impose a 5% annual wealth tax on all Americans worth $1 billion or more — a proposal their offices estimate would raise $4.4 trillion over a decade.
There’s a certain irony to the situation. Agarwal is a graduate of Wharton and spent three years at McKinsey before founding audio fitness company Aaptiv, which he sold in 2021. He most recently co-founded financial services startup Coterie, backed by Andreessen Horowitz.
When Khanna first ran for this same seat in 2014, he was the tech-backed outsider, with tech names like Marc Andreessen, Sheryl Sandberg, and Eric Schmidt supporting him. He challenged popular Democratic incumbent Mike Honda, lost that attempt, but came back in 2016 to win.
Critics at the time called Khanna an owned man. A decade later, the same charge will surely be leveled at the person trying to unseat him.
What follows is an edited version of our conversation with Agarwal.
Techcrunch event Disrupt 2026: The tech ecosystem, all in one room Your next round. Your next hire. Your next breakout opportunity. Find it at TechCrunch Disrupt 2026, where 10,000+ founders, investors, and tech leaders gather for three days of 250+ tactical sessions, powerful introductions, and market-defining innovation. Register now to save up to $400. Save up to $300 or 30% to TechCrunch Founder Summit 1,000+ founders and investors come together at TechCrunch Founder Summit 2026 for a full day focused on growth, execution, and real-world scaling. Learn from founders and investors who have shaped the industry. Connect with peers navigating similar growth stages. Walk away with tactics you can apply immediately Offer ends March 13. San Francisco, CA | October 13-15, 2026 REGISTER NOW Last summer, you announced plans to run for governor of California. Now you’re joining a congressional race instead. Why the switch?
I decided to run for governor back in July when the field was really thin. I don’t have a political background — I come from tech. But then a few strong candidates got in, including Matt Mahan , who I think is really strong. I’ve been tracking Ro since his first congressional race in 2012 — I was a big supporter. But in the last couple of years, he’s been incrementally pivoting left, and when he tweeted support for the wealth tax at the end of December, that was the straw that broke the camel’s back. I realized I could have more impact running in the 17th district and unseating Ro.
We’re pulling papers tomorrow, so we don’t have a bank account yet and I can’t raise money until then. That said — [Y Combinator CEO] Garry Tan is behind me, [DoorDash co-founder] Stanley Tang, and a lot of others from the tech community whose names will come out in the coming days and weeks.
[Editor’s note: The involvement of Tan, Tang, and others will likely fuel a familiar line of attack: that Agarwal is less an independent candidate than a vehicle for billionaire grievances. It is worth noting that Khanna faced nearly identical criticism when he first ran.]
Can you give me a little more color on your plan? Beyond closing loopholes, is there an alternative to the billionaire tax?
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