Before taking questions from the audience at Inc.'s GrowCo conference in Las Vegas on Wednesday, Chris Sacca, the billionaire angel investor, was asked one last question by Inc. editor James Ledbetter: What does he think of presidential candidate Donald Trump?
"This is where I should have started drinking," Sacca said.
Sacca, who is known for his early investments in tech companies such as Twitter and Uber, launched into an impassioned speech criticizing the presumptive Republican presidential nominee, firing off a barrage of charges against Trump that were as fast, furious, and hard to fact check as those coming from the candidates themselves.
"One, If he took the money he borrowed and invested it in index funds he'd have more money today," Sacca said. "Two, he doesn't have that much money. He doesn't give any money to charity. In fact he stiffed the veterans for three of the $6 million he promised him."
Sacca said he believed Trump wasn't releasing his tax returns because he may have money stashed offshore to dodge income tax, and to hide the fact that he's not worth as much as he says he is. "His name appeared in the Panama Papers 3,500 times. They're still getting to the bottom of how nefarious that is, but the guy's got skeletons."
Sacca also took aim at Trump's calculation of his personal net worth, arguing that the billionaire bases his value both on the possible future value of his assets as well as the Trump name. "He ascribes $3 to $4 billion to the value of his name. Are you f---ing serious? Like, he's not Justin Bieber."
"There's a pedestal that America puts billionaires on. It's fascinating. Everyone eats up every word like it's out of the holy gospel," Sacca said. "I watch underprivileged people listen to Trump and I want to say, 'He hates you! He doesn't know anything about your life and he would never be caught standing in a room with you,' but they just eat it up."
Sacca, who supports Hillary Clinton, added that even if people don't like Clinton or her leadership, any capitalist or investor should support her. With Trump, "We have a guy who is going to shut down immigration, the resource we need to build our companies right now," Sacca told the audience of several hundred entrepreneurs. "He's walked back his comments on defaulting on debt--but the fact that they even trickled out of this mouth shows that he's a f---ing idiot when it comes to macroeconomics," he added, one of several lines that got laughter and applause.
"He's going to risk the stability of our markets. Wall Street is trembling right now. There's a reason. If this guy gets elected the markets will be in turmoil, interest rates will go bananatown and I don't need that s---, and none of you who are building companies need that. You need stability."
At the end of Sacca's rant, Ledbetter offered a dry reply. "It's too bad you don't have any opinion on this," to more laughter and applause from the audience.
For Sacca's full remarks about Trump, watch the video below.