Billionaire VC Mike Moritz Slams H-1B Visa Fee Hike

Billionaire VC Mike Moritz Slams H-1B Visa Fee Hike

Billionaire VC Mike Moritz Slams New H-1B Visa Fee As ‘Brutish Extortion Scheme’ Billionaire VC Mike Moritz slams new H-1B visa fee as a “brutish extortion scheme” , taking direct aim at the Trump administration’s latest immigration move. The $100,000 annual levy on H-1B visas, announced last Friday, has sparked outrage across the tech industry. Image Credits:Getty Images The H-1B program allows 85,000 skilled foreign workers to enter the U.S. each year. Now, with companies footing a massive new bill, many in Silicon Valley fear the policy will push innovation — and jobs — overseas. Moritz’s Fiery Rebuke Michael Moritz, the veteran venture capitalist and former Sequoia Capital leader, compared the White House’s decision to mob-style shakedowns. In his Financial Times op-ed, he wrote that the new fee resembles something out of Tony Soprano’s pork store. Calling it a “brutish extortion scheme,” Moritz warned that this policy reveals a fundamental misunderstanding of why tech firms rely on fore…