Former Telstra chief executive and prominent Hispanic-American businessman Sol Trujillo has condemned the prevailing anti-immigration sentiment in the United States, asserting that it poses a significant threat to the nation’s economic growth. Speaking at an event in Washington on March 13, 2024, Trujillo emphasized the un-American nature of such attitudes, stating, “It’s harmful to our economy, and I think it’s going to stunt our growth, and we’re already seeing data to prove it.”
His remarks come in the context of a notable shift in immigration policy since Donald Trump began his second term. While Trump campaigned on a platform of securing US borders and deporting undocumented immigrants, his administration has also focused on tightening regulations around legal immigration. This includes restrictions affecting skilled workers, students, and asylum seekers.
The impact of these policies has reverberated through the business community. Trujillo highlighted the brutal immigration raids that have targeted Latino communities, drawing concern even from those who support the intent behind such actions. Notably, business leaders like Larry Fink, CEO of BlackRock, have warned that the current immigration stance could adversely affect the labor market and overall economic growth.
During a discussion moderated by Axios, Trujillo addressed the common perception that immigrants are taking jobs from Americans. “There is no ‘taking jobs’,” he asserted firmly. He illustrated his point by referencing a previous investment boom in North Dakota’s energy sector, which had a high demand for labor. “So those angry white males – and I’ll say it the way that it’s been described – from Michigan or Indiana or Illinois that lost their jobs with the auto manufacturing, and they had high-paying jobs, here was an opportunity to go earn $60, $80, $90 an hour. And guess what happened? They didn’t move,” Trujillo explained. Instead, he noted, Latino workers were willing to relocate, resulting in them constituting approximately 5 percent of North Dakota’s population.
Trujillo, who was born in Wyoming to Mexican parents, has a long history in telecommunications, having led Telstra from 2005 to 2009 during a challenging period for the company. After his tenure, he established a non-profit organization in 2010 to assess the economic impact of the Latino population. In 2019, he launched a venture capital fund focused on investing in Latino-backed start-ups. Trujillo expressed frustration over the persistent stereotypes that hinder investment in Latino entrepreneurs. He pointed out that the American entrepreneurial landscape often overlooks this demographic, noting, “We’re still stuck in old paradigms … [about] who can be an entrepreneur.”
Trujillo has previously criticized Trump, particularly regarding the underrepresentation of Hispanics in leadership roles. Despite the Hispanic population in the US increasing from 17 percent in December 2016 to 20 percent today, the current administration has faced scrutiny for its lack of diversity in appointments. The cabinet features two Latinos: Marco Rubio as Secretary of State and Lori Chavez-DeRemer as Labor Secretary.
At the event, Trujillo conveyed the sentiments of approximately 100 entrepreneurs he met earlier, who voiced their disapproval of the current anti-immigration mindset and Trump’s initiatives against workplace diversity. He warned that the economy is likely to slow through 2026, particularly affecting small businesses.
Trujillo also briefly addressed the challenges stemming from the rapid rollout of artificial intelligence. He noted that while AI presents opportunities for entrepreneurship, it also diverts resources towards software companies, computer chip manufacturing, and data center construction, which could strain power grids and have broader implications for the economy. “AI is great, and we want entrepreneurship there, but at the same time, it’s going to put other pressures on our economy,” he concluded.
As discussions around immigration and economic policy continue, Trujillo’s insights underscore the critical intersection of labor, diversity, and growth in shaping America’s future.
