By Robert Haugh

Congressmember Ro Khanna is facing a new, well-funded threat in his re-election bid this year.

Ethan Agarwal, a tech founder with deep ties in the startup world, is preparing to run against Khanna in California’s 17th Congressional District.

The seat, which includes Santa Clara, has been held by Khanna since 2017.

Khanna markets himself as a progressive. He also maintains close relationships in the tech industry.

Agarwal is attacking Khanna over stock trading tied to Khanna’s family. Disclosures show thousands of trades last year totaling nearly $50 million, executed through a trust in the names of Khanna’s wife and children. 

Khanna has previously said he does not personally trade and was not involved in family trading decisions. He has supported efforts to ban members of Congress from trading individual stocks.

A second issue is taxes. 

Khanna has backed a proposed California ballot measure that would impose a one-time 5 percent tax on residents worth more than $1 billion. That support has sparked backlash in parts of the Silicon Valley donor community.

Agarwal has drawn support from high-profile tech figures.

Khanna enters the cycle with a massive financial advantage. Federal filings show more than $15 million in cash on hand.

Khanna has become a major national political figure, leading the effort in Congress to release the Jeffrey Epstein files.

Agarwal went to school in the district but does not currently live there. 

He says he is moving to Milpitas to establish residency. District lines are largely unchanged after the latest redistricting.

Candidate filing is set to close Friday. Three other candidates are also in the race.