Billionaires rally around Trump for influence and opportunities
Elon Musk, Jeff Bezos, and Mark Zuckerberg will be present at the inauguration of Donald Trump, among others. Although this elite group of wealthy Americans includes some former critics of the new president's actions, they have donated millions for the inauguration. What is at stake in this scenario?
"Everyone wants to be my friend!" – Donald Trump wrote in late December on the platform he founded, Truth Social.
Indeed, the list of people declaring their support for the 47th President of the United States is growing significantly. During his previous term, Trump had a "bone to pick" with Jeff Bezos, accusing him of monopolistic tendencies. Just a day before this post, the two had dinner together.
A similar change can be seen in Trump's relations with Mark Zuckerberg. The head of Meta blocked the Republican from Facebook and Instagram in January 2021, after Trump spoke favourably of the storming of the Capitol.
The new US president did not remain silent. In posts published on Truth Social, he warned the Facebook creator that once in power, he would address election fraudsters. - They will be sent to prison for a long time. We already know who you are. Don't do this! Zuckerbucks, be careful - Trump directly addressed Mark Zuckerberg.
Currently, relations between the two have changed considerably. Zuckerberg allocated $1 million to the fund dedicated to the presidential inauguration. He also placed a close associate of Trump, Dana White, on Meta's board.
No one contributed as much during the past election campaign as Elon Musk. The mastermind behind Tesla attended Trump rallies, played golf with him, and tried to garner voter support. According to the Federal Election Commission, this support in the battle for a second term cost the billionaire hundreds of millions of dollars.
Alongside the trio, whose collective wealth is estimated at about $900 billion, Sam Altman, the CEO of OpenAI and a leading figure in artificial intelligence development, will attend the inauguration. Miriam Adelson, widow of the co-founder of the giant gambling industry company Las Vegas Sands Corporation, also financially supported the inauguration.
The list of donors also includes Tilman Fertitta (owner of casinos and numerous hotels) and Todd Ricketts, co-owner of the Chicago Cubs baseball team, and one of the leading "treasurers" of funds for politicians from the Republican Party. His family's fortune is estimated at over $3 billion.
What access to the president's ear provides
Why are the wealthiest citizens of the USA so eager to gain the new president's favour? According to New Yorker journalist Susan Glasser, relationships with Donald Trump tend to be very "transactional" in nature. In an interview with NPR24, Glasser recounted a story that is said to have taken place during his previous presidency - in 2017.
At the White House, Nelson Peltz, a shareholder in Procter & Gamble, appeared. - He seemed to believe that Amazon, which was in the process of finalizing the purchase of Whole Foods, would pose a threat to this business - Glasser said.
According to the journalist's account, Peltz suggested to Trump that he initiate an antitrust investigation into Amazon because the platform was undercutting rates and causing the American postal service to go bankrupt.
- There is no evidence for this, but Trump seemed to adopt this idea, later tweeting about it publicly and repeatedly - the New Yorker author recalled.
The journalist interprets this story as evidence that Trump provided extraordinary access and privileges to "some of his billionaire friends".
- They hope to have some influence over the course of appointments, and consequently on the direction of his administration - Glasser heard last year from one of the participants in a fundraising event for Trump.
What does the "big three" hope for?
Observers of the American political scene note that each donor has interests to gain. According to the Financial Times, Musk will primarily want to influence regulations favorable to his companies. The billionaire is currently working on Tesla's autonomous electric cars, Starship rockets, and the Neuralink chip, which is meant to enable the control of electronic devices with thoughts.
Musk would also become the co-chair of the "Government Efficiency Department". According to Rolling Stone, the role might allow him to benefit from tax breaks available to federal officials.
At the same time, Zuckerberg may be seeking support from the new US administration in the conflict with the European Union regarding content moderation on social media. Jeff Bezos has openly admitted he hopes Donald Trump will reduce government regulations imposed on businesses. - If I can help with that, I'll do it - the head of Amazon declared.
Donald Trump's cabinet
The influence of billionaires on the new US administration will not only be informal. Many will also be part of Donald Trump's cabinet.
As reported by ABC television, 13 billionaires and millionaires will be appointed to the new president's administration. The combined wealth of Trump's ministers exceeds that of Joe Biden's administration members by 60 times - reported American media.
Among the wealthiest individuals influencing US politics is Scott Bessent, head of an investment fund, who is to take the position of Treasury Secretary. Also taking significant roles will be Howard Lutnick (future Secretary of Commerce responsible for tariffs, for example), who works in the financial services sector, and "Minister" of Education Linda McMahon, who, along with her husband, ran a company organizing television shows related to wrestling.
Adam Sieńko, journalist at WP Finanse and money.pl
