Billionaire backing: Trump's new business alliances
At the inauguration of Donald Trump, notable figures such as Elon Musk, Jeff Bezos, and Mark Zuckerberg will be present. Despite some of the wealthiest Americans previously criticising the new president's actions, they have contributed millions towards the inauguration. What stakes lie within this dynamic?
"Everyone wants to be my friend!" Donald Trump remarked in late December on Truth Social, the platform he founded.
The list of those declaring support for the 47th President of the United States is indeed growing. During his previous term, Trump had grievances with Jeff Bezos, accusing him of engaging in monopolistic practices. Just a day before his post, the two met for dinner.
A similar evolution is evident in Trump's relationship with Mark Zuckerberg. The CEO of Meta had blocked the Republican on Facebook and Instagram in January 2021 after Trump's comments on the Capitol incident.
The new US president did not keep silent. In posts on Truth Social, he warned the Facebook creator that, upon gaining power, he would address election fraudsters. - They will face long prison sentences. We know who you are. Don't do this! Zuckerbucks, be cautious - Trump directly addressed Mark Zuckerberg.
Currently, the relationship between the two has changed significantly. Zuckerberg has allocated approximately £820,000 to the inauguration fund. He has also appointed a close associate of Trump, Dana White, to Meta's board.
No one contributed as much during the past election campaign as Elon Musk. The Tesla visionary attended Trump rallies, played golf with him, and endeavoured to gather voter support. According to the Federal Election Commission, this backing in the campaign for a second term cost the billionaire hundreds of millions of dollars.
In addition to the aforementioned trio, whose combined wealth is estimated at about £738 billion, the inauguration will also see the presence of Sam Altman, CEO of OpenAI, a leading figure in artificial intelligence development. The event has also been financially supported by Miriam Adelson, the widow of the co-founder of the gambling giant, Las Vegas Sands Corporation.
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 a major fundraiser for Republican Party politicians. His family's fortune is estimated at over £2.5 billion.
What access to the president's ear provides
Why are the wealthiest American citizens so keen to gain the new president's favour? According to New Yorker journalist Susan Glasser, relationships with Donald Trump are highly "transactional". In an interview with NPR24, Glasser recounted an incident from the previous presidency in 2017.
Nelson Peltz, a shareholder in Procter & Gamble, visited the White House. - He seemed to believe that Amazon, which was in the process of acquiring Whole Foods, posed a threat to his business - Glasser stated.
According to the journalist, Peltz suggested Trump launch an antitrust investigation into Amazon, accusing the platform of undercutting prices and endangering the American postal service.
- There is no evidence of this, but Trump seemed to embrace the idea and later frequently tweeted about it - the New Yorker author recalled.
The journalist interprets this situation as evidence that Trump gave privileged access and extraordinary privileges to "some of his billionaire acquaintances".
- They hope to wield some influence over appointments, and consequently on the administration's direction - Glasser heard last year from an attendee at a Trump fundraising event.
What do the "big three" hope for?
Observers of the American political scene note that each donor stands to gain certain advantages. According to the Financial Times, Musk primarily aims to influence regulations beneficial to his enterprises. It is worth noting that the billionaire is currently working on Tesla's self-driving electric vehicles, Starship rockets, and Neuralink chips, which aim to enable mind-controlled electronic devices.
Musk would also become the co-chair of the "Government Efficiency Department". According to Rolling Stone, this government role would allow him to benefit from tax concessions available to federal officials.
In parallel, Zuckerberg may be seeking support from the new US administration in his dispute with the European Union over social media content moderation. Jeff Bezos has openly admitted that he hopes Donald Trump will ease government regulations imposed on businesses. - If I can assist with that, I'll do it - the head of Amazon stated.
Donald Trump's cabinet
Billionaires' influence on the new US administration will not be solely informal. Many will also hold positions within Donald Trump's cabinet.
According to ABC television, 13 billionaires and millionaires will take on roles in the new president's administration. The combined wealth of Trump's ministers exceeds that of Joe Biden's administration members by 60 times, noted by American media.
Among the wealthiest individuals influencing US politics is Scott Bessent, head of an investment fund, who will assume the position of Treasury Secretary. Other significant appointments include Howard Lutnick (future Secretary of Commerce, responsible for trade tariffs), who works within the financial services sector, and Linda McMahon, former organiser of television shows related to wrestling, who will become the "Minister" of Education.
