The inauguration of Donald Trump as the 47th President of the United States was not only a political spectacle, but also a gathering of the world’s most powerful billionaires. Tech moguls like Elon Musk, Mark Zuckerberg, Jeff Bezos and Sundar Pichai (Google CEO) sat side by side, a remarkable shift in their relationship with Trump.
But what drives these billionaires to Trump’s side and what does it mean for democracy in the USA?
While Trump’s first term saw many technology leaders as his loudest critics, particularly regarding his restrictive immigration policy and attacks on the press. Bezos, for instance, frequently found himself in the crosshairs of Trump’s tirades, with Amazon and the Washington Post often in the president’s sights. Now, however, Bezos was present at Trump’s inauguration and expressed optimism about the upcoming cooperation.
Even Zuckerberg, who once introduced fact-checking initiatives on Facebook, abruptly ended these programs at the beginning of the year – a step many interpret as a peace offering to the president. Bill Gates, who remained neutral during Trump’s initial rise, now praises the president’s willingness to discuss global health issues.
The calculation behind the support
A shift is emerging: more and more billionaires seem to be standing behind Trump. This trend can be attributed to three central factors: fear, opportunism and investment opportunities.
Fear of retribution
Trump’s vengeful nature is well-known. Many wealthy individuals fear that public criticism of him could lead to regulatory pressure or targeted attacks. Support serves as a shield against potential retaliatory measures.
Opportunism
The politics of the former president offer significant benefits for the ultrarich. From far-reaching deregulations to tax cuts – the economic incentives for cooperation are clear.
Investment opportunities
Trump focuses on future themes like artificial intelligence and cryptocurrencies. Billionaires active in these areas see his initiatives as profitable opportunities and support him in the hope of lucrative business possibilities.
This mix of protection, profit-seeking and strategic investments makes it clear why Trump’s influence in the circles of the super-rich is growing.
Although the support of the billionaires may seem like a strategic advantage for Trump at first glance, it carries significant risks. The concentration of power in the hands of a few ultrarich individuals could exacerbate inequality and further erode trust in democratic institutions.
For the moment, it is Trump who holds this heterogeneous alliance together. Whether this alliance strengthens his presidency or leads to internal tensions in the long run, remains to be seen.