Figures like Musk and Thiel are hostile to progressivism and American democracy itself, which is why they support Trump, writes Robert Reich, former US Secretary of Labor and professor of political science at the University of California, Berkeley. Musk, for his part, is a harsh critic of “wokeism,” calling it a “threat to civilization.” According to Thiel, the concept of “capitalist democracy” is a contradiction in terms, and the existence of political rights for the poor – and women – complicates the efforts of self-proclaimed libertarians like himself.
In addition to generous donations, billionaires like these can offer Trump something even more valuable: the support of a broader electorate, such as the American part of Musk’s $200 million X subscribers. As the platform owner, Musk can manipulate the algorithm so that his posts are shown to as many users as possible. He already publishes an average of seven posts per month criticizing the Democrats and praising Trump.
The rich are holding special meetings where they reportedly discuss how to bring Trump back to the White House. In April, Musk and investor David Sacks hosted a secret dinner for billionaires and millionaires in Hollywood.
However, that does not mean that the American business elite is united behind the former president. “You can’t say that all business people like Trump. It’s just that Thiel, Musk and their entourage are very loud on Twitter,” says Oleg Itzkhoki, economics professor at the University of California in Los Angeles. The Insider.
Cliff Asness, the billionaire co-founder and fund manager of AQR Capital Management, writes of Nikki Haley: “We could have had as the Republican candidate an articulate, mature conservative who has governed very successfully and stood up to the world’s worst at the United Nations. But MAGA labeled her a ‘warmonger’ (total bullshit, they are simply repeating the mendacious arguments of their various leaders) and stuck by their now completely disintegrating beloved leader.”
People like Asness are far from alone. “I think it reflects the opinion of most business people,” believes Itzkhoki, pointing out that Kamala Harris also has a number of billionaire supporters. Netflix founder Reed Hastings, who was initially skeptical of Harris, nevertheless donated seven million dollars to her campaign. Harris is also supported by LinkedIn co-founder Reid Hoffman, as well as Melinda French Gates and George and Alex Soros.
What Trump will really bring to the table
“Take a step back and be honest. (Trump) has given the economy pretty good growth,” said Jamie Dimon, chairman and CEO of JPMorgan Chase, the largest and most profitable bank in the United States and one of the most influential in the world, last January on the sidelines of the World Economic Forum in Davos, Switzerland.
But although corporate profits and the US stock market did indeed grow under Trump before the outbreak of the Covid-19 pandemic, such economic indicators are not necessarily representative of the economy as a whole. Even if you ignore the crisis year of 2020, for example, Biden is slightly ahead in terms of GDP growth: with an annual rate of around 2.9 percent compared to 2.7 percent under Trump. And the same goes for the creation of new jobs.
In June, 16 Nobel Prize winners in economics wrote in an open letter that they were “deeply concerned about the risks of a second Trump administration for the US economy”. The economists point to Trump’s “financially irresponsible budget management” and cite studies by institutes such as the Peterson Institute, Oxford Economics and the Alliance, which show that Trump’s program, if successfully implemented, would lead to higher inflation. Rising inflation is already threatening the country, and the Republican candidate’s intention to impose 10% import tariffs on all goods imported into the US and 60% on goods from China would only exacerbate the impact.
