The online magazine Mother Jones recently published an interesting report about US tech oligarchs. The 2024 US presidential election has been marked by an unprecedented level of influence from tech billionaires and other ultra-wealthy individuals, reshaping the political landscape and raising concerns about the state of American democracy.
Elon Musk: The New Kingmaker
At the forefront of this oligarchic wave is Elon Musk, the world’s richest man and a vocal supporter of Donald Trump. Musk’s involvement in the campaign goes far beyond mere endorsement:
- He has poured tens of millions into an unconventional field campaign in key swing states.
- Musk lobbied Trump to choose JD Vance as his running mate.
- He has transformed X (formerly Twitter) into a platform for anti-immigrant rhetoric.
- Musk is slated to play a significant role in budget decisions if Trump wins.
The Billionaire Primary
The influence of billionaires extended to other candidates as well:
- Dean Phillips‘ primary challenge was largely funded by Bill Ackman.
- Robert F. Kennedy Jr.‘s campaign was heavily supported by Timothy Mellon.
- Peter Thiel‘s influence led to JD Vance‘s position as vice presidential nominee..
Policy Influence and Campaign Financing
Billionaire donors have directly impacted policy positions and campaign strategies:
- Trump promised fossil-fuel executives favorable policies in exchange for $1 billion in campaign support.
- The Republican focus on transgender athletes in sports was heavily funded by billionaires like Ken Griffin, Paul Singer, and Stephen Schwarzman
- Democratic mega-donors like George Soros, Michael Bloomberg, and Bill Gates have also wielded significant influence..
The Silent Oligarchs
Interestingly, some tech billionaires have chosen to step back from political involvement:
- Mark Zuckerberg has largely withdrawn from political activism, despite Facebook’s continued role in political advertising.
- Jeff Bezos prevented his The Washington Post from endorsing Kamala Harris, signaling a retreat from political engagement.
Implications for Democracy
This unprecedented level of billionaire involvement in the election raises serious questions about the health of American democracy:
- The outsized influence of a small group of ultra-wealthy individuals on policy and candidates.
- The potential for conflicts of interest between business interests and political power.
- The erosion of traditional democratic institutions in favor of billionaire-driven politics.
As the 2024 election unfolds, the role of tech oligarchs and other billionaires in shaping American politics remains a critical issue for voters and policymakers alike.
