This is the first in a new series of LittleSis posts mapping out billionaire power in current U.S. politics, including the new Trump administration. To see the latest posts in this LittleSis series, sign up for our newsletter and follow us on X, Bluesky, Facebook, and Instagram.
It’s nothing new that, in 2024, billionaires once again plowed massive amounts of cash into the presidential and congressional elections. Dozens upon dozens of billionaires backed Trump and Harris with huge donations. According to one study, billionaire families spent a mind-boggling $2 billion on the recents elections.
That said, the sheer amount of cash flowing from just a tiny handful of billionaire donors — with $994 million from the top ten contributors alone, measured before final-quarter contributions of 2024 were even disclosed — is astronomical. Moreover, the crassness of Trump’s open embrace of the ultra-wealthy feels shocking even by the standards of U.S. billionaire rule. Trump’s transition is refusing to disclose donors, and Trump’s authoritarian style and total disdain for any ethics around conflicts of interests, will give billionaires even more unchecked power.
The extent of direct billionaire influence within the administration is seen in the very make-up of Trump’s transition team and top appointees, whose ranks include multiple billionaires. Two of those billionaires — Linda McMahon and Howard Lutnick — are co-chairing Trump’s transition team, and thus overseeing the set-up of his incoming administration. Trump has further nominated McMahon for Education secretary and Lutnick for Commerce Secretary. Meanwhile, billionaire Scott Bessent is set to become Treasury Secretary, meaning two billionaires — Lutnick and Bessant — will occupy core positions overseeing financial and economic policy.
Trump has also appointed two billionaires, Vivek Ramaswamy and Elon Musk, as co-chairs of the new Department of Government Efficiency, which is tasked with advising the administration on government cuts and austerity. Musk, of course, is the wealthiest person alive, and Musk, Lutnick, and McMahon are known to be especially close with Trump.
All told, according to a November 2024 Americans for Tax Fairness report, “the combined wealth of President-elect Trump’s wealthiest nominees and transition team officials,” amounts to $313 billion — and this number has since climbed well over $400 billion with Elon Musk’s net worth skyrocketing. As former labor secretary Robert Reich has said, Trump’s regime “will be a billionaires’ ball.”
This post looks at some of the billionaires and billionaire groups — Wall Street elites to crypto tycoons, fossil fuel barons to Elon Musk — that are set to benefit from the incoming Trump administration.
Wall Street Billionaires
A host of powerful Wall Street billionaires lined up behind Trump as major donors and fundraisers toward his reelection and as donors to his GOP allies.
These Wall Street billionaires, concentrated in private equity and hedge funds, included Stephen Schwarzman of Blackstone (worth $53.8 billion), Ken Griffin of Citadel (worth $47 billion), Paul Singer of Elliott Management (worth $6.2 billion), John Paulson of Paulson & Co. (worth $3.8 billion), and Nelson Peltz of Trian Partners (worth $1.7 billion).
Two Wall Street billionaires — Howard Lutnick and Scott Bessant — are also set to become Commerce Secretary and Treasury Secretary, respectively. Other financial billionaires, like JPMorgan CEO Jamie Dimon, have reportedly been serving as a “sounding board” for Trump.
All told, according to Sludge, “[d]onors from the securities and investment industry contributed a total of $193.8 million to the Trump campaign and outside spending groups supporting him, more than any other industry,” as of September 22, 2024.
Wall Street’s support for Trump has not been entirely smooth. Some billionaires like Schwarzman, Peltz, Griffin and others had previously disavowed Trump, especially after the January 6, 2021 capitol insurrection, before crawling back.
Moreover, there are tensions between Wall Street and Trump over issues like tariffs (which Wall Street opposes) and mass deportations (which Wall Street also opposes, but for purely economic reasons, not any humanitarian grounds). Overall, the financial industry is not a fan of the volatility and unpredictability that can come with a Trump regime.
But all this is rivalled — and indeed, for most Wall Street barons, outweighed — by the enormous potential to enrich themselves under Trump.
Trump has promised to reduce the corporate tax rate and to weaken regulatory bodies like the Securities and Exchange Commission (SEC) and Consumer Financial Protection Bureau (CFPB), and Wall Street is salivating over a potential mergers and acquisitions boom under Trump.
There’s also the potential for Wall Street to cash in on the privatization of public assets. For example, Trump backers John Paulson and Bill Ackman are big investors in the federal government’s housing finance companies, Freddie Mac and Fannie Mae, which, the New York Times reports, could be privatized under Trump and deliver huge windfalls to investors.
One private equity executive, commenting before the election, summed up Wall Street’s perspective on Trump: “We’ll get richer if he wins.”
To be sure, many Wall Street barons, from Michael Bloomberg to Jonathan Gray, backed Kamala Harris. But they will not be hurting under the new Trump administration (Gray, in fact, is President and Chief Operating Officer of Blackstone, where he’s second-in-line to the Trump-backing Schwarzman).
Crypto Billionaires
The 2024 election cycle signaled the clear emergence of the crypto elite as a major political player. Prominent crypto billionaires — such as Cameron and Tyler Winklevoss (worth $2.7 billion each), Coinbase’s Brian Armstrong (worth $13.7 billion), investor Marc Andreessen (worth $1.9 billion), Ripple Labs’ Brad Garlinghouse, and others — plowed millions towards pro-crypto PACs while crypto billionaires donated and fundraised for Trump.
All told, a triad of crypto-led PACs — Fairshake, Project Progress, and Defend American Jobs — spent more than $265.5 million dollars during the 2024 election cycle, according to the Lever, who declared that “the cryptocurrency industry is perhaps the biggest winner of the 2024 election cycle.”
The crypto industry has been volatile and faced fines, with growing calls, including from the Biden administration, for stronger regulation. Many crypto billionaires backed Trump, who courted the industry and said he’d be the first “crypto president,” betting that he’d stem these regulatory calls and also replace current SEC head Gary Gensler.
It appears the Trump-backing crypto barons will now get their wish, with top Trump cabinet appointees and power players who are very friendly to the industry. Howard Lutnick, the billionaire Trump ally who Trump nominated as Commerce Secretary, is deeply pro-crypto and personally tied to the industry. Trump also tapped pro-crypto billionaire Scott Bessent as Treasury Secretary, who one crypto executive called the “perfect pick” who will be “most pro-innovation, pro-crypto Treasury [secretary] we’ve ever seen.”
Many crypto leaders want the Commodity Futures Trading Commission (CFTC), rather than the more powerful SEC, to supervise the industry, and Trump has signaled support for this. Trump has also nominated the crypto-allied Paul Atkins to head the SEC, fulfilling the crypto billionaire bloc’s wish to ditch Gary Gensler, who it sees as an ardent foe.
The denizens of Trump World are adamantly pro-crypto, with numerous figures — JD Vance, Howard Lutnick, Elon Musk, Robert Kennedy Jr., Pete Hegseth, Tulsi Gabbard, and others — tied to or invested in the industry. Trump’s own media company, Trump Media and Technology Group, which operates Truth Social, and which Trump has a 53% stake in that he says he’ll retain, is in talks to buy Bakkt, a cryptocurrency trading venue, while the Trump family has a newly-created crypto project called World Liberty Financial. The former CEO of Bakkt is Kelly Loeffler, who Trump has nominated to head the Small Business Administration, and Loeffler’s husband still runs Bakkt’s parent company.
Crypto saw a major downturn in 2022, and one of its shining stars, Sam Bankman-Fried, was arrested on fraud charges and subsequently found guilty and sentenced to 25 years in prison. But the industry’s started to bounce back, with Bitcoin hitting record highs and surging more after Trump’s victory. The industry and its billionaires have also attained cultural cachet in the Trumpian conservative universe as edgy, rule-breaking, and futuristic.
Another tech and crypto billionaire investor, David Sacks, publicly flipped toward supporting Trump during the election and helped line up Silicon Valley donors behind him with a fundraiser Sacks’ personally hosted. Now, Trump has named Sacks his artificial intelligence and cryptocurrency czar.
All told, crypto’s massive backing of Trump is reaping major rewards for industry billionaires, who will have pro-crypto regulators and close access to the administration, and who are set to see their wealth bloom even higher.
The rise of an aggressive, anti-regulatory pro-Trump donor bloc deeply overlaps with a split in Silicon Valley that turned some tech billionaires toward Trump. The Guardian estimates that the tech industry spent at least $394.1 million on the election, with the bulk of that coming from Elon Musk.
Tech’s Trump backers are already getting one top demand from their wishlist: Trump is replacing Federal Trade Commission chair Lina Khan, a tough regulator of AI and corporate mergers, with a more industry-friendly chair.
But to be sure, Kamala Harris and the Democrats had their own massive bench of Silicon Valley billionaire donors, including Reid Hoffman, Eric Schmidt, Bill Gates, Sheryl Sandberg, Ben Horwitz, and Laurene Powell Jobs. And while they wanted Harris to win, as Hoffman made clear in a somewhat conciliatory post-election Financial Times op-ed, his ilk will try to find a way to do just fine under a Trump administration.
Elon Musk
Among Trump’s billionaire backers, Elon Musk is in a class of his own. Musk is worth over $433 billion. He is, by far, the world’s richest person. He owns and runs a constellation of influential, omnipresent corporations, including X (formerly Twitter), Tesla, and SpaceX. Few people in the world are more famous — or more powerful and wealthy — than Elon Musk.
When Musk endorsed Trump and threw himself into Trump’s election, it represented more than a mere endorsement. Musk is fusing the vast business operation, influence machine, and popular following that runs through him with the MAGA movement and Trump himself. Through this, he stands to benefit financially, but also attain higher heights of influence for his reactionary conspiracy-peddling and hyper-libertarian ideology. In short, Musk is fomenting true oligarchic power.
Musk spent at least $264 million to reelect Trump, according to investigative news outlet Sludge. He plowed the money into his very own America PAC, which focused on new voter turnout for Trump in swing states. Musk oversaw the PAC’s day-to-day operations. He even offered a $1 million daily giveaway to voters (for this, he’s being sued for fraud) and workers for America PAC have complained of horrible treatment.
Musk has now emerged as a close confidant of Trump and his family. And with Trump’s reelection, Musk stands to benefit as much as anyone. Since Trump was elected, Musk’s net worth has skyrocketed by around $130 billion.
There are several ways that Musk stands to benefit from the Trump administration. Musk oversees a truly massive business empire of electric vehicles, space satellites and space rockets, social media, artificial intelligence, and more. All these business interests are deeply impacted by government regulations and government contracts.
Though Musk pushes a hard libertarian ideology, he benefits from vast government subsidies. “Mr. Musk’s rocket company, SpaceX, effectively dictates NASA’s rocket launch schedule,” notes the New York Times. “The Defense Department relies on him to get most of its satellites to orbit. His companies were promised $3 billion across nearly 100 different contracts last year with 17 federal agencies.”
The New York Times also notes Musk’s “numerous and adversarial” entanglements with federal regulators. “His companies have been targeted in at least 20 recent investigations or reviews, including over the safety of his Tesla cars and the environmental damage caused by his rockets,” they write.
As the premier Trump insider, Musk will now have direct influence within, and allies overseeing, the government agencies — from the Securities and Exchange Commission (SEC) and the Federal Communications Commission (FCC) to Office of Management and Budget (OMB) and the Consumer Financial Protection Bureau (CFPB, which Musk wants to “delete”) — that carry out regulation, oversee investigations, and reward government contracts.
All this, of course, poses enormous conflicts of interest, with Musk openly influencing the very government entities that impact his own business operations and wealth.
Musk’s influence and cultural cachet also stand to grow further. His social media platform, X, which Musk dominates as a user and content shaper, will likely deepen as basic communications and media infrastructure for the MAGA movement.
Moreover, Trump has appointed Musk to head up the new Department of Government Efficiency (DOGE) with billionaire Vivek Ramaswamy. It’s an advisory body, not an official government agency, and it remains to be seen how much power and influence DOGE will actually have. It could be a lever for implementing hyper-austerity, or it could be a plaything for two libertarian billionaire bros. But the precedent of awarding a huge donor, and the world’s wealthiest person, with their own “department,” is ominous.
It’s worth noting that while Musk also has discrete interests tied to specific companies, his vast business empire gives him a larger, generalized power and set of interests located at the very heart of U.S. capitalism and its future. Space technology, electric vehicles, AI, social media: this is all at the center of research and development and hardening geopolitical rivalries. Like Amazon and Jeff Bezos, Musk business operations dominate, and are even synonymous with, the very infrastructure that billions of people and governments worldwide depend on.
Fossil Fuel Billionaires
Trump rode to reelection promising to “drill, baby drill” and achieve U.S. “energy dominance” in the world. He sought $1 billion from the fossil fuel industry in exchange for advancing its interests. While the $1 billion mark fell short, Trump was strongly backed by oil and gas billionaires, and the fossil fuel industry will benefit from an ultra-friendly administration.
The industry gave more than $75 million to Trump and his allies in 2024, with $15 million of this coming from three oil billionaires who own private companies: Harold Hamm (Continental Resources), Kelcy Warren (Energy Transfer) and Jeffery Hildebrand (Hilcorp Energy).
Other billionaire fossil fuel donors included George Bishop of GeoSouthern Energy and coal magnate Joseph Craft III, as well as fossil fuel-tied “mine operators, shipbuilders, engineering firms, hedge funds and little-known oil producers,” said the New York Times.
Trump has promised to ramp up fossil fuel production in the U.S., reapprove the Keystone XL oil pipeline, pull the U.S. out of the Paris Agreement, reauthorize oil drilling in Alaska’s Arctic National Wildlife Refuge in Alaska, and weaken EPA regulations, among other things.
Trump has signaled his clear intention to follow through with these promises by making industry-friendly appointments tied to top energy and environment positions. These include fracking executive (and drinker of fracking fluid) Chris Wright as Energy Secretary, Lee Zeldin as Environmental Protection Agency head, and Doug Burgum as Interior Secretary.
Wright is a fossil fuel zealot who, as Energy Secretary, will run the department with huge influence over U.S. energy, environmental and nuclear policies. The American Petroleum Institute, the industry group for Big Oil, praised the appointment of Wright and congratulated Trump on his victory.
Lee Zeldin is a Chair of America First Policy Institute (AFPI), a policy group backed by Christian Nationalist oil baron Tim Dunn, a major Trump donor who has publicly stated he wants to end the classification of CO2 as a pollutant.
But Doug Burgum, who served as governor of the fracking powerhouse state of North Dakota and has deep ties to the fossil fuel industry, stands to be the major player directing Trump’s energy policy. As Interior Secretary, he’ll oversee hundreds of millions of acres of federal land that oil companies are itching to drill on. But even more, he’ll be coordinating the administration’s “energy dominance” agenda as Trump’s “energy czar,” heading up Trump’s National Energy Council and occupying a seat on the National Security Council.
All told, oil billionaires like Hamm stand to benefit greatly from a new Trump administration that promises to be a close ally of fossil fuel interests, even if this means intensifying the climate chaos that’s destabilizing the world and causing massive human dislocation and suffering.
Potential Fractures in Billionaire Rule?
There are other billionaire and corporate blocs set to benefit from Trump’s rule, such as private prison and detention companies like CoreCivic and GEO (who Trump Attorney General nominee Pam Biondi lobbied for). And there are a slew of massive individual billionaire donors, from the railroad heir magnate Timothy Mellon to ultra-right shipping barrons Richard and Elizabeth Uihlein, who gave enormous sums to Trump and other Republicans.
While we face daunting challenges in a period of intensified direct billionaire rule, it’s also worth remembering that there is potential for fissures within the billionaire class. Trump’s cabinet contains blocs that are in tension with each other: neocons versus isolationists, austerity backers who also want vast government subsidies for corporate elites, and people who want to calm markets versus people who want to impose tariffs or just seek political revenge. Trump is notoriously capricious and volatile and is quick to turn on those who were once insiders.
And of course, there’s the fundamental conflict between Trump’s mere rhetoric of populism and his true agenda of billionaire rule that will further immiserate the working class. This will be a challenging period for progressive forces, but the left should seek to monitor and, to the extent possible, exploit divisions among billionaires.
Note: Maps in this post may be updated as new information comes along
This is the first in a new series of LittleSis posts mapping out billionaire power in current U.S. politics, including the new Trump administration. To see the latest posts in this LittleSis series, sign up for our newsletter and follow us on X, Bluesky, Facebook, and Instagram.