In the last few months, suspicion surrounding the rising political power of American billionaires has been at the forefront of Americans’ minds. The inauguration of President Donald Trump called this into question, as after entering office, Mark Zuckerberg, Tim Cook, Jeff Bezos and Elon Musk were all seated in the front row, ahead of many cabinet members.
Musk was a significant figure in President Trump’s campaign, and his power and influence only grew after the election. Trump put Musk in charge of the new Department of Government Efficiency (DOGE), and Musk has since slashed government spending and jobs. Many Democratic representatives have expressed concern over an unqualified person having such power simply because of their economic status.
Because of Musk’s controversial role, Tesla stocks have been declining due to more and more people boycotting the company. President Trump responded to this on March 11 by hosting a car show for Tesla on the White House lawn. He live streamed this event on X, formerly known as Twitter, and boasted about how he would be interested in buying one. He also condemned those protesting the cars, saying, “He’s built this great company, and he shouldn’t be penalized because he’s a patriot.”
This angered many, as they felt it was completely inappropriate for an acting president to endorse a product or company. In the past, former president Jimmy Carter even had to sell his peanut farm in order to prevent a conflict of interest. Because of these new ties and connections between money and political power in the United States, many are expressing their fear that the U.S. is becoming an oligarchy. These concerns have become accentuated as Trump expressed his support for Russia, a known oligarchy and dictatorship, in recent interviews.
Progressive politicians, such as Bernie Sanders and Alexandria Ocasio-Cortez, have begun a tour of rallies titled “Fighting Oligarchy,” where the two are attempting to incite action in those upset over the policies of Trump’s second term.
While economic and political power have been somewhat linked for decades, this kind of clear influence and control has been unparalleled in recent years. Franklin D. Roosevelt was one president who was known for having multiple people aiding in his decisions who were unelected and extremely wealthy. However, FDR never attempted to increase the wealth of these peoples, creating a stark division between the current president’s tactics and those seen before.
