Elon Musk, Jeff Bezos and Mark Zuckerberg walk into a bar.
Sounds like the start of a joke, right? If only it were.
Today, the three richest men in the world according to the Bloomberg Billionaires Index will come together for the inauguration of Donald Trump. It’s a picture-perfect snapshot of what we can expect over the next four years: an administration built around delivering for big business. And for the next 100 days and after, it’s what we’re going to be tracking at “The 11th Hour.” We’re calling it “White House: For Sale?”
Today, the three richest men in the world will come together for the inauguration of Donald Trump.
In his farewell address from the Oval Office on Wednesday night, President Joe Biden cautioned: “Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms and a fair shot for everyone to get ahead.”
It’s a stark warning. Pay attention.
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Trump is already hard at work filling key posts in his administration with billionaires and millionaires. Howard Lutnick, Trump’s pick for commerce secretary, is reportedly worth $2 billion. Linda McMahon, tapped to lead the Department of Education, has a net worth of $2.6 billion. All told, there could be more than a dozen billionaires working in multiple federal agencies, not to mention the quasi-governmental workers Elon Musk and Vivek Ramaswamy, co-chairs of the so-called Department of Government Efficiency, or DOGE.
Meanwhile, the biggest names in tech keep popping up at Mar-a-Lago to visit Trump. Musk, Bezos and Zuckerberg have all trooped down to Florida over the past few weeks. The CEO of TikTok, Shou Zi Chew, made the pilgrimage in December as well. Fighting to keep his company in business in the U.S., Chew is now expected to join his social media peers at the inauguration, along with Google CEO Sundar Pichai and OpenAI’s Sam Altman.
Perhaps it’s not surprising to see this much money and power mingling with the incoming president and his administration. The revolving door of lobbyist to White House staffer to lobbyist, and from CEO to Cabinet secretary and back again, isn’t exclusive to one political party. Money in politics has been a problem in both Republican and Democratic administrations.
But since the Supreme Court decision in Citizens United, this problem has gotten worse. (Somewhat ironically, tomorrow marks 15 years since the ruling.) Citizens United opened the floodgates to unlimited spending on elections by corporations, special interest groups and, eventually, individuals.
And give they did.
According to OpenSecrets, outside groups spent a total of $574.5 million during the 2008 election cycle. Four years later — and two years after Citizens United — that amount more than doubled to $1.3 billion. In 2024, it hit a whopping $4.5 billion. That’s a 680% increase from 2008 to 2024 in money from corporations, super PACs and individuals.
Which leads us back to where we are at today, at the beginning of a new administration led by arguably one of the most transactional presidents in modern history.
Which leads us back to where we are at today, at the beginning of a new administration led by arguably one of the most transactional presidents in modern history. When Trump was in office last time, his company owned a hotel blocks away from the White House where foreign leaders and special interest groups booked rooms and hosted lavish parties. Once Trump left Washington, the Trump Organization sold the lease rights of that hotel. Now, it’s talking about reacquiring them again.
In this Trump White House, Fortune 500 companies know what to expect. They see the dealmaking and they’re going to do what they believe is in the best interest of their business, for their shareholders, employees and customers. Donations to the inauguration are on track to reach almost $200 million, nearly double the amount in 2017.
That doesn’t mean that what gets decided in this second administration will be in the best interests of the American people. What it does mean is that we, all of us, need to watch what’s happening in Washington, and to remain clear-eyed about what we could be in for. You keep paying attention. And so will we.
Charlie Herman contributed.
On January 20th, 2021, the inauguration of President Donald Trump brought together some of the wealthiest individuals in the world as billionaires flocked to the Capitol to witness the historic event. Among those in attendance were tech moguls Elon Musk, Jeff Bezos, and the CEO of TikTok.
The presence of Musk, Bezos, and the TikTok CEO at the inauguration highlights the influence and power that billionaires hold in today’s society. These individuals not only have immense wealth, but also significant political and societal influence.
As the Trump administration begins its next term, it is clear that the support and attention of billionaires will play a crucial role in shaping the future of the country. With their vast resources and connections, these individuals have the ability to impact policy decisions and shape the direction of the nation.
The presence of Musk, Bezos, and the TikTok CEO at the inauguration serves as a reminder of the close ties between wealth and power in the United States. As these billionaires continue to amass wealth and influence, their role in shaping the country’s future will only become more significant.
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