The Supreme Court’s 2010 decision in Citizens United v. Federal Election Commission removed limits on donations to political campaigns in order to protect free speech. 14 years later, a Pennsylvania judge allows Elon Musk to reward 1 million dollars to voters that align with Trump’s values, all to protect “core political speech.” Musk, CEO of Tesla and one of richest people in the world, has been closely tied to Donald Trump over the past few years, contributing over $130 million dollars to the Trump campaign. His expenses may have paid off, as Trump has proposed developing a new “secretary of cost-cutting” position specially for Musk. The extent to which billionaires and wealthy individuals can influence the 2024 election, and in turn exercise power over American politics, signals a concerning shift towards oligarchy.
Trump wasn’t the first wealthy individual to be elected president (say hello to JFK and the Roosevelts). However, despite the eternal ties between the powerful and politics, we always believed that the elite few could never drown out the voices of the average American citizens. However, with the 2024 election, we are starting to see a turn of the tides. That is, the ultra-wealthy are gaining control over the populace — not just the politicians.
Because of his storied background of investing in the tech sphere, Musk has positioned himself to influence politics through avenues such as social media. For example, as owner of X, formerly known as Twitter, Musk had the platform’s engineers write a line of code that boosts his posts. People usually dismiss the influence of elites in politics because it is assumed that their political thoughts are constricted to the dinner tables of their fellow wealthy companions, out of the way from everyday interactions with the Average Joe. However, Musk’s power over the X algorithm proves that this is no longer the case. Throughout the year, Musk has directly broadcasted many posts endorsing and praising Trump to the smartphones of millions of people, reinforcing the Trump campaign’s talking points into millions of minds. The politics of billionaires are no longer restricted to themselves; instead, it is infused into the mainstream thinking to coerce the people under their power.
On the other side of the aisle, Biden’s decision to drop out of the election is partially credited to many high-level Democratic donors threatening to stop their donations unless Biden left the race. We saw how Biden was not swayed into stepping down when millions of Americans were calling on him to do so; he only acted once the elites began to rethink their support. Here, we see the ultra-wealthy having a direct stake in determining who is on the ballot. The rich are no longer just giving large sums of money to their favorite campaigns — they are also directly influencing what the people see and who they can vote for.
Musk is just one among many billionaires who has become closely associated with Trump – data from OpenSecrets shows that out of the top ten highest individual contributors to the 2024 presidential race, eight of them contributed hundreds of millions to Trump’s campaign. We can see billionaires coalesce behind a figure who will enable a government that benefits them the most; these elites are working to influence a government that maximizes their profit. Musk’s SpaceX and Tesla have federal contracts worth several billion dollars. By betting on a Trump win, Musk effectively ensures his already-heavy pockets will never get lighter in the next four years. As a billionaire himself, Trump has no reservations about consulting with these people when making important decisions. Most recently, Trump handed the phone to Musk after receiving a congratulatory call from Ukrainian president Volodymyr Zelenskyy. While the specifics discussed during the call have not been made public, it speaks volumes that Musk is able to gain a seat at the table purely because of how his money has connected him to Trump. If Musk is allowed to join in on a phone call, what will he be allowed input on next? If Musk is allowed, who else will be allowed at the decision desk?
Trump’s transition plans show that nearly anyone who can afford to pay the price can also have a say in the nation. Linda McMahon, former executive at World Wrestling Entertainment and donor of over $22 million to the Trump campaign, has been tasked with drafting policy to be implemented within Trump’s first 100 days. Howard Lutnick, CEO of Wall Street heavyweight Cantor Fitzgerald and personal donor to the Trump campaign, has been appointed the transition chief. Lutnick has reportedly used transition meetings as an opportunity to discuss matters relevant to his firm, such as cryptocurrency. With these executives in power, the Trump administration is posed to better advance the interests of the top earners. For example, venture capitalists are looking forward to Trump removing tax increases on capital gains and a blind-eye towards antitrust. Additionally, crypto investors are excited by Trump’s promise to make the United States the “crypto capital” by firing Gary Gensler, the current chair of the Securities and Exchange Commission. By firing Gensler, Trump would remove one of the few governmental figures actively working against crypto executives to regulate the industry. There is a symbiotic relationship between Trump and the billionaire class – they help him into office, and he implements the policy that allows them to dominate.
The foundation of the United States was revolutionary at the time because it countered Europe’s idea of the landed aristocracy. However, 248 years later, the government for the people, by the people is cracking. We must come together to counteract the impending oligarchy the elites are assembling. These oppressive regimes seize control at moments like this–moments when people feel more hopeless than ever, when the nation is more fractured than ever, when we are quicker to blame each other over those who have created our conditions. We must be united on all fronts against this system that seeks to disempower our voices with their money. We must push for stricter legislation that limits how much outside money can sway our political system. We must reject the messages and endorsements of the elites from our mainstream conversations. We must work together at the community level to create a bottom-up approach that returns the power to the people. We must stop the billionaire oligarchy from swallowing our country whole.
Contact the editor(s) responsible for this story: Caitlin Donovan
