Trump’s Billionaire Backers Usher in a New Era of Political Influence

The influence of the ultra-wealthy in U.S. politics is nothing new, but Donald Trump’s billionaire backers have taken their political sway to unprecedented, unapologetic levels, according to a new report by The Atlantic.

Tesla CEO Elon Musk has reportedly poured hundreds of millions of dollars into Trump’s campaign and now serves as one of his closest advisers. Venture capitalist Marc Andreessen, another billionaire ally, has aligned himself with entrepreneur Vivek Ramaswamy to recommend deep federal spending cuts as part of Trump’s proposed Department of Government Efficiency. Both have funneled millions into supporting Trump’s agenda.

“Of course, the hyperwealthy have always found ways to bend the political system,” wrote The Atlantic’s Ali Breland. “In a 2014 study, the political scientists Martin Gilens and Benjamin I. Page reviewed thousands of polls and surveys spanning more than 20 years and found that the preferences of the wealthiest Americans were much more likely than those of average citizens to affect policy changes.”

However, as Breland points out, today’s brazen billionaire influence marks a stark departure from the past. “Until recently, elites and politicians who worked together feared the scandal of the sausage-making process being revealed, and the public backlash that could come with it,” Breland wrote.

In contrast, Musk’s willingness to appear on Trump rally stages or promote Trump on X—his social media platform—reflects a cultural shift, particularly within Silicon Valley. “Brazenness has been a big piece of Silicon Valley entrepreneurship that’s been celebrated for a long time,” said Becca Lewis, a Stanford researcher focused on tech industry politics. “You’re supposed to be a disruptor or heterodox thinker.”

Historically, tech leaders positioned themselves as neutral actors above partisan politics. But as technologies like cryptocurrency become increasingly politicized, their involvement has deepened. Rob Larson, an economics professor and author on Silicon Valley’s political influence, argues the ultrarich are more empowered than ever.

“Having more money means exposure to fewer consequences,” Breland explained. “The last time elites were this vocal in their influence, Larson said, was during the Gilded Age, when multimillionaires such as William Randolph Hearst and Jay Gould worked to shape American politics.”

Breland concluded with a warning: “Regardless of its provenance, the practical impact of this behavior is a less equal system. Many people are worried about President-Elect Donald Trump’s forthcoming administration’s corrosive effects on democracy. The corrosion is already happening, though. A particularly vocal subset of the ultrarich is steering the ship, and doesn’t care who knows.”

This unapologetic display of influence signals a shift in political norms, where power and wealth operate increasingly in the open—and with fewer fears of public backlash.