As President Trump took his second term oath, tech giants like Elon Musk, Mark Zuckerberg, and Jeff Bezos sat front row, raising questions about the growing influence of extreme wealth in American politics. This article explores the concerns raised by Biden about an 'oligarchy' and examines the extent to which the new administration represents a shift towards concentrated power in the hands of a few.
When President Donald Trump took his second term oath of office, tech titans Elon Musk, Mark Zuckerberg and Jeff Bezos had front-row seats — literally. Before Trump’s speech, the Silicon Valley billionaires stood in front of many of Trump’s Cabinet picks, turning around to mingle with some of the incoming secretaries who will directly influence their businesses.
Five days earlier, then-President Joe Biden warned Americans that a powerful'oligarchy' was on the country’s doorstep,'dangerous concentration of power in the hands of very few ultrawealthy people.' 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,'As the 2024 presidential race entered its final stretch, the nation’s richest tech leaders gravitated toward Trump’s side.each donated $1 million to Trump’s inauguration fund. Meta CEO Mark Zuckerberg, who visited Trump’s Mar-a-Lago estate in Florida after the election, hosted a Trump inaugural reception. And on Jan. 20, TikTok CEO Shou Chew sat in camera view during the inaugural ceremony along with the other billionaires as the future of his platform faced uncertainty andand was to run the Department of Government Efficiency, a new advisory committee known as DOGE, along with fellow billionaire Vivek Ramaswamy. (Ramaswamy, a program that PolitiFact had joined and that generated complaints from conservatives since it was instituted in 2017. Bezos, the Amazon founder who also owns The Washington Post,from the paper’s editorial board during the campaign, and said the paper would end its long-standing practice of endorsing presidential candidates. Oligarchy, originally defined by the Greek philosopher Aristotle as the'rule of the few,' is a form of government in which power rests within a small group of people, usually individuals of extreme wealth. 'For Aristotle, there were two different kinds — oligarchy and aristocracy,' University of North Carolina political science professor Graeme Robertson said.'Aristocracy is the rule of a few in the interests of the country as a whole, but oligarchy is the rule of the few that's designed for the interests of the few.' Robertson said whether the incoming administration will merit the'oligarchy' label will hinge on whether these billionaires, and other ultrawealthy people Trump has chosen to be in his Cabinet, are going to be'ruling' in their own interests, for their own enrichment. 'I think inherently the word oligarchy has a very broad definition and is frankly more of a descriptor than anything else,' said Daniel Weiner, director of the Brennan Center’s Elections and Government Program.'I don't think you can really assess point-blank whether what Biden said was true or false. I think there's an important and powerful point he was making that I agree with — that we are in danger of having a system that has many oligarchic characteristics.' People with more wealth have always had a louder voice in American government, government ethics experts told PolitiFact, but Trump’s new allies and incoming administration members represent the starkest consolidation of wealth in U.S. politics in recent memory. The total net worth of the billionaires involved in the incoming administration comes out to more than $382 billion — more than the GDP ofreported. When excluding Musk, Ramaswamy and people such as Trump’s NASA head Jared Izaacman and Middle East envoy Steve Witkoff, who are not part of the Cabinet, the net worth drops to about $11.8 billion.that there were five people (Musk being the top donor) who spent nine figures, or more than $100 million, during the 2024 election cycle and another 35 who spent eight-figure sums. Richard Briffault, the Joseph P. Chamberlain Professor of Legislation at Columbia Law School, said he heard Biden’s oligarchy warning as'opinion and prediction, not one of fact.' 'But there is a lot of evidence to support his claim,' Briffault said.'The superwealthy played a major role in funding the election and will play a major role in the government.' He said the country is moving into'an oligarchic direction' merely because candidates depend on large contributions from a small number of people — people who also get appointments to major positions of power.When people hear the word'oligarchy,' they may think of Russia. The country has almost become synonymous with the term sinceBut the U.S.’ political makeup doesn’t have to look like Russia’s to blur the lines between a democracy and oligarchy, experts said. 'Are we, right now, seeing the kind of situation that we saw in Russia in the 1990s? No. It’s just not comparabl
OLIGARCHY TECHNOLOGY PRESIDENTIAL ELECTION CAMPAIGN FINANCE POWER CONCENTRATION
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DC Tech Leaders Gather at ilili Restaurant to Celebrate Being Named Washingtonian's Tech TitansDC's tech leaders celebrated being named one of Washingtonian's 2024 Tech Titans at a cocktail reception held at ilili Restaurant. The event featured remarks from Verizon's Mario Acosta-Velez and Washingtonian president and CEO Catherine Merrill, as well as networking opportunities, food, drinks, and a photo booth.
Read more »
Biden Warns of 'Dangerous Concentration of Power' in Elite HandsPresident Joe Biden expressed concern over the influence of wealthy individuals in American politics, characterizing it as a threat to democracy. He specifically highlighted the dangers of 'dark money,' which refers to undisclosed political donations made through complex financial instruments. Biden's comments come weeks after he awarded George Soros, a billionaire known for his involvement in 'dark money' funding, the Medal of Freedom.
Read more »
Tech Titans Gather at Trump's InaugurationFour of the world's most powerful tech CEOs, Elon Musk, Jeff Bezos, Mark Zuckerberg, and Sundar Pichai, are attending Donald Trump's presidential inauguration, signaling support for the incoming administration.
Read more »
Tech Titans to Attend Trump's Inauguration Amidst TikTok Ban ConcernsAs the US Supreme Court is set to rule on a ban of TikTok, the app's CEO Shou Zi Chew will attend Donald Trump's inauguration alongside other prominent tech figures like Elon Musk, Jeff Bezos, and Mark Zuckerberg. Meanwhile, Meta has significantly scaled back its content moderation policies, aligning with Trump's agenda.
Read more »
Silicon Valley's Shift: Tech Titans Embrace Trump's InaugurationWeeks of realignment at Meta and Amazon foreshadow a broader trend as tech leaders flock to Trump's inauguration. Zuckerberg, Bezos, and other CEOs have donated millions, hosted events, and secured roles in the administration, marking a departure from Silicon Valley's traditional Democratic leanings.
Read more »
Jason Aldean, Inauguration Balls, Tech Titans, and More - This Weekend's Top StoriesJason Aldean is among the musical guests performing at the Inauguration. There's House intrigue over Ukraine, and people are buying up mansions. This weekend also features the Inaugural Balls, confirmation hearings, and more.
Read more »