Jamie Spencer
What Happened
The inauguration of Donald Trump as the 47th President of the United States on Monday was marked by the presence of the world’s wealthiest individuals, drawing comparisons to the annual World Economic Forum in Davos, Switzerland.
Among those in attendance were Elon Musk, Jeff Bezos, and Mark Zuckerberg, who collectively hold a net worth of nearly $900 billion, according to Forbes. Their prominent seating at the event highlighted their influence in the new administration’s sphere.
Why It’s Important
The attendance of such influential figures at the inauguration underscores concerns about the intertwining of wealth and politics in America. Outgoing President Joseph Biden warned of the risks posed by a growing oligarchy to the nation’s democracy, while critics, including U.S. Senator Elizabeth Warren, noted the preferential treatment given to tech CEOs during the inaugural proceedings.
Context
In his return to power, Trump has pledged to prioritize business-friendly policies, including tax reforms and deregulation, which are expected to benefit major corporations. Musk, who heavily supported Trump’s re-election campaign, has already been appointed to lead a government panel on reducing spending and could see eased regulatory hurdles for Tesla’s self-driving vehicles. Meanwhile, Meta CEO Zuckerberg and Alphabet CEO Sundar Pichai also used the inauguration to strengthen their connections to the administration.
By the Numbers
- Wealth representation: The three richest attendees—Musk, Bezos, and Zuckerberg—hold a combined net worth of nearly $900 billion.
- Global impact: The presence of CEOs from major global corporations, including Apple, Meta, LVMH, and TikTok, signals the increasing integration of business and U.S. policy.
What’s Next
As Trump begins his second term, his administration is likely to forge deeper connections with prominent business figures, potentially shaping policies around their interests. Questions remain about the future of federal investigations into Musk’s ventures and the implications of Meta’s decision to suspend fact-checking on its U.S. platform. Meanwhile, TikTok’s uncertain fate highlights the broader challenges of balancing national security concerns with business interests.
