In his farewell address from the White House, President Joe Biden issued a stark warning:
“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.”
Marking the 64th anniversary of President Eisenhower’s iconic speech against the military-industrial complex, Biden called attention to a new and evolving threat: a coalition of wealthy technological entrepreneurs leveraging their vast resources to influence American politics.
Tech Titans and the Trump Administration
The growing influence of tech moguls on Donald Trump’s administration became evident after his victory in the November elections. Reports surfaced of tech-backed envoys meeting with Trump at Mar-a-Lago, leading to substantial financial contributions to his inauguration fund.
Prominent among these figures is Elon Musk, who reportedly donated $1 million daily from mid-October until election day, amounting to $270 million to the Republican Party—making him their largest individual donor. Musk’s funds were reportedly directed toward swing state voters via a petition advocating for First Amendment rights, spearheaded by Musk and Trump’s campaign. The initiative distributed approximately $21 million to participants.
Meta’s Surprising Shift
Meta’s (formerly Facebook) actions under Mark Zuckerberg raised eyebrows. Despite banning Trump from the platform after the January 6th insurrection, Zuckerberg met with Trump twice following his electoral win. Meta subsequently:
- Donated $1 million to Trump’s inaugural fund.
- Appointed Dana White, a close Trump ally and UFC President, to its Board of Directors.
- Removed fact-checkers from its platform.
These actions signaled a dramatic pivot from the company’s earlier stance, potentially aimed at easing regulatory pressures.
OpenAI, Big Tech, and Political Favor
Sam Altman, CEO of OpenAI, faced scrutiny after a letter from Senators Elizabeth Warren and Michael Bennett revealed that a $1 million donation was suggested as the “magic number” to gain favor with the Trump administration. Altman later published the letter publicly on X (formerly Twitter).
Major corporations, including Amazon, Apple (CEO Tim Cook), Google, Microsoft, and Uber (CEO Dara Khosrowshahi), also reportedly contributed $1 million each to Trump’s inaugural fund. These donations appear strategically timed, as many of these entities are currently under regulatory investigation.
The TikTok Question and JD Vance’s Role
The tech sector’s influence extends beyond financial contributions. Reports suggest that tech moguls played a role in the selection of JD Vance as Trump’s Vice Presidential pick, raising questions about how this coalition may shape policies, including the fate of TikTok.
TikTok, with its 170 million American users, found itself in limbo after a brief shutdown on Sunday. The app was reinstated hours later, reportedly with Trump’s intervention. This episode underscores the potential influence of tech leaders on decisions affecting millions of Americans.
Biden’s Warning and the Path Forward
As Biden steps down, his warning about the rise of a tech-driven oligarchy serves as a call to action. The unprecedented involvement of tech billionaires in shaping political outcomes raises critical questions about the future of democracy, regulatory integrity, and public accountability in the United States.
