Why Elon Musk and His Friends Are Supporting Donald Trump

Summary

The video script discusses the shift in support from wealthy individuals, including tech billionaires and corporate executives, towards Donald Trump for the 2024 presidential election. It highlights their concerns over the Biden administration's aggressive regulatory approach towards big tech, crypto, and mergers, and Trump's promises to roll back these regulations in exchange for their financial backing. The script also points out the Biden administration's efforts to protect consumer interests and workers' rights, which have alienated some billionaires, leading them to support Trump as a means to protect their interests.

Takeaways

• 💼 The wealthiest individuals in America, including some hedge fund billionaires, have shifted their support towards Donald Trump, despite previously viewing him as a threat to democracy.
• 🗣️ Critics argue that Trump's rhetoric may have inspired the January 6th riot, and they express regret for voting for him in the 2020 election.
• 🔄 There is a notable change in the perception of Trump among some billionaires, with figures like Bill Ackman and Stephen Schwarzman now backing him for the presidency.
• 🤝 The tech industry and Silicon Valley elites are aligning with Trump, possibly in hopes of fostering an environment more conducive to innovation and less restrictive on sectors like crypto and AI.
• 💰 The narrative suggests that greed and the desire to protect their interests are driving these wealthy individuals to support Trump, as they feel threatened by the Biden administration's regulatory actions.
• 🏦 The Biden administration is portrayed as hostile towards big business, with increased regulation in areas such as crypto, AI, and mergers and acquisitions.
• 💼 Corporate executives are contributing significantly to Trump's campaign funds, with large donations making up nearly 70% of his total donations, a stark contrast to the 14% in 2016.
• 🎟️ High-priced fundraisers with VIP perks are being organized, helping Trump to close the financial gap with Biden's campaign.
• 🤝 Prominent figures from various industries, including tech and oil, are endorsing Trump, indicating a broad base of support among the billionaire class.
• 📉 Trump is promising to roll back regulations and provide tax cuts to the wealthy in exchange for their support, which is a significant draw for these donors.
• 🛑 The Biden administration's aggressive stance against monopolies, late fees, and exploitative practices by big businesses is pushing some executives to seek a more business-friendly approach in Trump.

Q & A

What did some of the richest people in America initially think about Donald Trump's impact on democracy?

Initially, some of the richest people in America considered Donald Trump an existential threat to democracy, believing he could have done more to prevent the January 6th riot and that his words inspired some with malintent to cause harm.

How does the transcript describe the shift in perception of Donald Trump by some billionaires?

The transcript describes a significant shift in perception, with some billionaires who once viewed Trump as insane and dangerous, now leaning towards supporting him, possibly due to changes in their interests or political climate.

What does the transcript suggest as the main reason for the change in support from Silicon Valley and tech industry towards Donald Trump?

The transcript suggests that the main reason for the change in support is greed and the desire for less regulation. The Biden administration has been described as hostile towards innovation, particularly in the crypto and AI industries, which has led some industry leaders to seek a candidate who promises less interference.

What is the role of fundraisers in the financial support for Donald Trump's campaign according to the transcript?

Fundraisers, some hosted by billionaires, play a significant role in Trump's financial support. They help close the financial gap between Trump and Biden, with ticket prices for these events ranging from $5,000 to hundreds of thousands, and VIP perks offered for substantial donations.

How has the composition of Trump's campaign donations changed since 2016?

In 2016, large contributors made up only 14% of Trump's total donations. However, now, big donors make up nearly 70% of all donations to Trump, indicating a significant shift towards reliance on wealthy contributors.

What promises is Donald Trump reportedly making to wealthy executives in exchange for their support?

Donald Trump is reportedly promising to make wealthy executives even richer by rolling back environmental rules, lowering taxes, and stopping what he frames as Joe Biden's crusade to crush the crypto industry.

What actions has the Biden administration taken that have been perceived as hostile towards the interests of the wealthy and corporate America?

The Biden administration has taken actions such as suing crypto trading platforms for operating illegally, restoring net neutrality, mandating automatic refunds for airline consumers, cracking down on late fees, targeting wealthy tax evaders, and pursuing big tech monopolies, which have been perceived as hostile towards corporate interests.

What is the reported amount of campaign funds raised by Trump after a felony conviction announcement?

After the announcement of a felony conviction, Trump's campaign reportedly received almost $400 million, which is suggested to be a record amount in campaign history.

How does the transcript characterize the support of over 50 billionaires and billionaire family members for Trump's 2024 re-election?

The transcript characterizes this support as a reflection of the wealthy lining up behind Trump, indicating who he would be beholden to if he wins, and suggesting it's not the average American taxpayer.

What does the transcript suggest as the primary concern of the self-described 'lone defender of the billionaires'?

The transcript suggests that the primary concern is the threat to capitalism, using it as a euphemism for taxing billionaires, which is seen as more concerning than the threat to democracy from Trump.

What message is the transcript suggesting that Trump is conveying to his wealthy supporters?

The transcript suggests that Trump is conveying a message of protection and favoritism to his wealthy supporters, implying that they can continue their business practices without consequences if he is elected.

Outlines

00:00

🤔 Shifting Allegiances: From Perceived Threat to Presidential Support

The first paragraph discusses the changing perceptions of wealthy Americans towards Donald Trump. Initially viewed as a threat to democracy, some now support him despite previous reservations about his actions and rhetoric. The text highlights the shift in stance by figures like Bill Ackman and Stephen Schwarzman, who are now backing Trump, and questions the motives behind this change, suggesting that greed and a desire for less regulation, particularly in the tech and crypto sectors, are driving these wealthy individuals to support a candidate they once deemed insane and dangerous. It also touches on the significant financial contributions these individuals are making to Trump's campaign, indicating a substantial increase in donations from the billionaire class.

05:02

💼 Corporate Support for Trump: Promises of Prosperity and Regulatory Relief

The second paragraph delves into the reasons behind the corporate executives' support for Trump, focusing on the promises he makes to enrich them in return for their backing. It contrasts this with the Biden administration's aggressive regulatory approach, which has targeted various industries, including crypto, M&A, and big tech monopolies. The paragraph outlines specific actions taken by different government agencies under Biden, such as the SEC's lawsuits against crypto platforms and the FTC's efforts to protect consumers and crack down on corporate abuses. The narrative suggests that the Biden administration's protective stance for the working class and its pursuit of the wealthy through regulatory actions have alienated corporate America, leading them to align with Trump who promises to roll back regulations and offer tax cuts.

Keywords

💡Existential threat

An 'existential threat' refers to a danger or risk that could cause the end or extinction of something. In the context of the video, it's used to describe the perceived threat that Donald Trump posed to democracy, as suggested by some of the richest people in America.

💡Insurgency

Insurgency typically denotes a rebellion against an established government. The script refers to the January 6th riot, implying that some believe Donald Trump could have done more to prevent the insurrection, which is framed as an act of insurgency.

💡Malintent

'Malintent' is the intention to cause harm or evil. The video script suggests that some individuals with malintent were inspired by Trump's words to cause harm during the Capitol riot.

💡Unelectable

To be 'unelectable' means that a person is not likely to be elected due to various factors, such as unpopularity or controversial stances. The video discusses both Donald Trump and Bernie Sanders as being seen as unelectable by some.

💡Hedge fund billionaire

A 'hedge fund billionaire' is an individual who has amassed a fortune through the management of hedge funds, which are types of investment funds. Bill Ackman is mentioned in the script as a hedge fund billionaire who is leaning towards supporting Trump.

💡Vote for change

A 'vote for change' is a political action where a voter supports a candidate or party with the expectation that their election will bring about desired changes. Stephen Schwarzman's support for Trump is framed as a 'vote for change' in the script.

💡Innovation

Innovation refers to the process of creating new methods, ideas, or products. The script suggests that the tech industry wants to innovate but feels that the Biden administration has been hostile towards such efforts.

💡Overregulation

Overregulation is the excessive control or management of an activity through regulations. The script criticizes the Biden administration for overregulating industries, such as AI and crypto, which some believe stifles growth and innovation.

💡M&A (Mergers and Acquisitions)

M&A refers to the consolidation of companies through various types of corporate mergers, acquisitions, and buyouts. The script mentions that the Biden administration has put a stop to M&A activities, which is seen negatively by some corporate executives.

💡Cryptocurrency

Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. The script discusses the Biden administration's perceived hostility towards the crypto industry, which is a concern for some supporters of Trump.

💡Fundraising

Fundraising is the process of collecting funds, typically for a project or cause. The script details how corporate executives are hosting fundraisers for Trump, with tickets ranging from $5,000 to hundreds of thousands, indicating the high level of financial support he is receiving.

💡Tax cuts

Tax cuts are reductions in taxes that are imposed by a government. The script mentions Trump promising tax cuts to wealthy executives in exchange for their support, which is a key part of his fundraising strategy.

💡Monopoly

A monopoly is a situation in which a single company or group owns all or nearly all of the market for a product or service. The script discusses the Biden administration's actions against big tech monopolies, which is a point of contention for some corporate executives.

💡Non-compete agreements

Non-compete agreements are legal contracts that restrict former employees from working for a competitor for a certain period. The script mentions the FTC's move to ban exploitative non-compete agreements, which is seen as a positive change for employees but a threat to some businesses.

💡Gig economy

The gig economy refers to a labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs. The script discusses a new Biden administration rule that could affect the classification of gig workers, which is a concern for some companies.

Highlights

Richest people in America once viewed Donald Trump as a threat to democracy.

Donald Trump's response to the January 6th riot was criticized as insufficient.

Comparison of Donald Trump and Bernie Sanders as extremists on both ends of the political spectrum.

Regret expressed by a Trump voter from the 2020 election.

Hedge fund billionaire Bill Ackman's shift in support towards Donald Trump.

Stephen Schwarzman's announcement to support Trump as a 'vote for change'.

Peltz hosting Trump and Elon Musk, indicating a change in elite attitudes.

Assessment of Trump's presidency as successful in certain areas.

Shift in support from Silicon Valley and tech industry towards Trump.

Greed identified as a primary motivator for the tech industry's support of Trump.

Biden administration's perceived hostility towards innovation and the crypto industry.

Corporate executives' fear of aggressive regulatory actions by the Biden administration.

Record fundraising amounts for Trump's campaign, attributed to billionaire donors.

Trump's fundraising strategy shift towards reliance on large donors.

List of billionaires supporting Trump's 2024 re-election, including tech and industry leaders.

Trump's promises to wealthy executives to roll back regulations and provide tax cuts.

Biden administration's aggressive stance against monopolies and for consumer protection.

The Biden administration's actions against corporate America and the resulting loss of billionaire support.

Trump's messaging directed at the wealthy, not the average American taxpayer.

Kathryn Wylde's statement on the perceived threat to capitalism from the Democrats.

Transcripts

Not long ago, the richest people in America

thought that Donald Trump was an existential threat to democracy.

I think January 6th, he could have done a lot more to stop, a riot.

You know many of his words,

I think, inspired people, you know, some of whom with malintent

to go in there and cause harm.

I think Donald Trump

and Bernie Sanders who I think on either the extreme left

and the extreme right, are both basically completely insane and unelectable.

I voted for him

in this past election

in November [2020].

Today I'm,

I'm sorry I did that.

But suddenly they've changed their minds.

Meanwhile, hedge fund billionaire Bill Ackman

is leaning toward backing Donald Trump in the presidential election.

This news follows the recent announcement by another Wall Street billionaire,

Stephen Schwarzman, that he would support Trump as a, “vote for change.”

The reports are that Peltz hosted Trump and Elon Musk

in his mansion in Florida just last month.

He did a pretty good job.

He was a pretty good president.

Don't forget that he tried to overturn the election.

This is the honest assessment.

The guy did, for the things that he was supposed to do, a good job.

So what changed?

Why are Bill Ackman and his posse of tech bros lining up

behind a candidate they once viewed as insane and dangerous?

Now, what is Silicon Valley,

and a couple of these guys I know were from Silicon Valley,

what do they hope for in exchange for their support?

Sacks and his friends will give some platitudes

about handing Trump millions for the good of our country.

Most of these people

just really love America and they want to see America doing better.

But the real answer is much simpler. Greed.

The industry wants to be able to innovate.

And the Biden administration has been very hostile towards innovation.

It's been extremely hostile towards the crypto industry.

It's already trying to overregulate AI.

It's basically put the kibosh on any M&A.

Oh and they're freaking terrified that their shady business dealings

could finally catch up to them too.

If they can do this to a business person like Donald Trump,

they could do it to anybody in New York.

Over the last couple of months

corporate execs have been on a spending spree for the former president,

setting up fundraiser after fundraiser...

A lot of money is flowing in an estate

where ticket prices start at $5,000 and go into the hundreds of thousands.

after fundraiser.

$50,000 a ticket or $300,000

for VIP perks like a photo with the former president.

Events like these, where you have to make a USPS tracking number of a salary

to even get in, are helping Trump close the financial gap between him and Biden.

Some say he's raising record amounts thanks to the billionaire class.

And by the way, right after the announcement of this [felony conviction],

more campaign funds were given to this campaign than any campaign they think in history.

Almost $400 million, 400.

And it represents a big change from the way Trump used to raise money.

In 2016

large contributors made up only 14% of Trump's total donations.

Now, big donors make up nearly 70% of all donations to Trump.

The fundraisers are hosted by billionaires like Elon Musk's buddy

David Sacks, a former Hillary Clinton supporter, and Chamath Palihapitiya,

who donated more than $250,000 to Biden in 2020.

Yeah, things are looking very positive for for Trump right now.

But in any event we're hosting a fundraiser for him.

But it's not just Sacks and Palihapitiya.

According to a Sludge and More Perfect Union analysis, more than 50 billionaires

and billionaire family members have gotten behind Donald Trump's 2024 reelection.

People like Harold Hamm, investment manager Nelson Peltz and real estate mogul

Robert Bigelow.

Venture capitalist Doug Leone, the founder of Oculus Palmer Luckey,

the founder of Excel Communications, Kenny Troutt, Mavs owner Miriam Adelson

and of course, Elon Musk, are also throwing their support behind Trump.

But we still haven't answered the $400 million question of why

all these rich people are supporting him.

Clearly Trump is pushing some to switch sides.

The question is why?

It's not like big Tech is suffering.

In fact, pretty much every major tech stock is at or near all time highs.

The Nasdaq 100 all time high.

So if things are going so well, why are some out west

turning away from Joe Biden?

Most important is what Trump is promising, and he's not being shy

about how corrupt he is.

At fundraiser after fundraiser, Trump is promising

to make wealthy executives even richer in exchange for their support.

Last month, Donald Trump summoned a who's who of top lobbyists and executives

from the oil and gas industry to the upscale La Quinta

slash bribery palace he calls Mar-A-Lago. The New York Times says

“Trump told the group

that they should donate $1 billion to his presidential campaign because if elected,

he would roll back environmental rules that he said hamper their industry.”

That's not the only fundraiser

and it's been a pattern with Trump.

He actually held a fundraiser at John Paulson,

who's a hedge fund billionaire's house a few months ago

said, we'll lower your taxes.

Just make sure you give money to us.

You are all people that have a lot of money, I know about

twenty of you and you’re rich as hell.

We're going to give you tax cuts.

And I will also stop Joe Biden's crusade to crush crypto.

We're going to stop it.

All of these promises are exactly part of the reason

why we're seeing corporate execs hop on the Trump train.

And possibly the even bigger reason as to why these corporate execs are going to bat

for Trump is because of the way the Biden administration has been going after them.

Here's a Wall Street

exec in his own words on why he's supporting Trump over Biden.

One other reason is obviously the regulatory environment,

whether you're talking about the SEC or the FTC that are much more aggressive,

not only in the regulation of M&A, but also in crypto

The Biden administration has launched an all out war against the billionaire class

to protect the interests of the working class for a change.

Biden has put cops on the beat in every single corner

of the administration, from the SEC

The SEC is suing crypto trading platform

Coinbase, saying it is operating illegally as it failed to register as an exchange.

Earlier this week, the SEC sued Binance, accusing the platform of inflating

trading volumes, misleading investors and secretly controlling customers assets.

to the FCC

The Federal Communications Commission is set to restore

net neutrality.

The vote passed 3 to 2 across party lines on Thursday.

to the DOT

The Biden administration taking action this morning to protect airline consumers.

New rules that mandate automatic refunds.

to the CFPB

The CFPB is cracking down on late fees to a maximum of eight bucks

from an average of $32.

to the DOJ

We allege that Live Nation

has illegally monopolized markets across the live concert

industry in the United States for far too long.

It is time to break it up.

to the IRS

IRS Commissioner Danny Werfel telling me that millionaires and billionaires

are evading more than $150 billion a year in taxes.

So the IRS is using their billions from Congress to target

the wealthy, large partnerships and companies.

to the DOL

Change is coming for millions of gig workers

who could qualify under a new Biden administration rule, making it harder

for companies to classify workers as independent contractors

instead of employees.

To the FTC, which is cracking down on big tech monopolies like Microsoft,

OpenAI, Nvidia, Meta, Google, Apple and Amazon.

They've also been steadily

hiking the fees that small businesses have to pay to sell through Amazon.

And so now some small businesses have to pay one out of every $2 to Amazon.

It's basically a 50% monopoly tax.

Stopping junk fees that businesses use to arbitrarily jack up prices...

Junk fees cost Americans over $90 billion a year.

Money that corporations are extracting from Americans just because they can.

And banning exploitative non-compete agreements for employees,

which will increase wages by more than $400 billion.

Today the FTC is announcing that we're finalizing a rule that would

eliminate the vast majority of non-compete clauses in people's contracts.

All of these measures the Biden administration

has taken against corporate America on behalf of the consumer have

definitely lost them the support of these deep pocketed donors.

As the rich line up behind Trump,

it's clear who he'd be beholden to if he wins,

and it's not the people like you and me.

So when Trump says things like this:

Joe Biden's radical left

Democrat Party is a fascist movement that wants to throw you in jail.

And things like this:

If they can do this to me, they can do this to anyone.

He's not talking to you, the hardworking American taxpayer.

He's talking to people like the CEO of Pioneer Oil, Scott Sheffield,

who was just caught by the FTC for trying to collude with OPEC to raise gas prices.

We saw Scott Sheffield try to coordinate with OPEC and say, hey,

instead of us competing with you, why don't we all just agree

to actually cut back production and keep prices high?

He's talking to people like billionaire grocery store and oil mogul John

Catsimatidis, who illegally fired workers who went on strike.

If they can do this to a business person like Donald Trump,

they could do it to anybody in New York.

People like Catsimatidis know that

if Trump is elected, he can rest easy and continue making life

miserable for everyone under him without consequences

all he wants.

So the main reason why oil execs, Silicon Valley and corporate

execs in general are going for Trump is because of how the Biden administration

has been going after them.

Kathryn Wylde, the self-described “lone defender of the billionaires,”

summed it up perfectly.

The threat to capitalism

from the Democrats, she explained, using capitalism as a euphemism

for taxing billionaires is more concerning than the threat to democracy from Trump.

That's the answer to the $400 million question.