But there’s one group that’s sticking with Trump: billionaires.
A closer look at the donors themselves tells much of the story. The shift is driven primarily by Silicon Valley boodle—particularly money tied to concerns about the regulation of artificial intelligence—as well as special interests like crypto and gambling.
Musk, of course, is a special case—documentarian Alex Gibney, whose forthcoming film focuses on the billionaire, told the Los Angeles Times that he thinks Musk believes “he might go to jail” if Democrats are elected. But the larger dynamic is true for much of the increased spending on behalf of Republicans: Tech billionaires no longer see Democrats as allies because of shared social beliefs; instead, all they care about is immunity from regulation or scrutiny—which is why they’re cozying up to the GOP.
Gambling and crypto interests have followed a similar pattern this cycle, although powerful companies in both fields have funded candidates from both parties. Fearing that Democrats will regulate—or perhaps even outright ban—their product as evidence of its obvious harms pile up, The New York Times reported earlier this year that gambling companies spent tens of millions in primaries supporting pro-gambling, anti-regulation candidates. Per the FT, Fairshake, a crypto super PAC, “has raised more than $99m in individual contributions—nearly all from a handful of companies and investors, including Coinbase, Ripple, and Andreessen/Horowitz.”
This is also a bad time for many of the interest groups that are spending big on behalf of Trump and his party. Voters are rapidly souring on AI amid concerns about its harms, use, and the current lack of oversight over a rapidly evolving technology whose own adherents are now saying it could end the human race inside of a decade.
Tech companies have faced growing antitrust scrutiny from both parties, though much of the serious inquiry has come from Democrats—Trump has sidelined pro-regulation voices in his party (including his own vice president) in favor of tech overlords who have shoveled hundreds of millions of dollars into his pet projects, like the White House ballroom. Some of that money may stem from a feeling of genuine kinship among an increasingly reactionary—or like Musk, a genuinely authoritarian, and racially motivated subset. But nearly all of it comes from billionaires representing industries that are desperate because they are hated as much as, if not more than, the president they are increasingly spending tens of millions to prop up.
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