Everyone, it seems, is turning on Donald Trump these days. Two-thirds of Latino voters—a bloc that helped propel him to victory less than two years ago—now disapprove of his presidency. He has a 44-point deficit with young voters, another group he performed surprisingly well with in 2024. After the debacle of last week’s faux Republican National Convention, even some of his fellow Republicans are turning on him. His vice president, JD Vance, has resorted to begging voters to give his party another shot.
But there’s one group that’s sticking with Trump: billionaires.
According to a recent analysis from the Financial Times, “More than a third of the $2.8 [billion] raised for the current 2025-26 election cycle comes from the 20 biggest mega-donors,” 16 of which have “plowed money” into the Republican midterm campaigns, a marked shift from prior cycles. The balance in this election, political scientist Adam Bonica told the FT, is “especially skewed.” Remember, Kamala Harris significantly outraised and outspent—and ultimately lost to—Trump in 2024. Now, even as much of the country has rapidly recoiled from the president’s authoritarianism and demagoguery, billionaires are drawing ever closer to Trump, the MAGA agenda, and the Republican Party. What gives?
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.
Elon Musk is behind much of it. Despite his much-publicized rift with Trump last year—and his claim last May that he thought he had “done enough” political spending—the tech billionaire and gutter racist is spending hundreds of millions to elect Republicans. Much of that spending is driven by Musk’s increasingly reactionary views on gender and race, which he typically posts about several dozen times a day. But it’s also part of a larger shift away from Democrats in the tech world that is being driven by fears of regulation and government scrutiny, should the party regain control of Congress or the White House.
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.
Musk is hardly alone among tech billionaires. According to the FT, “Crypto entrepreneurs Cameron and Tyler Winklevoss donated about $11 million. Silicon Valley tycoons Marc Andreessen and Ben Horowitz and their spouses have given $18 million, while OpenAI co-founder Greg Brockman and his spouse donated $25 million.” It’s not hard to figure out what these investors expect from Republicans and fear from Democrats. They want concentrated power, and the right to continue to push cryptocurrencies, artificial intelligence, and tech products with little oversight or regulation—even as concerns about the potential harms of AI and the data centers that power it continue to grow, and continue to alienate ordinary Americans.
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.”
Naturally, this level of spending is hardly new in American politics, especially since the 2010 Supreme Court Decision Citizens United v. FEC opened the floodgates to corporate spending. But what’s notable isn’t just the pro-Republican tilt of the spending in this year’s election—it’s the fact that nearly every other group of voters is abandoning Trump and his fellow Republicans. With the possible exception of the immediate aftermath of the January 6 insurrection, this is maybe the worst time since the start of the launch of Trump’s political career to go all in on MAGA. Prices are rising, Trump’s approval is plummeting, and everywhere you look there are signs of dissatisfaction and anger over every facet of his agenda, from immigration to the war in Iran, to his efforts to remake the White House and the capital in his own image.
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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