Several prominent billionaires — including the richest man on Earth — took to social media over the weekend to endorse presumptive GOP presidential nominee Donald Trump shortly after a 20-year-old gunman attempted to assassinate the former president at a campaign rally in Pennsylvania on Saturday.
One of the billionaires was Tesla CEO Elon Musk, who took to the social media platform that he owns to declare, “I fully endorse President Trump and hope for his rapid recovery.” The endorsement came days after reports that Musk donated to a pro-Trump super PAC and just ahead of the start of the Republican National Convention in Milwaukee.
An analyst with the Atlantic Council told The Washington Post that Musk’s endorsement of Trump garnered “the most engagement of any post on X related to the attempted assassination.”
Musk also suggested that the Secret Service’s failure to detect and stop the gunman before he opened fire may have been “deliberate” — a post that was viewed 87 million times.
Hours after Musk’s endorsement post went live, billionaire hedge fund manager Bill Ackman announced his decision to formally back Trump’s bid for a second term in the White House, four years after the former president attempted to overturn President Joe Biden’s 2020 victory and sparked a violent assault on the U.S. Capitol.
Ackman, who has historically supported Democrats, wrote in a lengthy X post that he had privately decided to endorse Trump “some time ago” and suggested he would offer a more thorough explanation of his decision in the near future.
“I just haven’t had the time nor felt the urgency to write the post as we are still a few months from the election,” Ackman wrote on Saturday, hours after a gunman later identified as Thomas Matthew Crooks opened fire with an AR-style rifle, hitting Trump’s right ear and killing one rally attendee.
Another billionaire, venture capitalist David Sacks, reiterated his support for Trump over the weekend after formally endorsing the former president last month and hosting a $300,000-per-person fundraiser for the presumptive Republican presidential nominee.
Sacks, who declared following the January 6, 2021 Capitol insurrection that Trump had “disqualified himself from being a candidate at the national level again,” called the former president a “hero” on Sunday and gushed that he has “risked everything for this country.”
The trio joins at least a dozen other billionaires backing Trump, who postures as a populist ally of the working class while supporting policies that overwhelmingly benefit the ultra-rich.
Billionaires got $1 trillion richer during Trump’s first term and have seen their wealth soar by $2.2 trillion since the passage of the Trump-GOP tax cuts in 2017.
Between December 2017 and September 2023, according to a recent analysis by the progressive advocacy group Americans for Tax Fairness, Musk saw his net worth rise from $20.4 billion to nearly $270 billion — a 1,222.8% increase.
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