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.
Truthout Is Preparing to Meet Trump’s Agenda With Resistance at Every Turn
Dear Truthout Community,
If you feel rage, despondency, confusion and deep fear today, you are not alone. We’re feeling it too. We are heartsick. Facing down Trump’s fascist agenda, we are desperately worried about the most vulnerable people among us, including our loved ones and everyone in the Truthout community, and our minds are racing a million miles a minute to try to map out all that needs to be done.
We must give ourselves space to grieve and feel our fear, feel our rage, and keep in the forefront of our mind the stark truth that millions of real human lives are on the line. And simultaneously, we’ve got to get to work, take stock of our resources, and prepare to throw ourselves full force into the movement.
Journalism is a linchpin of that movement. Even as we are reeling, we’re summoning up all the energy we can to face down what’s coming, because we know that one of the sharpest weapons against fascism is publishing the truth.
There are many terrifying planks to the Trump agenda, and we plan to devote ourselves to reporting thoroughly on each one and, crucially, covering the movements resisting them. We also recognize that Trump is a dire threat to journalism itself, and that we must take this seriously from the outset.
Last week, the four of us sat down to have some hard but necessary conversations about Truthout under a Trump presidency. How would we defend our publication from an avalanche of far right lawsuits that seek to bankrupt us? How would we keep our reporters safe if they need to cover outbreaks of political violence, or if they are targeted by authorities? How will we urgently produce the practical analysis, tools and movement coverage that you need right now — breaking through our normal routines to meet a terrifying moment in ways that best serve you?
It will be a tough, scary four years to produce social justice-driven journalism. We need to deliver news, strategy, liberatory ideas, tools and movement-sparking solutions with a force that we never have had to before. And at the same time, we desperately need to protect our ability to do so.
We know this is such a painful moment and donations may understandably be the last thing on your mind. But we must ask for your support, which is needed in a new and urgent way.
We promise we will kick into an even higher gear to give you truthful news that cuts against the disinformation and vitriol and hate and violence. We promise to publish analyses that will serve the needs of the movements we all rely on to survive the next four years, and even build for the future. We promise to be responsive, to recognize you as members of our community with a vital stake and voice in this work.
Please dig deep if you can, but a donation of any amount will be a truly meaningful and tangible action in this cataclysmic historical moment. We are presently looking for 143 new monthly donors before midnight tonight.
We’re with you. Let’s do all we can to move forward together.
With love, rage, and solidarity,
Maya, Negin, Saima, and Ziggy