Despite Trump’s admission of guilt on 34 counts – including that of having falsified company accounts – support for the Republican candidate is united. One of the best known is also one of the richest men in the world: Elon Musk. He could become one of his close advisors if the former president manages to return to the White House. This explosive revelation was made by the Wall Street Journal. The business daily indicates that the merger was finalized during a meeting in Palm Beach, Florida, organized by Nelson Peltz, the billionaire activist financier, with X, the son of Elon Musk, and Barron, that of Trump. This alliance aims to rally the main economic and financial leaders to the Trump cause. Many have already paid him tens of millions of dollars but some have not yet openly displayed their support, aware that the call on January 6, 2021 to storm the Capitol and the legal convictions constitute democratic handicaps.
The support of companies and their managers for the two main candidates in the American presidential election plays a key role since they provide the necessary funds for television and social media campaigns which are increasingly expensive. Trump’s team announced that the lawsuit raised an additional $50 million, a significant portion of which came from the business world. Prominent financial leaders have affirmed their support such as Stephen Schwarzman, the CEO of BlackStone (estimated fortune: $33 billion) or Omeed Malick, banker who created 1789 Capital, an anti-woke fund created by one of those whose wave MeToo in 2018 made deviant sexual practices known. One of the most active supporters is Nelson Peltz. This wealthy financier at the head of the Trian fund has made himself known through his raids on companies whose management he wants to change to increase their profitability according to criteria which leave no room for sustainable models. For example, he won the battle with Unilever in 2022 and his presence on the board of directors largely explains the strategic turnaround of the company, former world leader in CSR at the time when it was led by Paul Polman
The divided business world
Insensitive to lasting concerns, assimilated to the “wokism” denounced by American detractors, and to the taking into account of ESG (Environmental, Social and Governance) criteria, Nelson Peltz, aged 82, said he doubted Joe Biden’s abilities because that he is 81, to support a man who celebrates his 78th birthday on June 14! This could raise a smile if it were not a more fundamental question of the economic model that the future American president will embody. For Kenneth Griffin, founder of the Citadel hedge fund, Trump would be “good for capital markets“. At the start of the year, the comments of Jamie Dimon, the boss of JP Morgan and one of the most influential men on Wall Street, caused a lot of ink to flow. He felt that “Donald Trump was right about NATO and immigration, that he had developed the economy quite well and that his tax policy was effective.” The Democrat Robert Reich, Secretary of State for Labor under Bill Clinton, immediately denounced this position which allows “curry favor with Trump if he is president at the end of the year but undermine the support business leaders should have for the rule of law, democracy and decency”.
This discreet or assertive support of the greatest American fortunes for Donald Trump clearly outlines a political, economic and financial divide. They focus on his commitment to deregulate the economy and not to tax the richest without taking into account environmental threats. Among these major donors, there would especially be the fossil fuel industry. Last April, Donald Trump summoned his representatives to his Florida residence and asked them for a billion dollars to finance his campaign “because if he is elected he will be able to cancel the environmental regulations imposed by Joe Biden”. He mentions not only oil drilling but also the limitation of automobile pollution.
The American presidential battle ultimately rests on the same fractures as in Europe. Far-right populist leaders are raising the scarecrow of immigration to push through strategies that are very destructive of the environment in order to protect current modes of production in disregard of the risks they pose to populations. The divergence of interests between the financial markets, the leaders of some of the largest stock market capitalizations and the population, which aspires to more sustainable models that respect human rights and the environment, is increasingly apparent. Will this influence the choice of voters next Sunday in Europe or in November in the United States? On the other side of the Atlantic, the convictions of Donald Trump have, it seems, marked a breaking point for those who prioritize democracy over “MAGA” (Make America Great Again) fanaticism.
