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Column: Here are the billionaires in thrall to Trump, and why

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Column: Here are the billionaires in thrall to Trump, and why

They’re hedge fund operators, cryptocurrency and AI promoters, scions of and heirs to family fortunes, and others who have it all and want to keep it all. They’re the billionaires who have lined up to support Donald Trump’s reelection campaign with tens of millions of dollars, even hundreds of millions, in donations.

The eye-catching torrent of cash has made the role of America’s billionaires in the electoral system, and their sedulous backing of Trump, a front-burner political issue especially among progressive commentators.

The American Prospect, a progressive website, titled its analysis of tech entrepreneur support for Trump “Valley of the Shadow.” It focused much of its coverage on contributions by Marc Andreessen and Ben Horowitz, partners in the Silicon Valley venture investing firm a16z, citing a July podcast in which they wrung their hands over then-Democratic candidate Biden’s technology policies.

“The future of our business, the future of new technology, the future of America is literally at stake,” Horowitz said. “For little tech [whatever that is], Donald Trump is actually the right choice.”

That’s a clue to the fundamentally transactional nature of billionaires’ electoral investments. Many are voting their pocketbooks, enticed by Trump’s record of providing tax cuts for the wealthy and deregulation for corporations and promising more of the same in a second term — Trump’s open threats to the democratic model be damned.

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As the veteran labor reporter Steven Greenhouse observed on Slate.com, “They’re far more concerned about slashing taxes and regulations than about the risks of electing a demagogue who hails Hungary’s authoritarian leader, Viktor Orban, as a model.”

Some may wish to curry favor with Trump, or fear his retribution if they don’t support him. Backers with interests in the crypto and AI industries such as Andreessen and Horowitz are irked at the Biden administration’s regulatory campaigns. Indeed, the official GOP platform for 2024 bowed to those sectors directly.

“Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown,” it read, replicating Trump’s diction. “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control. … We will repeal Joe Biden’s dangerous Executive Order that hinders AI Innovation, and imposes Radical Leftwing ideas on the development of this technology.”

The future of our business, the future of new technology, the future of America is literally at stake. … For little tech, Donald Trump is actually the right choice.

— Venture investor Ben Horowitz

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They’re not alone among Silicon Valley investors backing Trump. As my colleagues Wendy Lee, Laura J. Nelson and Hannah Wiley reported, Trump attended a fundraiser in June at venture capitalist David Sacks’ San Francisco mansion that raised $12 million. It was Trump’s first visit to the city in at least a decade.

There can be no question that the financial weight of America’s billionaire class has landed on the side of Trump and his fellow Republicans. Of the top 25 individual donors in the current election cycle, 18 have given exclusively or chiefly to Republicans, according to a compilation by Open Secrets of campaign disclosures.

The largest single donor, Timothy Mellon, had given $165 million to Republicans through Aug. 21. An heir to the family of Andrew Mellon, the plutocrat who served as Herbert Hoover’s Treasury secretary, and the source of millions of donations to right-wing causes over the years, Timothy Mellon has given $125 million to the Trump super-PAC Make America Great Again, including $50 million on May 31, the day after Trump was convicted of 34 felonies in connection with the payment of hush money to porn actress Stormy Daniels.

The top-ranked donors who have concentrated their funds on Democrats, according to data released by the Federal Election Commission as of Oct. 17, are former New York Mayor Michael Bloomberg ($42.2 million), LinkedIn founder Reid Hoffman ($25.9 million) and the late hedge fund operator and philanthropist James H. Simon and his wife, Marilyn. Andreessen and Horowitz have also contributed to Democrats, though their donations are heavily skewed toward Republicans, who have received $8.6 million combined from the two investors, versus $3.1 million for Democrats.

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Almost all the donors on the full list are billionaires or near-billionaires. That underscores a major issue in the American economy: its extreme inequality. As I’ve pointed out before, the Founding Fathers themselves considered the accumulation of dynastic wealth to be a threat to the pursuit of happiness and to democracy itself.

“Whenever there is in any country, uncultivated lands and unemployed poor,” Thomas Jefferson wrote to James Madison in October 1785, “it is clear that the laws of property have been so far extended as to violate natural right.”

Madison in 1792 viewed the duty of political parties as acting to combat “the inequality of property, by an immoderate, and especially an unmerited, accumulation of riches.” Benjamin Franklin urged the Constitutional Convention in Philadelphia, albeit unsuccessfully, to declare that “the state has the right to discourage large concentrations of property as a danger to the happiness of mankind.”

Combined with the infamous 2010 Citizens United decision by the Supreme Court, which eliminated constraints on corporate political donations, and the consequence are clear: the domination of American election campaigns by big-money donors, who have come to use their wealth to pressure political leaders to enact policies they favor, then exploit those policies to build up their wealth.

One idea that has many rich Americans exercised is the possibility of a wealth tax. Liberal politicians such as Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) have proposed such a levy, either by raising income tax rates on the richest, or taxing unrealized capital gains; under current law, capital gains aren’t taxed until they’re sold, which allows wealthy investors to defer taxes on those gains indefinitely, even permanently.

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The equivalent of a wealth tax was proposed by the Biden administration in a policy statement that was endorsed by Democratic presidential candidate Kamala Harris, but the chance of such a thing being proposed by Trump is plainly nil.

Right-wing donor Timothy Mellon stepped up his political contributions to more than $160 million in the current cycle, from only $60 million in the 2020 presidential election; $125 million has gone to the pro-Trump super PAC Make America Great Again.

(Open Secrets)

The billionaire who has attracted the most attention as the election draws to a close is Elon Musk, the owner of the spacecraft company SpaceX and controlling shareholder of EV-maker Tesla.

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Musk has placed himself front and center among Trump’s monied supporters. He ranks sixth among the top political donors, all of whom are Republican supporters. He appeared onstage with Trump at the latter’s recent rally in Butler, Pa. Open Secrets reports that he has donated more than $118 million to America PAC, a fund-raising entity devoted exclusively to Trump, which he founded.

Musk’s interest in Trump’s reelection may be multifaceted. He has groused relentlessly about regulatory actions against him and his companies by the Securities and Exchange Commission, Federal Aviation Administration, the National Labor Relations Board and others. His political statements have aligned more openly with the right wing.

He has railed against “illegal immigration,” for example — including asserting falsely in a tweet on X, his social media platform, that the Biden administration’s policy is “very simple: 1. Get as many illegals in the country as possible. 2. Legalize them to create a permanent majority — a one-party state.” This reflects a fantasy common on the extreme right that Democrats intend to turn undocumented immigrants into a pro-Democratic voting bloc.

Among the high-profile billionaires who have drawn scrutiny for choosing not to take a sides in this contentious presidential election cycle are the owners of two of the nation’s most influential newspapers: The Times, owned by Los Angeles biotechnology entrepreneur Dr. Patrick Soon-Shiong; and the Washington Post, owned by Amazon founder Jeff Bezos. With only weeks to go before election day, both newspapers declined to endorse either candidate in the presidential race at the behest of their owners.

It has been openly speculated that both owners were concerned about Trump’s potential influence on their business prospects — Soon-Shiong’s research output could be subject to Food and Drug Administration regulation, and Bezos’ Amazon retail operation and Blue Origin space exploration venture are government contractors.

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As my colleague James Rainey reported, Soon-Shiong said that he feared that picking one candidate would only exacerbate the already deep divisions in the country. “I have no regrets whatsoever,” he said in an interview with The Times last week. “In fact, I think it was exactly the right decision. … The process was [to decide]: how do we actually best inform our readers? And there could be nobody better than us who try to sift the facts from fiction” while leaving it to readers to make their own final decision.”

Soon-Shiong also said that he considered himself a political independent, adding that, despite speculation, his stand is not based on any singular issue or intended to favor either of the major party candidates.

Bezos has felt the sting of Trumpian retribution directly. Trump has been plainly irked by the Bezos-owned Post’s endorsements of his Democratic opponents Hillary Clinton in 2016 and Joe Biden in 2020, as well as its forthright coverage of his presidential policies.

In a 2019 lawsuit, Amazon blamed its loss of a $10-billion Pentagon cloud computing contract to Microsoft on “improper pressure” by Trump, who was determined “to harm his perceived political enemy — Jeffrey P. Bezos.” A federal judge dismissed the lawsuit in 2021. The day that Bezos’ Washington Post announced that it would not endorse either presidential candidate, Trump met with the CEO of Blue Origin in what seemed, if superficially, to be an auspicious sign for the company’s destiny in a Trump administration.

The billionaires’ dollars flowing into the Trump campaign tends to reflect the source of the donors’ wealth. Among the top Republican donors are hedge fund operators and investment bankers; natural resource magnates; and others with specific concerns about federal policies that might affect their enterprises.

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Billionaire Jeff Yass, for instance, has become the fifth-largest donor in this cycle, with $84.6 million funneled to Trump and other Republicans. That cash infusion may have influenced Trump to reverse his policy position on TikTok, the social media platform in which Yass holds a substantial stake, from trying to ban the Chinese-owned platform during his presidency to advocating for its preservation.

None of this means that Democratic donors are above advocating for their own interests in a Harris administration. Several, including Hoffman and Mark Cuban, have been pressuring Harris to fire the aggressive antitrust advocate Lina Khan as chair of the Federal Trade Commission if Harris wins the election. Harris hasn’t commented.

In any case, the numbers tell the story of the 2024 election: Money is talking, and loudly.

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In a first for the country, voters in Monterey Park ban data centers

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In a first for the country, voters in Monterey Park ban data centers

Residents of Monterey Park voted overwhelmingly to ban data centers on election day, making the San Gabriel Valley city the first in the nation to do so by public vote.

As of Wednesday, 86% of votes were in favor of Measure NDC, the city ban, according to the Los Angeles County registrar-recorder/county clerk.

Other cities and towns have passed moratoriums on data centers, as a wave of opposition sweeps the country. But the Monterey Park vote can only be overturned by another ballot measure, making it the most permanent data center ban in a jurisdiction.

Monterey Park’s City Council had already banned data centers by ordinance, after a proposed 247,000-square-foot data center met an outpouring of public anger and concern. The developer withdrew that plan.

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That facility would have been less than 500 feet away from the nearest home, and would have used three times the electricity of the entire 60,000-person city. Residents said it would have caused noise and air pollution and driven up electricity rates.

“This ensures long-lasting protections for current and future generations,” Amy Wong, co-founder of the group San Gabriel Valley Progressive Action, said of the vote. “It means that future city councils cannot overturn a data center ban, even if data center developers wanted to spend money to fund pro-data center candidates.”

The measure had no formal opposition. The developer of the proposed facility, investment firm HMC StratCap, said it wouldn’t engage in the ballot fight when it withdrew in March.

The Data Center Coalition, an industry trade group, expressed disappointment in the vote.

“It sends a signal that the area is closed for business, both for data centers and for other significant economic development projects,” state policy director Khara Boender said.

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“It deprives local residents of the opportunity to compete for jobs and investment, while also causing the area to relinquish substantial long-term economic investment, high-wage jobs, and critical tax revenue to neighboring areas or other states.”

SGV Progressive Action worked with hyperlocal groups including No Data Center Monterey Park to rally support for the measure.

The group is now focused on stopping data center proposals in the City of Industry and fighting a move by City of Industry, Santa Fe Springs, Vernon and City of Commerce to welcome data centers and other industry with fast-tracked permitting and tax incentives.

City of Industry, in the San Gabriel Valley, and Vernon, south of downtown L.A., are primarily industrial areas, each with around 300 permanent residents. They are employment centers, and tens of thousands of workers commute in daily.

There has been little vocal opposition to data centers among the few residents of these cities. Wong said the protest is primarily coming from the surrounding neighborhoods.

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“If a data center gets built in City of Industry, residents across the region would bear the brunt of pollution and increased utility costs,” Wong said, noting that it is surrounded by 16 other cities and unincorporated communities.

Data center proposals have been limited in California compared to Virginia, Texas, Georgia, Illinois and Arizona, which sit at the center of a recent boom in hyperscaler facilities to power artificial intelligence.

California has the third-most data centers in the country, with 300, but high electricity rates, expensive land and regulatory hurdles mean that fewer, and smaller, facilities are currently planned than in other hotspots.

That doesn’t mean opposition hasn’t been fierce. In Coachella and Imperial County, residents are showing up in droves to protest local proposals.

In the San Gabriel Valley, Montebello, El Monte and Baldwin Park have all enacted temporary moratoriums, and Alhambra recently banned data centers as part of a zoning code update.

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Wong said she hoped the ballot measure vote would galvanize the opposition. “The vote is a testament to the people power of our region,” she said. “Our region is worth protecting, and we won’t let data centers determine our future.”

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Rent-hike ban to protect fire victims ends despite gouging concerns

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Rent-hike ban to protect fire victims ends despite gouging concerns

A rule intended to prevent rent gouging in the wake of the Eaton and Palisades fires has lapsed in Los Angeles County, possibly exposing some renters to hikes.

The executive order that blocked rent increases was issued by Gov. Gavin Newsom amid the devastating wildfires last year. Under the order, landlords couldn’t increase rents by more than 10% above their prefire levels.

The rule, which was supposed to be temporary and was repeatedly extended, ended Friday after a vote to extend it again failed to garner enough votes. Supervisor Lindsey Horvath, whose district includes Pacific Palisades, sounded the alarm in a motion to extend price protections that failed to pass at the Board of Supervisors’ May 19 meeting.

“These price gouging protections continue to be necessary as construction and rebuilding continue, and as thousands of people remain displaced,” the motion said. “Families which signed short-term leases could face drastic price increases of 50% or more without further price gouging protection.”

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Los Angeles County is home to more than 1 million rental properties, though not all of them needed protection from the new rule. There are already stricter rent increase caps for many residences, depending on the location, type and age of the building. Despite the rent control in the region, the people of Los Angeles pay among the highest rents in the country.

It is uncertain whether renters will face rapidly rising rents now that the protection has lapsed. But some real estate experts and policymakers said there was no need for the temporary rule that was part of the governor’s state of emergency.

Supervisors Kathryn Barger, Janice Hahn and Holly Mitchell abstained from voting on the motion to extend the protection, while Supervisors Hilda Solis and Horvath supported it.

“I abstained because I did not see sufficient evidence to justify extending this emergency ordinance, nor did I see evidence to eliminate it entirely,” Hahn said.

Barger’s office said she supported allowing the protections to sunset while waiting to see whether new information emerged.

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“Market data already shows countywide rents are only about 2% above pre-emergency levels and rental inventory has grown,” Barger representative Helen E. Chavez Garcia said. “The Supervisor is also mindful of the burden these ongoing protections place on small property owners throughout the county.”

Mitchell did not immediately respond to a request for comment.

There haven’t been steep rent hikes in neighborhoods within three miles of the Palisades fire, according to a Times analysis of data from Zillow, the property listing company.

In ZIP Codes within three miles of the Palisades fire, rent increased 4.8% from December 2024 to April 2025. In areas around the Eaton fire, which destroyed swaths of Altadena, rent jumped 5.2% in the same period.

In L.A. County, ZIP Codes farther from the fires saw only about a 2% increase.

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A landlords representative, Jesus Rojas of the Apartment Owners Assn. of Greater Los Angeles, told the supervisors during public comment at the meeting that the county’s rent-gouging rules have “long outlived the emergency they were intended to address” and are now being “wrongfully used to harm thousands of rental housing providers throughout the county.”

“There is no proof that multifamily rental housing providers are hugely increasing rents for impacted homeowners,” Rojas said.

Indeed, there are strong signs that the property market in the Los Angeles area has at last begun to cool.

L.A. metro-area rent prices recently fell to a four-year low, with the median rent slipping to $2,167 in December.

Meanwhile, condominium sales had their slowest start of the year in decades. Condo sales in Los Angeles have plummeted to a 20-year low, with fewer than 2,000 units sold in January and February — the worst start to the year since 2005.

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Newsom defended the price-gouging protections shortly after they went into effect.

“In the days following the Los Angeles firestorms, we worked quickly to protect Los Angeles survivors from any form of exploitation,” he said in February 2025. “The state has the tools in place to not only block price gouging during this emergency, but also to prosecute bad actors.”

The Los Angeles County Department of Consumer and Business Affairs said it received more than 2,000 complaints after the fires, alleging that retailers and landlords were taking advantage of people put in hardship by their losses, and sent out more than 2,000 cease-and-desist letters to businesses and landlords for alleged price gouging, said Morine Merritt, who oversees department investigations into consumer and real estate fraud.

“Close to 90% of the complaints that we received involved allegations of rent increases,” Merritt said in an interview. Now that the fire-related protections have expired, existing laws and “regular market conditions determine price increases for goods and services, including rents,” she said.

Crackdowns on fire-related rent gouging have been rare, said Chelsea Kirk of the activist organization the Rent Brigade, which analyzed L.A. County’s rental market in the year after the fires. It reported 18,360 potential examples of price gouging in listings but said that few lawsuits had been filed by authorities so far.

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Last week, Rent Brigade announced what it said was the first private civil lawsuit brought by a family that claimed to be rent-gouged in the aftermath of the wildfires. Plaintiffs Randall and Candy Renick, whose Altadena home was damaged, said they were charged nearly three times the maximum permitted rate for nearly 10 months. They seek restitution of $96,000 plus civil penalties and attorneys’ fees.

The rental market has probably stabilized since the fires, Kirk said, but other families may still be “locked into illegal rents” that they agreed to pay when they were in a rush to find housing after they were displaced.

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Read Nick Bilton’s Letter to Scott Pelley

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Read Nick Bilton’s Letter to Scott Pelley

Dear Mr. Pelley:

I meant what I said in my letter last week to the 60 Minutes team: joining 60 Minutes is the honor of my career and I am grateful to be working alongside the people who have contributed to the most important television journalism brand this country has ever produced. While I’m new to 60 Minutes, I’ve devoted my career to investigative journalism and storytelling. I started this job excited to collaborate and to benefit from the wisdom and experience of the 60 Minutes veterans, with you among them. For that reason, one of the first things I did in my new role was call you to talk and invite you to dinner. It is a profound disappointment that you rejected that overture and chose ambush instead. Yesterday, you hijacked my first meeting with staff to disparage me, my qualifications, and my intentions with remarkable incivility and contempt. I welcome a diversity of viewpoints and respectful debate among the team, but this was nothing of the sort. Yesterday’s performative display of hostility enacted in front of the staff instead of in a civil, private conversation-demonstrated that you have no interest in contributing to the future success of the show, or approaching my new tenure with a mind open to collaboration and progress. I am here to deliver first-in-class news programming, not to make headlines about newsroom drama. I am eager to work alongside those who share this goal.

Despite yesterday’s misconduct, I had hoped that in sitting down with you today we could find a path forward together. You made clear that you are not interested in such a path.

Your antipathy to the future of the show has come through loud and clear. And I have heard you. I therefore write on behalf of CBS News, Inc. (“CBS”) to inform you that your employment with CBS is terminated for cause effective immediately. Enclosed is your formal termination letter.

Sincerely,

Nick Bilton

Executive Producer, 60 Minutes

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