Business
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.
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
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.
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.
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.
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.
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.
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.
Business
Walmart’s EV chargers are coming to California with discounts for members
Walmart is rapidly expanding its network of electric vehicle chargers designed for customers to use while they shop.
The network could help fill gaps in EV infrastructure in states with greater need for chargers. Walmart, which has more than 5,000 locations in the U.S. and hundreds in California, says more than 90% of Americans live within 10 miles of one of its stores.
The chargers also offer an incentive for customers to choose Walmart — Walmart Plus members will receive a 10% discount off an average price of $0.46 per kilowatt-hour of energy at the company’s chargers.
Walmart chargers are already available at more than 75 locations in 17 states, with Texas boasting the most charging stations, followed by Florida and Arizona.
Matthew Nelson, Walmart’s director of energy policy, said last week on LinkedIn that the network will soon reach 29 states, including California.
“We are delivering on the promise of affordable, reliable and convenient charging,” Nelson said in his post.
According to Walmart’s website, six charging stations are coming to California soon, though the company did not offer a specific timeline.
The chargers will be installed at stores in Antelope, Brea, Fresno, Stockton, Suisun City and Vallejo.
Most charging sites in California will include eight to 16 fast-charging stalls, said Walmart spokesperson Kelsey Bohl.
The company first announced plans in April 2023 to install its own EV chargers at Walmart and Sam’s Club stores, with a goal of installing thousands of chargers by 2030. Partnering with ABB E-Mobility and Alpitronic, it added 25 new charging sites this past May and six more in June.
“Walmart is building a leading retail-integrated EV fast-charging network, focused on delivering an affordable, reliable and convenient charging experience where customers already shop,” Bohl said in an emailed statement. “Customers can charge while they shop, access stations through the Walmart app they already use, and benefit from affordable pricing.”
The charging stations already available include 612 individual charging stalls using 400-kilowatt chargers. Each stall has a dual charging cord with both Combined Charging System and North American Charging Standard connectors. The standard connectors, designed by Tesla, are smaller and lighter than the combined systems.
The primary way to pay for the chargers is through the Walmart app, but the company is also experimenting with built-in credit card readers to allow those without the app to use the stations.
Customers can check charger availability on the Walmart app. The company said the chargers will be available 24 hours a day.
Business
Waymo reports teen riders for bad behavior and delivers them to the police
Robotaxis could be turning into robocops.
A self-driving Waymo reported two teens to San Mateo, Calif., police on Monday after they were found drinking alcohol and shooting toy guns in the back of the vehicle.
According to a social media post from the San Mateo Police Department, officers detained two 15-year-olds after the Waymo they were riding in contacted the department and stopped in a parking lot until law enforcement arrived.
“Parents do you know where your teens are?” the San Mateo Police Department wrote on Facebook following the incident. “Waymo does!”
Officers removed both teens from the vehicle and determined they were using toy guns to shoot Orbeez out the windows. Orbeez are small, water-absorbing beads sold at toy stores.
“Toy guns, water guns, and BB guns all pose real dangers, especially to an untrained eye,” the Police Department said. “The simple handling of them can cause fear in [passersby].” “
A video posted on Facebook shows at least five officers and a police dog responding to the scene and approaching the Waymo with their weapons raised.
Waymo did not immediately respond to a request for comment.
Waymo vehicles have internal cameras and microphones that may be used in an emergency or to “promote safety and security,” according to Waymo’s online support page.
The cameras are also used to ensure the vehicles are clean and to help find lost items, according to the support page.
The company said it does not use facial recognition or other biometric identification technologies to identify individuals.
“In more urgent circumstances, support may access live video during a trip,” the Waymo page said.
The San Mateo Police Department’s Facebook post has garnered nearly 60 comments, with one user accusing Waymo of “snitching.”
“At least they got a designated driver?!” one user commented.
Business
Commentary: How right-wing anti-transgender attacks led to a Supreme Court ruling upholding sex discrimination
At the Supreme Court, the unfounded fear of boys masquerading as girls in youth sports rolled the clock back on gender equality.
On the surface, the Supreme Court’s June 30 opinion upholding state laws barring transgender girls from women’s and girl’s sports teams looks like a victory for women’s rights.
The 6-3 opinion by Justice Brett M. Kavanaugh certainly presents itself that way. “Females and males have inherent physical differences relevant to athletic performance,” Kavanaugh wrote. “Therefore, in contact sports, forcing female athletes to compete against males can create significant safety risks.” He also asserted that “forcing female athletes to compete against males can undermine competitive fairness.”
The ruling applied to prohibitions enacted in Idaho and West Virginia against “biological” males’ participation on women’s teams in public schools. Federal judges in both states overturned the bans. The Supreme Court majority restored them. The ruling essentially upholds similar bans enacted in 25 other states.
There was no record of any transgender person participating in school sports in the State, let alone any ‘problem’ with transgender students … creating unfair competition or unsafe conditions.
— Justice Sonia Sotomayor, demolishing the Supreme Court’s argument in favor of banning transgender girls from girl’s sports
Kavanaugh, like Donald Trump and others in the anti-transgender camp, maintained that one’s gender is an immutable fact of life, established even before birth.
Anything else, Trump stated in an executive order he issued on inauguration day 2025, could only be the product of “gender ideology extremism.” The U.S., his order stated, recognizes “two sexes, male and female. These sexes are not changeable and are grounded in fundamental and incontrovertible reality.” That’s a “biological truth,” he declared.
In his own version of this overconfident and factually insupportable conclusion, Kavanaugh wrote: “As all agree, females and males have inherent physical differences relevant to athletic performance.”
Science recognizes that some people are “born with sex traits that don’t fit into typical male or female patterns,” to cite a discussion on the Cleveland Clinic web page on the topic “intersex.” The condition “may involve chromosomes, hormones, reproductive organs or genitals.”
From a psychological standpoint, medical science recognizes “gender dysphoria” as a real condition often requiring counseling and medical intervention such as the use of puberty blockers and hormones to stave off the development of secondary sex characteristics until the condition can be resolved.
No one disputes that there are physical differences between the sexes. Few would dispute that on average or even at the median, males may be bigger and more powerful than females, or that in certain contact sports the difference may be telling and on occasion dangerous.
But that’s not the same as asserting that the physical differences between males and females invariably mean that men will invariably prevail over women in all competitions or that their participation will endanger women.
The International Olympic Committee — in a policy statement Kavanaugh cited incompletely — says that in “most running and swimming events,” males have a 10% to 12% advantage over women. That’s a range that would accommodate the full spectrum of outcomes — transgender females win, cisfemales win, they tie. (The “cis” prefix denotes those living consistent with their birth gender.)
West Virginia and Idaho addressed this ambiguity by banning transgender women from all girls’ teams. So under their rules transgender girls can’t play football or soccer with cisgirls. But what’s the argument in favor of banning them from the 100-yard dash, or cross-country track, or diving, or archery?
But something else is going on here. The Supreme Court’s ruling was almost preordained, given the years-long campaign by conservatives to demonize transgender individuals as if they’re members of an alien species.
It will be recalled that during his presidential campaign, Trump spun a despicable fantasy in which children were kidnapped in school and secretly subjected to sex-change operations.
Trump’s executive order wiped out policies aimed at protecting transgender adults from discrimination. He moved to outlaw gender-affirming medical therapies for anyone under 19 by cutting off federal funding for healthcare institutions that provide such care.
He banned transgender individuals from serving in the military and ordered federal prison officials to move transgender inmates into the general populations consistent with their birth genders, which exposes them to physical assault. (Federal Judge Royce Lamberth of Washington, D.C., has blocked the government from transferring three transgender women into the male prison population or terminating their hormone treatments.)
I wrote during Trump’s first term, when his anti-transgender policies were still gestating, that the goal was to show that “one can target any community, as long as it doesn’t have a strong political voice or political power. These are the actions of bullies and cowards, pretending to be strong.”
Last year, the Supreme Court struck its first blow against transgender rights by upholding a Tennessee law banning transgender care, including puberty blockers and hormone therapy, for minors. Similar laws have been enacted in 25 other states. The majority in that ruling by Chief Justice John G. Roberts Jr. was identical to the one in the June 30 ruling — Roberts, Kavanaugh, and Justices Clarence Thomas, Samuel A. Alito Jr., Neil M. Gorsuch and Amy Coney Barrett.
Who are the targets of this ideological campaign? They number only about 1.6 million U.S. adults, or one-half of 1% of the U.S. population. About 300,000 adolescents ages 13 to 17, or 1.4%, identify as transgender, according to a study by UCLA School of Law.
In West Virginia, as Justice Sonia Sotomayor observed in her dissenting opinion, “there was no record of any transgender person participating in school sports in the State, let along any ‘problem’ with transgender students … creating unfair competition or unsafe conditions.”
In endorsing the flat bans directed at transgender women in Idaho and West Virginia, Kavanaugh argued that any attempt to implement case-by-case judgments of students’ requests to join sports teams inconsistent with their biological gender would create “an enormous practical and administrability problem.”
Is that so? That wasn’t the case in Maine, where the annual K-12 population is more than 170,000. There, a committee was charged with determining whether a student’s participation in a sport consistent with their gender identity but inconsistent with their biological sex would “result in an unfair athletic advantage” or present a risk of injury to others. The committee held 56 hearings from 2013 through 2021, or an average of seven per year. During the entire time span, only four involved transgender girls. (The outcome of those hearings couldn’t be learned.)
It was Maine’s policy, one might recall, that provoked a confrontation between Trump and Maine Gov. Janet Mills at the White House last year, when Trump threatened to withhold federal funding from the state unless it barred transgender students from competing on women’s sports teams. “We’ll see you in court,” Mills snapped.
Whether the Idaho and West Virginia laws genuinely protect girls from unfair competition is questionable. (The Idaho law is styled the “Fairness in Women’s Sports Act.”) In practice, the laws may subject women in public schools to “invasive sex verification procedures,” as educational expert George Theoharis of Syracuse University wrote after the court ruling.
They’re also based on a retrograde view of women as fragile creatures needing men’s protection, Theoharis wrote — “the same logic that has historically been used to justify excluding women from making their own healthcare decisions and girls from rigorous math and science; that physically demanding work is simply beyond them.” (There don’t appear to be any state laws barring transgender women from competing in men’s sports.)
Becky Pepper-Jackson, the plaintiff in the West Virginia case, in which she is identified only as B.P.J., is the only transgender girl who sought to join girl’s teams — track and cross-country — in the state. That was in 2021, just after West Virginia passed its law and she was about to enter sixth grade. She didn’t appear to pose any competitive risk to others on the track and cross-country teams she applied to join — her lawyers told the Supreme Court that on those no-cut teams, she “came in near the back.”
Anyway, she had not gone through male puberty, which theoretically might have endowed her with a competitive advantage, because she had been taking puberty blockers and female hormones.
Thanks to the court’s ruling, Sotomayor observed in a dissent joined by Justices Elena Kagan and Ketanji Brown Jackson, West Virginia can deny Becky access to school sports “because it thinks they have an inherent athletic advantage, even if the facts show that they do not.”
B.P.J., Sotomayor wrote, “cannot practice on girls’ teams, even if she would not take anyone’s spot in an eventual competition, even if everyone who tries out for the team makes it, and even if having the chance to participate could aid immensely in treating B. P. J.’s gender dysphoria.”
So whose interest was really protected by the Supreme Court?
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