Elon Musk to Steve Schwarzman: the 60+ billionaires backing Donald Trump’s presidential bid

Trump’s endorsements of crypto and fossil fuels seem to attract donations from billionaires in these industries.

While Donald Trump campaigns for a second term as President, he has received considerable financial support from more than 60 billionaires. Recent Federal Election Commission filings highlight the crucial impact of wealthy donors on Trump’s presidential campaign.

Elon Musk, CEO of Tesla and X, has vowed to contribute $45 million each month to America PAC, a pro-Trump super PAC founded by his associates. Additionally, venture capitalists Marc Andreessen and Ben Horowitz have publicly pledged significant financial support to organizations backing Trump.

Prominent billionaires have lent their financial support to Trump, including:

1. Elon Musk

2. Steve Schwarzman

3. Ken Griffin

4. Miriam Adelson

5. Bill Ackman

6. Bernie Marcus

7. Marc Andreessen

8. Ben Horowitz

9. John Paulson

10. Linda McMahon

11. Harold Hamm

12. Elon Musk

13. J. Joe Ricketts

14. Geoffrey Palmer

15. Richard Uihlein

16. Elizabeth (Liz) Uihlein

17. Timothy Mellon

18. Antonio Gracias

19. Kelcy Warren

20. Phil Ruffin

21. Ray Davis

22. Doug Burgum

23. Steve Wynn

24. Isaac Perlmutter

25. Timothy Dunn

The reasons behind this substantial financial support are varied. Trump has pledged to continue the 2017 tax cuts, which favor the wealthy with benefits like increased estate and gift tax exemptions and specific deductions for business income through pass-through entities. These policies appeal to many of his billionaire backers, who stand to benefit greatly from these tax breaks.

Additionally, Trump’s strong endorsements of industries such as cryptocurrency and fossil fuels have drawn contributions from billionaires involved in these fields. For example, during a recent fundraiser in San Francisco, Trump promised to become the "crypto president" if elected, a pledge that probably increased support from tech and crypto investors.

A significant trend this election cycle is the shift of support from the tech industry toward Trump. Traditionally, Silicon Valley has largely supported Democratic candidates. However, this year, several tech billionaires, such as Peter Thiel, co-founder of PayPal, and venture capitalists David Sacks and Marc Andreessen, have openly endorsed Trump. This change is partly motivated by a libertarian preference for deregulation and tax cuts, which align with Trump’s policy proposals.