{"id":334937,"date":"2026-01-20T14:21:06","date_gmt":"2026-01-20T19:21:06","guid":{"rendered":"https:\/\/truthout.org\/?post_type=to4_article_post&#038;p=334937"},"modified":"2026-01-20T14:21:09","modified_gmt":"2026-01-20T19:21:09","slug":"who-gained-the-most-during-trumps-first-year-billionaires-and-corporations","status":"publish","type":"to4_article_post","link":"https:\/\/truthout.org\/articles\/who-gained-the-most-during-trumps-first-year-billionaires-and-corporations\/","title":{"rendered":"Who Gained the Most During Trump\u2019s First Year? Billionaires and Corporations."},"content":{"rendered":"<div class=\"truth-post-content-before\" id=\"truth-3008955672\"><div class=\"popmake-campaign-banners-donate-modal callout callout inline-callout mb-5 callout--text callout--text\" id=\"truth-304025\" data-callout-id=\"304025\" data-callout-theme=\"text\" data-callout-placement=\"Undefined\" data-callout-title=\"BCB 304025 Truthout is an indispensable resource...\"><p><i><span style=\"font-weight: 400;\">Truthout is an indispensable resource for activists, movement leaders and workers everywhere. Please make this work possible with a <\/span><\/i><a href=\"https:\/\/support.truthout.org\/-\/XXQLBDSX\/&amp;utm_source=truthout&amp;utm_medium=bcb&amp;utm_campaign=304025\"><i><span style=\"font-weight: 400;\">quick donation<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">.<\/span><\/i><\/p>\n<\/div><\/div>\n<p>The first year of Donald Trump\u2019s second term as U.S. president has been a most profitable one for the Trump family and its inner circle. By now, much has been reported about the <a href=\"https:\/\/www.nytimes.com\/interactive\/2025\/12\/31\/us\/trump-deals-policy-conflicts-web.html\">web of conflicts<\/a> \u2014 the <a href=\"https:\/\/www.nytimes.com\/2026\/01\/08\/us\/politics\/trump-family-foreign-business-deals.html\">unapologetic<\/a> ethical morass \u2014 that defines the second Trump administration and the Trump family\u2019s <a href=\"https:\/\/www.ft.com\/content\/2ea2b35b-e009-42ed-b4d3-6b21aa9b2a13\">cryptocurrency<\/a> <a href=\"https:\/\/www.nytimes.com\/2025\/09\/01\/us\/politics\/trump-crypto-trading.html\">ventures<\/a>, <a href=\"https:\/\/www.nytimes.com\/2025\/09\/24\/us\/politics\/trump-witkoff-sacks-saudi-chips-crypto.html\">foreign<\/a> <a href=\"https:\/\/www.nytimes.com\/2025\/05\/05\/us\/politics\/eric-donald-jr-trump-family-deals.html\">business deals<\/a>, <a href=\"https:\/\/www.nytimes.com\/2025\/10\/24\/us\/politics\/trump-drones-pentagon.html\">military contracts<\/a>, and more.<\/p>\n\n\n\n<p>But beyond the Trump clan itself, major industries and their billionaire leaders who rule over us all \u2014 from Wall Street to Silicon Valley, Big Oil to Big Crypto \u2014 have profoundly benefited from the administration&#8217;s first year. Many of these corporate actors have cozied up with Trump through piles of campaign and inauguration contributions, as well as donations to his <a href=\"https:\/\/truthout.org\/articles\/trumps-white-house-ballroom-is-being-bankrolled-by-genocide-and-ice-profiteers\/\">White House ballroom<\/a> project.<\/p>\n\n\n\n<p>They\u2019ve been the big winners over the past year, raking in billions from a policy agenda overseen by Trump and his administration <a href=\"https:\/\/www.washingtonpost.com\/politics\/interactive\/2025\/trump-white-house-billionaires-musk\/\">stacked with billionaires<\/a> and industry-friendly regulators.<\/p><div class=\"truth-post-content-high\" id=\"truth-250989671\"><div class=\"callout inline-callout p-4 mb-5 callout--subscribe callout--light\" id=\"truth-255392\" data-callout-id=\"255392\" data-callout-theme=\"light\" data-callout-placement=\"Post Content - High\" data-callout-title=\"Never miss another story\"><h4>Never miss another story<\/h4>\n<p>Get the news you want, delivered to your inbox every day.<\/p>\n<script>\nvar gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),document.addEventListener(\"gform\/theme\/scripts_loaded\",function(){gform.themeScriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>\"function\"==typeof InitializeEditor,callIfLoaded:function(o){return!(!gform.domLoaded||!gform.scriptsLoaded||!gform.themeScriptsLoaded&&!gform.isFormEditor()||(gform.isFormEditor()&&console.warn(\"The use of gform.initializeOnLoaded() is deprecated in the form editor context and will be removed in Gravity Forms 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);\n<\/script>\n\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u201cDeregulatory Bonanza\u201d for Wall Street<\/h2>\n\n\n\n<p>Wall Street and its coterie of financial oligarchs have been prime beneficiaries of Trump\u2019s first year. This is especially true of big banks, which saw their stocks <a href=\"https:\/\/www.nytimes.com\/2026\/01\/05\/business\/banking-deregulation-jamie-dimon.html\">skyrocket<\/a> by 29 percent in 2025.<\/p>\n\n\n\n<p>The bullishness around banks springs largely from Trump\u2019s lax regulatory regime. This includes the <a href=\"https:\/\/www.nytimes.com\/2026\/01\/05\/business\/banking-deregulation-jamie-dimon.html\">weakening<\/a> of antitrust oversight, to the glee of big banks profiting from ramped-up mergers and acquisitions, and the appointment of corporate-friendly regulators to key financial <a href=\"https:\/\/www.citizen.org\/news\/scott-bessent-set-to-serve-billionaires-and-big-banks-as-treasury-secretary\/\">cabinet<\/a> and <a href=\"https:\/\/www.politico.com\/news\/2025\/11\/19\/trump-cfpb-nomination-levenbach-vought-00659032\">oversight<\/a> roles.<\/p>\n\n\n\n<p>The Trump administration has looked to erode regulatory oversight rules of banks that were created after the 2007-2008 financial crash. It\u2019s attempting to <a href=\"https:\/\/www.nytimes.com\/2025\/12\/30\/business\/consumer-financial-protection-bureau-funding-trump-vought.html\">close<\/a> the Consumer Financial Protection Bureau that was created in 2010 to protect consumers from financial industry abuses. It\u2019s also looking to <a href=\"https:\/\/www.occ.gov\/news-issuances\/bulletins\/2025\/bulletin-2025-51.html\">loosen scrutiny<\/a> of all but the biggest banks and <a href=\"https:\/\/www.nytimes.com\/2025\/09\/15\/business\/trump-company-quarterly-reports.html\">relax<\/a> corporate disclosures required by the Securities and Exchange Commission (SEC).<\/p>\n\n\n\n<p>In August, Trump signed an executive order <a href=\"https:\/\/truthout.org\/articles\/what-trumps-executive-order-on-401ks-means-for-workers-who-hope-to-retire\/\">opening up<\/a> millions of 401(K) retirement accounts to riskier and less regulated private equity and cryptocurrency investments. Trump has also <a href=\"https:\/\/www.nytimes.com\/2025\/08\/07\/business\/trump-debanking-executive-order.html\">attacked<\/a> the so-called &#8220;debanking&#8221; of conservative-aligned industries like cryptocurrency, firearms, fossil fuels, and private prisons, which many argue present <a href=\"https:\/\/ourfinancialsecurity.org\/wp-content\/uploads\/2025\/02\/AFR-Statement-for-the-Record-Senate-De-banking-Hearing-1.pdf\">ethical and financial risks<\/a> to lenders.<\/p>\n\n\n\n<p>\u201cThe deregulatory bonanza alone makes it the best time in a generation to be a banker,\u201d said <a href=\"https:\/\/www.nytimes.com\/2026\/01\/05\/business\/banking-deregulation-jamie-dimon.html\"><em>The New York Times<\/em><\/a>.<\/p>\n\n\n\n<p>One major beneficiary of these policies is Jamie Dimon, the longtime <a href=\"https:\/\/www.forbes.com\/profile\/jamie-dimon\/\">billionaire<\/a> CEO of JPMorgan Chase, the U.S.\u2019s biggest bank.<\/p>\n\n\n\n<p>Dimon \u2014 who appears to be<a href=\"https:\/\/www.wsj.com\/finance\/jpmorgan-chase-jamie-dimon-trump-visits-01a36928?mod=hp_lead_pos5\"> chumming up<\/a> with Trump after years of tension \u2014 raked in around $770 million in 2025 through a \u201ccombination of salary, bonuses, dividends, stock grants and appreciation in his allotment of the bank\u2019s shares,\u201d whose value rose 34 percent last year, according to <a href=\"https:\/\/www.nytimes.com\/2026\/01\/05\/business\/banking-deregulation-jamie-dimon.html\"><em>The New York Times<\/em><\/a>.<\/p>\n\n\n\n<p>Other bank executives \u2014 at Citi, Goldman Sachs, Capital One, and more \u2014 have also <a href=\"https:\/\/www.nytimes.com\/2026\/01\/05\/business\/banking-deregulation-jamie-dimon.html\">massively cashed in<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Trump-Aligned Investors<\/h2>\n\n\n\n<p>Trump-aligned asset managers and private equity and hedge fund billionaires have also benefited from the administration\u2019s first year.<\/p>\n\n\n\n<p>After opposing Trump for years, mega-investor Jeff Yass, the wealthiest Pennsylvanian, \u201cmorphed into a supporter\u201d of Trump after the 2024 election result, notes <a href=\"https:\/\/www.washingtonpost.com\/politics\/2025\/12\/05\/jeff-yass-school-choice-trump\/\"><em>The Washington Post<\/em><\/a>.<\/p>\n\n\n\n<p>Yass has donated at least <a href=\"https:\/\/www.phillymag.com\/news\/2025\/11\/04\/trump-ballroom-donation-jeff-yass\/\">$2.5 million<\/a> toward Trump\u2019s White House ballroom and has given <a href=\"https:\/\/www.washingtonpost.com\/politics\/2025\/12\/05\/jeff-yass-school-choice-trump\/\">$16 million<\/a> to the Trump-aligned MAGA Inc. super PAC. He also <a href=\"https:\/\/www.nytimes.com\/2025\/11\/26\/us\/politics\/trump-transition-donors.html\">helped pay<\/a> for Trump\u2019s presidential transition.<\/p>\n\n\n\n<p>Yass\u2019s support for Trump has paid off twofold. First, after <a href=\"https:\/\/abcnews.go.com\/Politics\/trumps-tiktok-ban-reversal-after-meeting-megadonor-stake\/story?id=108013785\">meeting with Yass<\/a> in early 2024, Trump reversed his position on banning TikTok \u2014 whose parent company Yass has a <a href=\"https:\/\/www.nytimes.com\/2024\/03\/26\/technology\/tiktok-investors-bytedance.html\">15 percent stake<\/a> in \u2014 and last year <a href=\"https:\/\/truthout.org\/articles\/from-ai-to-tiktok-to-tv-this-pro-israel-billionaire-is-expanding-power-in-us\/\">allowed his billionaire allies<\/a> to oversee its U.S. version. Second, Trump <a href=\"https:\/\/www.washingtonpost.com\/politics\/2025\/12\/05\/jeff-yass-school-choice-trump\/\">is backing<\/a> Yass\u2019s true passion of education \u201creform\u201d through vouchers and other school privatization schemes.<\/p>\n\n\n\n<p>Yass\u2019s net worth at the end of 2024 was <a href=\"https:\/\/web.archive.org\/web\/20241230012415\/https:\/www.forbes.com\/profile\/jeff-yass\/\">just under $50 billion<\/a>. Today, it\u2019s <a href=\"https:\/\/web.archive.org\/web\/20260113135520\/https:\/www.forbes.com\/profile\/jeff-yass\/\">over $65 billion<\/a>.<\/p>\n\n\n\n<p>Paul Singer, who <a href=\"https:\/\/www.elliottmgmt.com\/who-we-are\/paul-singer\/\">founded and runs<\/a> Elliott Investment Management, one of the world\u2019s biggest hedge funds, and is worth <a href=\"https:\/\/web.archive.org\/web\/20260113141115\/https:\/www.forbes.com\/profile\/paul-singer\/\">close to $7 billion<\/a>, dumped <a href=\"https:\/\/www.washingtonpost.com\/elections\/interactive\/2024\/biggest-campaign-donors-election-2024\/\">$5 million<\/a> on Trump\u2019s reelection and <a href=\"https:\/\/www.nytimes.com\/2025\/11\/26\/us\/politics\/trump-transition-donors.html\">contributed<\/a> to his transition. In addition to benefiting from Trump\u2019s Wall Street-friendly tax bill, including its failure to eliminate the <a href=\"https:\/\/truthout.org\/articles\/private-equity-firms-tighten-stranglehold-on-us-angling-for-boons-under-trump\/\">carried interest tax loophole<\/a>, Singer could gain big from <a href=\"https:\/\/truthout.org\/articles\/oil-companies-are-key-partners-in-trumps-imperial-plans-for-latin-america\/\">Trump&#8217;s imperial oil grab<\/a> in Venezuela.<\/p>\n\n\n\n<p>A U.S. court <a href=\"https:\/\/www.wsj.com\/business\/energy-oil\/venezuela-citgo-oil-elliott-management-f433bb8c?gaa_at=eafs&amp;gaa_n=AWEtsqcZbmfHFCE5gp7YpygsQKmrScoMfuEFGfkEdxVvEjrv_YuwdfVuvGwXsrs8orU%3D&amp;gaa_ts=69611724&amp;gaa_sig=Vte4VwIDdJzPjQGsM-KlyAXkKtRUbhcXA7acWWVJF8zkqA4X-AVD-wGVw5uftIj2zOgcWYvgqh4AaWhBhMNewQ%3D%3D\">backed Elliott\u2019s acquisition<\/a> last year of Citgo, the Houston-based refining giant owned by Petr\u00f3leos de Venezuela, Venezuela\u2019s state-run oil company. The <a href=\"https:\/\/www.wsj.com\/business\/energy-oil\/venezuela-citgo-oil-elliott-management-f433bb8c?gaa_at=eafs&amp;gaa_n=AWEtsqcZbmfHFCE5gp7YpygsQKmrScoMfuEFGfkEdxVvEjrv_YuwdfVuvGwXsrs8orU%3D&amp;gaa_ts=69611724&amp;gaa_sig=Vte4VwIDdJzPjQGsM-KlyAXkKtRUbhcXA7acWWVJF8zkqA4X-AVD-wGVw5uftIj2zOgcWYvgqh4AaWhBhMNewQ%3D%3D\"><em>Wall Street Journal <\/em><\/a>has called Citgo the \u201cCrown Jewel of Venezuela\u2019s Oil Industry\u201d and the \u201cVenezuela\u2019s most valuable foreign oil asset.\u201d<\/p>\n\n\n\n<p>The Venezuelan government has challenged the deal, which isn\u2019t finalized, but Singer stands to profit big from increased Venezuelan oil production.<\/p>\n\n\n\n<p>As <em>Truthout <\/em>has <a href=\"https:\/\/truthout.org\/articles\/escalation-with-panama-exposes-finance-firms-role-in-us-rivalry-with-china\/\">reported<\/a>, other Trump-friendly asset manager billionaires, like BlackRock\u2019s Larry Fink, have benefited from Trump\u2019s hemispheric saber-rattling, with BlackRock last year striking a deal to acquire a huge portfolio of global ports, including two strategic Panama canal ports.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Crypto Billionaires<\/h2>\n\n\n\n<p>During his first year of his second term, Trump embraced being \u201c<a href=\"https:\/\/www.cbc.ca\/radio\/frontburner\/trump-s-crypto-bills-what-does-he-stand-to-gain-transcript-1.7588668\">the first crypto president<\/a>\u201d and promised to make the U.S. the \u201c<a href=\"https:\/\/www.nytimes.com\/2025\/03\/07\/technology\/trump-crypto-summit.html\">Bitcoin Superpower<\/a>.\u201d He followed through with a wave of pro-crypto regulatory appointments and policy shifts that have benefited the crypto billionaires who massively donated to his <a href=\"https:\/\/truthout.org\/articles\/why-are-more-tech-leaders-pivoting-to-trump-follow-the-crypto\/\">reelection<\/a> and <a href=\"https:\/\/fortune.com\/crypto\/2025\/04\/21\/donald-trump-inauguration-fund-crypto-coinbase-ripple-circle-18-million\/\">inauguration<\/a>.<\/p>\n\n\n\n<p>Some of Trump\u2019s and the GOP\u2019s biggest crypto backers \u2014 such as Binance, Ripple Labs, and the <a href=\"https:\/\/www.nytimes.com\/2025\/12\/15\/us\/politics\/trump-crypto-winklevoss.html\">Winklevoss twins<\/a> \u2014 have been wined and dined at the White House and had federal lawsuits and penalties against them <a href=\"https:\/\/www.nytimes.com\/2025\/12\/14\/us\/politics\/sec-crypto-firms-trump-investigation.html\">frozen, dropped, or weakened<\/a>.<\/p>\n\n\n\n<p>\u201cSince Trump returned to office,\u201d reports <a href=\"https:\/\/www.nytimes.com\/2025\/12\/15\/us\/politics\/trump-crypto-winklevoss.html\"><em>The New York Times<\/em><\/a>, \u201cthe S.E.C. has eased up on more than 60 percent of ongoing cases against crypto industry firms\u201d that it inherited from the Biden administration, in some cases pausing litigation and attempting to lessen penalties.<\/p>\n\n\n\n<p>The administration \u201cabandoned crypto industry cases at a far higher rate than it did other cases,\u201d <a href=\"https:\/\/www.nytimes.com\/2025\/12\/15\/us\/politics\/trump-crypto-winklevoss.html\"><em>The New York Times<\/em><\/a> also noted, adding that \u201cin five out of the seven crypto cases the S.E.C. ditched, the defendants either had ties to Trump family businesses or had donated to his ballroom, inauguration or political causes.\u201d<\/p>\n\n\n\n<p>\u201cIt is unheard-of for the agency to retreat from a swath of lawsuits against a single industry,\u201d <a href=\"https:\/\/www.nytimes.com\/2025\/12\/14\/us\/politics\/sec-crypto-firms-trump-investigation.html\"><em>The New York Times<\/em><\/a> noted.<\/p>\n\n\n\n<p>This shift was aided by a crew of pro-crypto regulatory appointments, including Commerce Secretary <a href=\"https:\/\/truthout.org\/articles\/trump-is-packing-his-cabinet-with-crypto-oil-and-private-prison-profiteers\/\">Howard Lutnick<\/a> and SEC Chairman <a href=\"https:\/\/www.cnn.com\/2024\/12\/04\/tech\/paul-atkins-sec-gail-slater-antitrust\">Paul Atkins<\/a>. Additionally, pro-crypto mega-billionaires like Elon Musk and Peter Thiel have one of their own in Silicon Valley billionaire <a href=\"https:\/\/www.nytimes.com\/2025\/11\/30\/technology\/david-sacks-white-house-profits.html\">David Sacks<\/a> serving as Trump\u2019s \u201cAI and crypto czar.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Fossil Fuel Profiteers<\/h2>\n\n\n\n<p>The fossil fuel industry deployed <a href=\"https:\/\/www.nytimes.com\/2024\/11\/01\/climate\/oil-gas-donations-trump.html\">tens of millions<\/a> of dollars toward Trump&#8217;s reelection, and it\u2019s unquestionably been a top beneficiary of Trump\u2019s first year in office.<\/p>\n\n\n\n<p>Trump has fulfilled his campaign promise to \u201cdrill baby drill,\u201d appointing a slew of fossil fuel-aligned cabinet members and regulators, and <a href=\"https:\/\/www.wsj.com\/politics\/policy\/trump-oil-industry-executives-policies-85eb74e6?gaa_at=eafs&amp;gaa_n=AWEtsqfCTJYuIFvrNrMsGyyedCAU0B6cvTmgg-uA0Vxe0ZPkDwQ-La-1Gnr1uonANug%3D&amp;gaa_ts=69611bdf&amp;gaa_sig=UxZc2k4gaIKVZCo8Oz8eVfWtZalyzuHvjtI2-3kSUAwPcsgHeCPfIfleHJGcRuLbJPnVK2Xmi6aqcNRlpiZqWw%3D%3D\">implementing a wave<\/a> of deregulatory policies that include approving new fracked gas terminals, opening up federal lands and waters for drilling, <a href=\"https:\/\/apnews.com\/article\/epa-trump-zeldin-fossil-fuels-transformation-1e9de2d2f9e1cba13922374478b463b1\">slashing <\/a>environmental regulations, <a href=\"https:\/\/www.nytimes.com\/2026\/01\/07\/climate\/trump-un-climate-treaty.html?smid=url-share\">pulling out<\/a> of global climate agencies, <a href=\"https:\/\/www.justice.gov\/opa\/pr\/department-justice-terminates-environmental-justice-settlement-agreement-advancing-president\">gutting<\/a> environmental justice aid, and going to war against renewable energy infrastructure.<\/p>\n\n\n\n<p>Driving this agenda are top Trump allies like <a href=\"https:\/\/www.nytimes.com\/2025\/12\/12\/business\/energy-environment\/trump-harold-hamm-oil-gas.html\">oil billionaire Harold Hamm<\/a>, founder of drilling giant Continental Resources and one of Trump&#8217;s early supporters.<\/p>\n\n\n\n<p>\u201cThe alliance\u201d between Trump and Hamm, reports <a href=\"https:\/\/www.nytimes.com\/2025\/12\/12\/business\/energy-environment\/trump-harold-hamm-oil-gas.html\"><em>The New York Times<\/em><\/a>,\u201cis now playing a big role in American energy,\u201d and \u201ctogether, they have remade federal policy to benefit oil and gas companies\u201d and \u201cput off the transition to greener alternatives like solar power and batteries.\u201d<\/p>\n\n\n\n<p>Hamm and Continental Resources <a href=\"https:\/\/www.nytimes.com\/2025\/12\/12\/business\/energy-environment\/trump-harold-hamm-oil-gas.html\">expect to benefit big<\/a> from Trump\u2019s fossil fuel policies and oil-friendly tax bill.<\/p>\n\n\n\n<p>As <em>Truthout <\/em>has <a href=\"https:\/\/truthout.org\/articles\/fracking-industry-executives-are-salivating-over-the-ai-data-center-boom\/\">reported<\/a>, corporations and investors tied to the fracking industry \u2014 from oilfield service companies like Halliburton to pipeline giants like Energy Transfer \u2014 are also profiting from Trump\u2019s <a href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/07\/accelerating-federal-permitting-of-data-center-infrastructure\/\">proactive effort<\/a> to supply the data center boom\u2019s insatiable energy demand with fossil fuels.<\/p>\n\n\n\n<p>Other Trump pals, like <a href=\"https:\/\/truthout.org\/articles\/oil-companies-are-key-partners-in-trumps-imperial-plans-for-latin-america\/\">Chevron CEO Mike Wirth<\/a>, not only benefit generally from Trump\u2019s broad policy agenda, but could also profit from his effort to control Venezuela\u2019s oil industry, which Chevron where has significant inroads.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tech Billionaires<\/h2>\n\n\n\n<p>Tech corporations and billionaires have been major beneficiaries of Trump\u2019s first year, with their stocks and revenues soaring, as the president has adamantly backed their core interests, <a href=\"https:\/\/www.nytimes.com\/2025\/12\/28\/technology\/tech-trump.html\">including<\/a> turbocharging the construction of data centers that power artificial intelligence (AI), gutting state-level AI regulations, cutting limits of AI chip exports, and approving chip exports by chipmaking behemoth Nvidia to China.<\/p>\n\n\n\n<p>\u201cThe biggest tech companies have gotten almost everything they wanted from Mr. Trump,\u201d commented <a href=\"https:\/\/www.nytimes.com\/2025\/12\/28\/technology\/tech-trump.html\"><em>The New York Times<\/em><\/a>.<\/p>\n\n\n\n<p>Tech barons have joined Trump\u2019s <a href=\"https:\/\/truthout.org\/articles\/trumps-second-term-dispels-any-notion-of-ceos-saving-us-from-climate-crisis\/\">inner circle<\/a>, and companies like Amazon, Apple, Google, Meta, and Microsoft are helping <a href=\"https:\/\/www.nytimes.com\/2025\/10\/23\/us\/politics\/trump-ballroom-donors-list.html\">to bankroll<\/a> Trump\u2019s White House ballroom.<\/p>\n\n\n\n<p>Nvidia CEO Jensen Huang has <a href=\"https:\/\/www.ft.com\/content\/ba305968-5427-41ee-b65b-818d27f7db16\">won over<\/a> Trump while <a href=\"https:\/\/www.ft.com\/content\/c3ac79f5-e2e4-4b45-96aa-7005a65ee550\">Trump-aligned<\/a> tech billionaires like OpenAI\u2019s Sam Altman and Oracle\u2019s Larry Ellison \u2014 who <a href=\"https:\/\/truthout.org\/articles\/from-ai-to-tiktok-to-tv-this-pro-israel-billionaire-is-expanding-power-in-us\/\">also benefited<\/a> from the Trump administration&#8217;s TikTok restructuring and approval of Paramount\u2019s sale \u2014 are partnering on <a href=\"https:\/\/apnews.com\/article\/trump-ai-openai-oracle-softbank-son-altman-ellison-be261f8a8ee07a0623d4170397348c41\">Trump-backed<\/a> AI deals.<\/p>\n\n\n\n<p>Tech billionaires like Elon Musk, whose wealth has skyrocketed to <a href=\"https:\/\/web.archive.org\/web\/20260114125245\/https:\/www.forbes.com\/profile\/elon-musk\/\">$725 billion<\/a> and is set to become the world\u2019s first <a href=\"https:\/\/www.nytimes.com\/2025\/11\/06\/business\/elon-musk-tesla-pay-vote.html\">trillionaire<\/a>, have seen a <a href=\"https:\/\/www.nytimes.com\/2025\/02\/11\/us\/politics\/elon-musk-companies-conflicts.html\">wave of friendly regulators<\/a> appointed by Trump and enjoy a slew of government contracts across agencies.<\/p>\n\n\n\n<p>As Trump\u2019s \u201cAI and Crypto Czar,\u201d Musk ally David Sacks <a href=\"https:\/\/www.nytimes.com\/2025\/11\/30\/technology\/david-sacks-white-house-profits.html\">has become<\/a> \u201cone of the Trump administration\u2019s top technology officials,\u201d reports <a href=\"https:\/\/www.nytimes.com\/2025\/11\/30\/technology\/david-sacks-white-house-profits.html\"><em>The New York Times<\/em><\/a>, who has \u201coffered astonishing White House access to his tech industry compatriots and pushed to eliminate government obstacles facing A.I. companies.\u201d<\/p>\n\n\n\n<p>Sacks enjoys a \u201cspecial government employee\u201d status allowing him to remain in private industry and \u201chas positioned himself to personally benefit\u201d from policies he helps oversee, <a href=\"https:\/\/www.nytimes.com\/2025\/11\/30\/technology\/david-sacks-white-house-profits.html\"><em>The New York Times<\/em><\/a> writes, adding that Sacks \u201chas 708 tech investments, including at least 449 stakes in companies with ties to artificial intelligence that could be aided directly or indirectly by his policies.\u201d<\/p>\n\n\n\n<p>Musk and Sacks ally Peter Thiel, co-founder and chairman of Palantir Technologies and longtime backer of Vice President JD Vance, has been a <a href=\"https:\/\/www.wsj.com\/tech\/palantir-pltr-stock-success-government-contracts-f3b2d453?gaa_at=eafs&amp;gaa_n=AWEtsqdAjZ4hCreN_--unR7hHyZAiVRmIGCzhi83NEj_njGt6WwkfYLBEhwisEGNroI%3D&amp;gaa_ts=69616e96&amp;gaa_sig=KYXtU5r8lgMU94l878KS21P_b34eXHhQKs1B1FlEfchrAY8btU2zXcqsDHBwFONuDAbZNScgt8QyVgoriER56w%3D%3D\">prime beneficiary<\/a> of Trump\u2019s first year, seeing record earnings and hundreds of millions of dollars in government contracts, including providing <a href=\"https:\/\/truthout.org\/articles\/meet-the-billionaire-oligarchs-enabling-trumps-deportation-machine\/\">the tech backbone<\/a> of Immigration and Customs Enforcement\u2019s detention and deportation machinery through its data management software.<\/p>\n\n\n\n<p>These Trump-aligned tech billionaires and corporations, as well as others like Lucky Palmer\u2019s <a href=\"https:\/\/www.anduril.com\/news\/anduril-awarded-contract-to-redefine-the-future-of-mixed-reality\">Anduril<\/a>, are also benefiting from <a href=\"https:\/\/www.wsj.com\/business\/logistics\/navy-strikes-deal-with-palantir-for-ai-overhaul-of-submarine-maintenance-848f15f2?gaa_at=eafs&amp;gaa_n=AWEtsqcEt3CDMqO5dV5D3mTMFsWEQUNjjg5b0yyf_HsETeCw3JnaL9Dlp5bIoa5uOkc%3D&amp;gaa_ts=69655db3&amp;gaa_sig=lU6BjQ3mzI3so9dzq3WJiNNAjbLQohVM90oWyhMoNF9SRsCxMpV5ppVxEapsei6YS42U69em9oSjGw8mi_p6BQ%3D%3D\">expanding<\/a> <a href=\"https:\/\/www.wsj.com\/politics\/national-security\/elon-musks-spacex-set-to-win-2-billion-pentagon-satellite-deal-c0a51325?gaa_at=eafs&amp;gaa_n=AWEtsqfJQFUdmP0UW36uRylEChLhKQ3ppbsq1SZ5c-Se8Z0W4ENGHuHmBMLUHS_3j2s%3D&amp;gaa_ts=69679979&amp;gaa_sig=KA6bN0nvaz8ezM778-DY2ekU7bPTLYi0BCB0M2x3sgCHYJXPLV_uNdnCrtMLht9zj0NaWNIJZw4dWC9gCvh1Zg%3D%3D\">military contracts<\/a> tied to AI, drones, and other hardware.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Taking on the Billionaire Class<\/h2>\n\n\n\n<p>While Trump\u2019s corporate and billionaire allies cashed in from the first year of his administration&#8217;s second term, they\u2019ve also faced escalating popular opposition.<\/p>\n\n\n\n<p>Massive \u201c<a href=\"https:\/\/www.theguardian.com\/world\/2025\/mar\/29\/tesla-protests-elon-musk-doge\">Tesla Takedown<\/a>\u201d protests across the nation against Elon Musk <a href=\"https:\/\/www.bbc.com\/news\/articles\/c4g4zp3z1p3o\">helped tank<\/a> the car company\u2019s stock. There\u2019s <a href=\"https:\/\/www.democracynow.org\/2025\/7\/15\/doge_20\">rising opposition<\/a> to corporations like Palantir that profit off war abroad and deportations and surveillance at home. <a href=\"https:\/\/www.notechforapartheid.com\/\">Tech workers<\/a> are challenging Silicon Valley powerhouses over their ties to genocide. Massive <a href=\"https:\/\/truthout.org\/articles\/5-million-people-attended-no-kings-protests-how-can-we-build-on-this\/\">\u201cNo Kings\u201d protests<\/a> have focused in part on the <a href=\"https:\/\/www.reuters.com\/pictures\/47-signs-spotted-anti-trumpmusk-protests-2025-03-21\/SNPMO2DWIRPW7JQH322LUNXNKA\">corporate oligarchs<\/a> enabling and benefiting from Trump\u2019s regime.<\/p>\n\n\n\n<p>As billionaire wealth grows above while precarity and insecurity persist below, the stark contrast between the haves and have-nots \u2014 and the popular resistance to entrenched corporate power \u2014 is likely to expand and sharpen in Trump&#8217;s second year ahead.<\/p>\n<div class=\"truth-post-content-after\" id=\"truth-2336782999\"><div class=\"callout inline-callout p-4 mb-5 callout-- callout--white\" id=\"truth-334871\" data-callout-id=\"334871\" data-callout-theme=\"white\" data-callout-placement=\"Post Content - After\" data-callout-title=\"2026-01 Main Campaign (FRU) Trump is silencing political dissent. We appeal for your support.\">\n<div class=\"p-2 text-start\">\n<h5 class=\"pb-2\" style=\"text-transform: uppercase; font-family: var(--bs-font-sans-serif); text-align: center;\">Trump is silencing political dissent. We appeal for your support.<\/h5>\n<p class=\"mb-3\" style=\"text-align: left;\"><span style=\"font-weight: 400;\">Progressive nonprofits are the latest target caught in Trump\u2019s crosshairs. With the aim of eliminating political opposition, Trump and his sycophants are working to curb government funding, constrain private foundations, and even cut tax-exempt status from organizations he dislikes.<\/span><\/p>\n<p class=\"mb-3\" style=\"text-align: left;\"><span style=\"font-weight: 400;\"><strong>We\u2019re concerned, because Truthout is not immune to such bad-faith attacks.<\/strong><\/span><\/p>\n<p class=\"mb-3\" style=\"text-align: left;\"><span style=\"font-weight: 400;\">We can only resist Trump\u2019s attacks by cultivating a strong base of support. The right-wing mediasphere is funded comfortably by billionaire owners and venture capitalist philanthropists. At Truthout, we have you.<\/span><\/p>\n<p class=\"mb-3\" style=\"text-align: left;\"><span style=\"font-weight: 400;\"><strong>Truthout has launched a fundraiser to raise $45,000 in the next 8 days. <\/strong>Please take a meaningful action in the fight against authoritarianism: make a one-time or monthly donation to Truthout. If you have the means, please dig deep.<\/span><\/p>\n<p class=\"m-0\" style=\"text-align: center;\"><a href=\"#XEGQPXGY\" style=\"display: none;\"><\/a><\/p>\n<\/div>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Big banks saw their stocks skyrocket by 29 percent during Trump\u2019s first year. Here\u2019s who else cashed in.<\/p>\n","protected":false},"author":52,"featured_media":334935,"menu_order":0,"template":"","categories":[91699],"tags":[44389,972,128420,2238,54482,40260,1992,551,73579,801,34601,2496,4750,5919,3848,2313,894],"section":[44],"primary_topic":[35],"series":[],"admin_tag":[],"class_list":["post-334937","to4_article_post","type-to4_article_post","status-publish","has-post-thumbnail","hentry","category-news-analysis","tag-ai","tag-banks","tag-big-tech","tag-billionaires","tag-cryptocurrency","tag-data-centers","tag-deregulation","tag-donald-trump","tag-elon-musk","tag-fossil-fuels","tag-palantir","tag-private-equity","tag-sec","tag-securities-and-exchange-commission","tag-trump-administration","tag-venezuela","tag-wall-street","section-politics-and-elections","primary_topic-politics"],"acf":[],"related_articles":[],"_links":{"self":[{"href":"https:\/\/truthout.org\/wp-json\/wp\/v2\/to4_article_post\/334937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/truthout.org\/wp-json\/wp\/v2\/to4_article_post"}],"about":[{"href":"https:\/\/truthout.org\/wp-json\/wp\/v2\/types\/to4_article_post"}],"author":[{"embeddable":true,"href":"https:\/\/truthout.org\/wp-json\/wp\/v2\/users\/52"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/truthout.org\/wp-json\/wp\/v2\/media\/334935"}],"wp:attachment":[{"href":"https:\/\/truthout.org\/wp-json\/wp\/v2\/media?parent=334937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/truthout.org\/wp-json\/wp\/v2\/categories?post=334937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/truthout.org\/wp-json\/wp\/v2\/tags?post=334937"},{"taxonomy":"section","embeddable":true,"href":"https:\/\/truthout.org\/wp-json\/wp\/v2\/section?post=334937"},{"taxonomy":"primary_topic","embeddable":true,"href":"https:\/\/truthout.org\/wp-json\/wp\/v2\/primary_topic?post=334937"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/truthout.org\/wp-json\/wp\/v2\/series?post=334937"},{"taxonomy":"admin_tag","embeddable":true,"href":"https:\/\/truthout.org\/wp-json\/wp\/v2\/admin_tag?post=334937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}