The New American Oligarchy: How Tech Billionaires Are Reshaping Power Under Trump 2.0
When Elon Musk, Jeff Bezos, and Mark Zuckerberg took their front-row seats at Donald Trump’s second inauguration, positioned ahead of cabinet secretaries, it was the most blatant display of corporate influence in American political history. This wasn’t just a courtesy extended to major donors; it was a coronation of America’s new ruling class. On the latest episode of MidAtlantic, I sat down with campaign strategist Zee Cohen Sanchez, political thinker Cory Bernard, progressive strategist Aram Fischer, and tech entrepreneur Michael Donahue to understand what this moment means for democracy, corporate power, and the fractures within the Republican Party itself.
From Disruption to Domination
Silicon Valley once fashioned itself as a band of libertarian disruptors, challenging the old order. Now, the disruptors have become the establishment. Musk, once a free speech absolutist, now aligns himself with an administration openly hostile to dissent. Zuckerberg, who for years played the neutral arbiter, is reportedly suppressing progressive content across Meta platforms.
“This isn’t just billionaires protecting their interests,” said Zee Cohen Sanchez. “This is ideological. These tech leaders aren’t just donating to Trump, they’re actively shaping the information people see, making dissent harder to organise.”
The influence of social media algorithms on political discourse is no longer a theory, it’s an operational reality. A recent Washington Post report details how X (formerly Twitter) has deprioritised left-leaning content while giving preference to right-wing voices. As the article states, “Engagement with progressive political content has dropped by nearly 40 percent in the past six months, while conservative accounts linked to Trump’s allies have seen a dramatic surge in visibility.” The battle for information isn’t just happening in Congress or the courts, it’s happening on the platforms that control what people see, hear, and believe.
The Republican Rift: MAGA vs. the Money
Despite their current alliance, there’s an undeniable tension between Trump’s working-class base and his billionaire backers. Trump’s America First agenda thrives on economic nationalism, particularly hostility toward immigration. But tech billionaires rely on global supply chains and imported labor, particularly H-1B visas.
“Trump is trying to keep two factions together that fundamentally oppose each other,” said Cory Bernard. “His working-class base hates H-1B visas; Musk and Zuckerberg can’t function without them. The question is: who does Trump ultimately betray?”
The first cracks appeared when Trump’s administration hinted at an executive order tightening visa regulations, sparking immediate backlash from Musk and other tech executives. A Politico report describes how tech leaders quickly mobilized behind the scenes to soften the policy. As the article notes, “A public showdown erupted when Musk accused Trump’s advisors of ‘economic illiteracy,’ arguing that restricting H-1B visas would cripple American innovation.” This public spat highlights the fault lines in Trump’s coalition, will economic nationalism or billionaire influence win out?
Democrats: Fighting the Last War
While Republicans have successfully integrated their grassroots movements, Tea Party, MAGA, into the core of their party, Democrats remain adrift. There is no cohesive strategy, no clear messaging, and most alarmingly, no strong effort to counter billionaire influence.
“We’re always 10 steps behind,” lamented Zee Cohen Sanchez. “Republicans nurture their movements into power. Democrats treat theirs like nuisances.”
Despite Trump’s early executive actions reshaping the country, Democrats have yet to even field strong candidates for the 2026 House races. Meanwhile, GOP operatives are already targeting vulnerable seats. The Atlantic details how Republicans are mapping out long-term strategies, while Democrats remain stuck in reaction mode. The piece sums up the problem bluntly: “Republicans aren’t just planning for 2026, they’re building a decade-long strategy to reshape American governance, while Democrats scramble from crisis to crisis.”
A System Built for the Wealthy
At its core, this conversation isn’t just about Trump or tech billionaires, it’s about the fundamental flaws in American democracy that allow wealth to dictate policy.
“Billionaires have always owned America,” said Aram Fischer. “The difference now is they aren’t even pretending otherwise.”
Unlimited campaign financing, thanks to Citizens United, has made political access a commodity. But beyond donations, billionaires are now directly shaping governance. Trump’s first executive orders were largely drafted by corporate lobbyists, dismantling regulations that inconvenience Silicon Valley. Michael Donahue, a tech entrepreneur himself, offered a grim assessment:
“These billionaires aren’t playing 4D chess. They’re just bored. They conquer an industry, get tired, then move on to politics like it’s a new playground. And the damage they cause is permanent.”
What Comes Next?
Trump’s second term isn’t just a repeat of his first, it’s a more refined, more ruthless version. With executive orders already gutting legal protections, billionaires entrenching their power, and the Democratic Party struggling to mount a coherent opposition, the stakes have never been higher.
“We need to start fighting now,” urged Zee Cohen Sanchez. “If we wait for the perfect candidate or the perfect moment, we’re going to lose everything.”
The old political playbook is obsolete. The new one is being written by the richest men on the planet. The question is: who, if anyone, can stop them?
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