Is the US becoming an oligarchy?
How much power do billionaires like Elon Musk really have?


In his second administration, Donald Trump is surrounding himself with billionaires. By one estimate, he is assembling the richest set of advisers and Cabinet members in American history, worth a collective $450 billion. Most notable is Elon Musk, the richest man in the world, who is prominently at Trump's side. Is America becoming an oligarchy, governed by and for its richest citizens?
Sen. Bernie Sanders (I-Vt.) thinks so. The United States is "moving rapidly into an oligarchic form of society," he said on NBC's "Meet the Press." "Never before" have billionaires in America "had so much wealth and so much power." In the 2024 presidential election, billionaires like Musk "spent huge amounts of money to elect their candidates." Other liberal critics are making the same argument. Oligarchs are often thought of as "Eastern European businessmen with considerable sway over government," Scott Nover said at Slate. No longer. It's time to expand the definition of "oligarch" and start "applying the label not only to Musk but to many of America's ultra-wealthy."
Billionaire influence 'more limited than it appears'
"No, billionaires like Elon Musk don't run American politics," Tyler O'Neil said at The Daily Signal. They do play a role in American politics, but that role is "far more limited than it appears." Money can't buy an election — Vice President Kamala Harris raised more than a billion dollars during the presidential campaign, and outside groups raised hundreds of millions of dollars more to support her cause. It didn't work. "If money really did talk in American politics," O'Neil said, "Musk's voice would be drowned out by the mega-billions of the Left."
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Mega-rich billionaires are "no longer just influencing policy from behind the scenes," Ali Velshi said at MSNBC. In the second Trump administration, "they are seizing control of the levers of power." That's dangerous: In autocracies, the rich and powerful "often blur the line between public office and private interests." Thomas Jefferson warned against the anti-democratic dangers of concentrated wealth, saying in 1816 that profit-minded people are not the "ones to trust to keep government pure and our rights secure." Musk's position alongside Trump "risks entrenching corporate interests within the very structures of our federal government," Velshi said.
Politics long 'dominated' by the rich
Billionaires "almost always use their influence quietly" in American politics, Whizy Kim said at Vox. Musk is different. Now he's showing that a "private citizen can grab power in full view of the public" as long as they're rich and have a sizable online fanbase. Politics in America have long been "dominated by its most well-heeled citizens," Kim said. The shift from quiet influence to brash public power, though, has "worrying implications." Musk's sudden political prominence "lays bare the mechanism of power in American democracy in the starkest terms."
America's wealthiest citizens may not be running the country so much as they're bending the knee to the new president. CEOs are flocking to Trump to "help their bottom lines and spare them from Trump's wrath," said The Wall Street Journal. Facebook's Mark Zuckerberg and Amazon's Jeff Bezos have both donated $1 million to Trump's inauguration. They may have little choice, said Alex Conant, a Republican strategist: "Smart CEOs realize it's better to shape an agenda than fight an agenda."
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Joel Mathis is a writer with 30 years of newspaper and online journalism experience. His work also regularly appears in National Geographic and The Kansas City Star. His awards include best online commentary at the Online News Association and (twice) at the City and Regional Magazine Association.
-
Cameron House Resort & Spa: a luxurious lakeside haven
The Week Recommends This stunning five-star resort on the shores of Loch Lomond is perfect for a special Scottish getaway
-
Albania’s AI government minister: a portent of things to come?
In The Spotlight A bot called Diella has been tasked with tackling the country's notorious corruption problem
-
Hyatt Regency Lisbon: a tranquil oasis in the historic district of Belém
The Week Recommends With its sprawling spa and prime location overlooking the River Tagus, this luxury hotel is a great place to escape the bustle of the city
-
Calls for both calm and consequences follow Kirk killing
TALKING POINTS The suspected assassination of far-right activist Charlie Kirk has some public figures pleading for restraint, while others agitate for violent reprisals
-
Why does Donald Trump keep showing up at major sporting events?
Today's Big Question Trump has appeared at the Super Bowl, the Daytona 500 and other events
-
‘Democracy is under threat globally’
Instant Opinion Opinion, comment and editorials of the day
-
Former top FBI agents sue, claiming Trump purge
Speed Read The agents alleged they were targeted by a “campaign of retribution”
-
Why does Trump keep interfering in the NYC mayoral race?
Today's Big Question The president has seemingly taken an outsized interest in his hometown elections, but are his efforts to block Zohran Mamdani about political expediency or something deeper?
-
Judge lets Cook stay at Fed while appealing ouster
Speed Read Trump had attempted to fire Cook over allegations of mortgage fraud
-
Trump's drug war is now a real shooting war
Talking Points The Venezuela boat strike was 'not a mere law enforcement action'
-
House posts lewd Epstein note attributed to Trump
Speed Read The estate of Jeffrey Epstein turned over the infamous 2003 birthday note from President Donald Trump