Democrats vs. Republicans: who are the billionaires backing?

"The chief business of the American people is business", US president Calvin Coolidge famously said in 1925.

With businessman-turned-politician Donald Trump again occupying the White House, this sentiment is once again being taken to heart by America's richest men.

While the vast majority of the country's more than 800 billionaires opted not to publicly back Republican or Democrat candidates during last year's election, since Trump's decisive win many of the country's ultra-rich have – to a greater or lesser extent – fallen in behind the new president.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

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.

Sign up

So who is backing Trump and his Maga agenda and who is risking the new administration's ire and standing firm with the leaderless Democrats?

Elon Musk: Republicans

The Tesla, X and SpaceX boss emerged as one of the most vocal Trump supporters – and prominent donors – during the election campaign. He spent more than a quarter of a billion dollars backing Trump and other Republican candidates, according to Federal Election Commission filings reported by CBS News. While this made him the largest donor in the 2024 election cycle to either party, it represented just a fraction of his estimated $351 billion fortune. Aside from financial support, Musk's ownership of X (formerly Twitter) provided a crucial platform to support the Maga message before – and after – election day.

Since then, Musk has become one of Trump's closest advisors, earning him the nickname "First Buddy". Efforts to "reshape" the federal government through the Musk-led Department of Government Efficiency (Doge) has made him "perhaps the most important figure in the new administration", said The New York Times.

Jeff Bezos: Republicans

In 2016, the founder of Amazon and the world's third-richest man, warned Trump could "erode" American democracy. Once derided as a "woke" capitalist, over the years he has "changed his tune" when it comes to dealing with Trump, said The Seattle Times.

Although he did not explicitly endorse the Republican Party during the election, a new book by Axios' Alex Isenstadt, "Revenge: The Inside Story of Trump's Return to Power", reveals Bezos "had evidently been fostering a relationship" with the Republican candidate "for months", The Independent reported.

He blocked his newspaper, The Washington Post, from endorsing a candidate for the first time in decades, sparking an "uproar", including a quarter of a million cancelled subscriptions and concerns about conflicts with Bezos' financial interests, said the paper. Later, Amazon donated $1 million to fund the Trump inauguration, which Bezos himself attended.

More recently, Bezos has controversially sought to align The Washington Post's editorial section more closely with the politics of the new administration, declaring in an email to staff that opinion pieces must not go against the ideals of "personal liberties and free markets".

Mark Zuckerberg: Republicans

Meta, the parent company of Facebook, also contributed to the inauguration fund coffers. Zuckerberg, the company's CEO and second wealthiest person in the world, did not endorse either candidate during the campaign, but did call Trump's response to the July assassination attempt "badass", and reportedly phoned Trump to wish him a speedy recovery. Trump claimed that Zuckerberg told him, "I will never vote for people running against you after watching what you did."

The relationship between the two has not always been easy – Trump has in the past threatened to send Zuckerberg to prison for life – but the tech titan has moved quickly to ingratiate himself with Trump, "rebranding the company to go all-in on a Maga-dominated Washington, shelving Meta's once-lauded fact-checking program, eliminating DEI initiatives" and installing a top Republican lobbyist, Joel Kaplan, as "the face of the company's policy division", said The Washington Post.

Bill Gates: Democrats

One billionaire who "isn't in on the boys' club throwing money and support behind the president" is Bill Gates, said Fortune.

The Microsoft co-founder privately donated $50 million to a non-profit organisation supporting the Harris campaign, The New York Times reported.

"I have a long history of working with leaders across the political spectrum, but this election is different, with unprecedented significance for Americans and the most vulnerable people around the world," he said in a statement.

The philanthropist, who has given away much of his fortune over the past two decades, has criticised Trump's decision to cut US foreign aid disbursements, and has voiced surprise at "a significant right-of-centre group" of tech billionaires in Silicon Valley who support the Republicans, said The New York Times.

Michael Bloomberg: Democrats

The founder of Bloomberg and former Republican New York mayor has been one of the most high-profile critics of Trump over the years. A major Democrat donor, his "total financial commitment toward Democratic causes" reportedly neared $100 million during the election, said Forbes.

He warned during the campaign that "Trump is not fit for high office", said Bloomberg, and his huge personal fortune – not to mention international media organisation – could prove hugely influential in taking the fight to the Republicans over the coming years – especially with the Democrats currently demoralised and lacking clear leadership.

Warren Buffett: Democrats

A long-time Democratic supporter, the legendary investor – known as the "Sage of Omaha" – appeared on stage with Hillary Clinton during the 2016 presidential election.

Since then, the Berkshire Hathaway CEO and world's seventh-richest person has "avoided donating to federal political candidates as he aimed to spare his companies and employees from any potential backlash", said Bloomberg.

But in a rare interview with CBS News on Sunday, Buffet attacked Trump's plans to introduce trade tariffs on foreign goods, a move he called an "act of war".