Today is the D-day as US prepares to choose its leader for the 60th time. But, Kamala Harris is reportedly receiving more support from billionaires compared to Donald Trump.
Several factors explain this pivot. Many elite backers are drawn to Harris's positions on technology regulation, climate change, social equity, and economic stability, all of which align with forward-looking investment and sustainability interests. Billionaires connected to tech, finance, and renewable energy sectors, in particular, see in Harris a candidate whose policies could support long-term growth in these fields. Her views on climate change and economic inclusivity, for example, have resonated with business leaders who are increasingly focused on sustainability and diversity.
In contrast, Trump’s policies, including tax cuts for high-net-worth individuals and deregulation, previously attracted significant support from wealthy Americans. However, his polarizing stance on issues like immigration and international trade, coupled with an aggressive regulatory approach towards certain industries, has cooled enthusiasm among some billionaires. Additionally, Trump’s approach has sometimes been at odds with sectors dependent on stable global markets and free flow of talent, particularly in technology.
This growing list of billionaire backers is also symbolic of broader shifts in the billionaire class, as younger and more progressive billionaires in tech and finance emerge as influential voices. These individuals are seen not only as advocates for economic policies that benefit their industries but also as patrons of societal issues like education, healthcare, and social justice.
Ultimately, the backing of billionaires could provide a financial and symbolic boost to Harris’s campaign. This alignment also suggests a possible shift in how political donations and influence from the ultra-wealthy may shape the upcoming election and future policy directions in the U.S.
While Elon Musk stands firmly in support of Donald Trump, his endorsement highlights the divide among billionaires and tech leaders in this election cycle. Musk's backing reflects his alignment with Trump’s deregulatory approach and advocacy for free-market principles. However, with other billionaires leaning towards Kamala Harris for her progressive stance on issues like climate action and economic equity, the U.S. electorate faces a choice that could indicate whether the public aligns more with Musk’s vision or favors a new direction. Only the election will reveal the country’s decision.
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