Donald Trump was sworn in as the 47th president of the United States on Monday, in a ceremony attended by some of the wealthiest and most influential figures in the world. The inauguration, which observers quickly labelled as a symbolic “coronation,” has sparked significant backlash due to its representation of what many critics see as the country’s drift towards oligarchy.
Among the notable figures who had “prime seats” at the event were Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Meta CEO Mark Zuckerberg, and Google CEO Sundar Pichai. These billionaires were placed in full view of lawmakers and Trump’s Cabinet nominees. In addition, Amazon, Google, and Meta each donated $1 million to Trump’s inaugural fund, with Musk—currently the richest man in the world—contributing over $250 million in support of the president’s second bid for the White House.
Tim Cook, Apple’s billionaire CEO, was also in attendance, with the event itself funded by a range of corporate giants, including Wall Street banks, big tech companies, the pharmaceutical lobby, fossil fuel corporations, and cryptocurrency firms. Critics argue that this level of corporate involvement represents the deepening entanglement of wealth and power in American politics.
Justice Democrats, a progressive political group, issued a statement after the inauguration, calling it “a coronation of our country’s descent into oligarchy.” They condemned the increasing influence of billionaires and corporations, claiming that Trump’s presidency is now “governed for and by the wealthy elite.” The group highlighted how billionaires, by funneling millions into Trump’s campaign, are effectively “buying influence,” a situation that they argue will lead to policy decisions that benefit the ultra-wealthy at the expense of ordinary Americans.
“They can expect a massive return on their investment,” the statement continued. “Crypto is already seeing one with Trump promising an executive order handout to the Wall Street-backed Big Tech corporations on Day 1. Banks and developers are already winning out as Trump and Republicans put conditions on aid to desperate Americans who have lost their homes and need immediate disaster relief in California.” According to the group, these actions will further entrench the financial interests of the elite while leaving the everyday American to suffer.
Nabil Ahmed, Economic and Racial Justice Director at Oxfam America, reflected on a striking image of Musk, Zuckerberg, Pichai, and Bezos together on the inaugural platform, calling it “a defining photo for the new Gilded Age.” Ahmed noted that the inauguration marked a clear “triumph of oligarchy,” one that is deeply embedded in the political and policy landscape of the Trump administration.
The new administration, which could see at least 13 billionaires in key roles, is expected to push for large-scale deregulation and another round of tax cuts aimed primarily at the wealthy. Critics fear that these policies will disproportionately benefit large corporations and the ultra-wealthy, while ordinary citizens suffer from cuts to vital services like Medicaid and nutrition assistance.
David Kass, Executive Director of Americans for Tax Fairness (ATF), remarked, “Today marks the beginning of an administration dominated by billionaires and corporate interests.” He expressed concern over the expected $5 trillion in new tax cuts for the wealthy, which he argued would be funded by deep cuts to essential social programs. “We are committed to fighting back against a second Trump Tax Scam,” Kass added, referring to the tax reforms introduced during Trump’s first term, which critics say benefited billionaires and corporations while deepening the national deficit.
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This starkly contrasts with former President Joe Biden’s farewell address, in which he warned about the growing influence of “an oligarchy of extreme wealth, power, and influence” in the United States.
An Oxfam report released the same day as Trump’s inauguration revealed that global billionaires saw their wealth surge by $2 trillion last year, while progress against global poverty stagnated. The United States leads the world in billionaire numbers, and its campaign finance laws allow the ultra-wealthy to inject unlimited amounts of money into elections, perpetuating their influence.
Abby Maxman, President and CEO of Oxfam America, expressed concern over the potential consequences of Trump’s inauguration, noting, “For too long, big corporations and an ultra-wealthy few have rigged the system in their own favor, at the expense of ordinary families.” She warned that Trump’s policies, backed by figures like Musk, would exacerbate existing inequalities, both in the US and globally. However, Maxman remained resolute in her call for continued action to combat inequality, saying, “Together, we can and must continue our fight against inequality here in the United States and globally.”
As the Trump administration begins its second term, many are bracing for a renewed focus on policies that favour the elite, and critics are vowing to resist the growing concentration of wealth and power in the hands of the few.
