Donald Trump and Elon Musk during the 2024 presidential campaign.
(Photo: Getty Images)
Trump's Billionaires Cometh
Out of America's 800 billionaires, president-elect Trump has so far plucked seven for top spots in his administration.
President-elect Donald Trump has selected an unprecedented total of seven reported billionaires for senior positions in his administration. Including himself, that makes eight.
This figure could continue to grow as Trump fully staffs up. After all, he has nearly 800 additional U.S. billionaires to choose from.
Here’s a quick rundown of the “original seven” members of the nine-figure club on Trump’s employee wish list:
Elon Musk
Position: Co-leader of a new Department of Government Efficiency, a presidential advisory commission tasked with slashing spending and regulations
Estimated net worth:$330 billion
Source of wealth: SpaceX, Tesla, and other businesses
2024 campaign donations:$200 million
Warren Stephens
Position: Ambassador to the UK
Estimated net worth:$3.4 billion
Source of wealth: CEO of private Arkansas-based investment bank Stephens Inc.
2024 campaign donations: $22.7 million (includes $2 million-plus for Nikki Haley’s failed bid for the Republican presidential nomination)
Linda McMahon
Position: Education Secretary
Estimated net worth: $2.5 billion (with her husband, Vince McMahon)
Source of wealth: World Wrestling Entertainment (WWE)
2024 campaign donations:$24 million
Howard Lutnick
Position: Commerce Secretary
Estimated net worth:$2 billion
Source of wealth: majority ownership of investment bank Cantor Fitzgerald
2024 campaign donations:$13.1 million in PAC donations and also hosted a $15 million fundraising event at his home in the Hamptons
Vivek Ramaswamy
Position: Co-leader of the planned Department of Government Efficiency
Estimated net worth:$1.1 billion
Source of wealth: founder of pharmaceutical firm Roivant Sciences
2024 campaign donations: $25,000 (He’d just blown $30.7 million of his own funds on his failed presidential bid)
Doug Burgum
Position: Secretary of the Interior
Estimated net worth: undisclosed. Several media have identified him as a billionaire, while Forbes analysts say he’s worth “at least” $100 million and likely much more if you consider trusts for his adult children
Source of wealth: sold Great Plains Software, which creates accounting packages for small and medium-size businesses, for $1.1 billion in Microsoft stock in 2001
2024 campaign donations:$8,000 (He’d spent $13.9 million of his own funds on his failed presidential bid. This includes the cost of giving $20 gift cards to more than 40,000 donors who gave his campaign at least $1. That expensive but crafty maneuver succeeded in drumming up enough donors to qualify for participation in the presidential debate)
Scott Bessent
Position: Treasury Secretary
Estimated net worth:undisclosed
Source of wealth: Wall Street investments, including as founder of hedge fund Key Square Group
2024 campaign donations:$3.2 million
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President-elect Donald Trump has selected an unprecedented total of seven reported billionaires for senior positions in his administration. Including himself, that makes eight.
This figure could continue to grow as Trump fully staffs up. After all, he has nearly 800 additional U.S. billionaires to choose from.
Here’s a quick rundown of the “original seven” members of the nine-figure club on Trump’s employee wish list:
Elon Musk
Position: Co-leader of a new Department of Government Efficiency, a presidential advisory commission tasked with slashing spending and regulations
Estimated net worth:$330 billion
Source of wealth: SpaceX, Tesla, and other businesses
2024 campaign donations:$200 million
Warren Stephens
Position: Ambassador to the UK
Estimated net worth:$3.4 billion
Source of wealth: CEO of private Arkansas-based investment bank Stephens Inc.
2024 campaign donations: $22.7 million (includes $2 million-plus for Nikki Haley’s failed bid for the Republican presidential nomination)
Linda McMahon
Position: Education Secretary
Estimated net worth: $2.5 billion (with her husband, Vince McMahon)
Source of wealth: World Wrestling Entertainment (WWE)
2024 campaign donations:$24 million
Howard Lutnick
Position: Commerce Secretary
Estimated net worth:$2 billion
Source of wealth: majority ownership of investment bank Cantor Fitzgerald
2024 campaign donations:$13.1 million in PAC donations and also hosted a $15 million fundraising event at his home in the Hamptons
Vivek Ramaswamy
Position: Co-leader of the planned Department of Government Efficiency
Estimated net worth:$1.1 billion
Source of wealth: founder of pharmaceutical firm Roivant Sciences
2024 campaign donations: $25,000 (He’d just blown $30.7 million of his own funds on his failed presidential bid)
Doug Burgum
Position: Secretary of the Interior
Estimated net worth: undisclosed. Several media have identified him as a billionaire, while Forbes analysts say he’s worth “at least” $100 million and likely much more if you consider trusts for his adult children
Source of wealth: sold Great Plains Software, which creates accounting packages for small and medium-size businesses, for $1.1 billion in Microsoft stock in 2001
2024 campaign donations:$8,000 (He’d spent $13.9 million of his own funds on his failed presidential bid. This includes the cost of giving $20 gift cards to more than 40,000 donors who gave his campaign at least $1. That expensive but crafty maneuver succeeded in drumming up enough donors to qualify for participation in the presidential debate)
Scott Bessent
Position: Treasury Secretary
Estimated net worth:undisclosed
Source of wealth: Wall Street investments, including as founder of hedge fund Key Square Group
2024 campaign donations:$3.2 million
President-elect Donald Trump has selected an unprecedented total of seven reported billionaires for senior positions in his administration. Including himself, that makes eight.
This figure could continue to grow as Trump fully staffs up. After all, he has nearly 800 additional U.S. billionaires to choose from.
Here’s a quick rundown of the “original seven” members of the nine-figure club on Trump’s employee wish list:
Elon Musk
Position: Co-leader of a new Department of Government Efficiency, a presidential advisory commission tasked with slashing spending and regulations
Estimated net worth:$330 billion
Source of wealth: SpaceX, Tesla, and other businesses
2024 campaign donations:$200 million
Warren Stephens
Position: Ambassador to the UK
Estimated net worth:$3.4 billion
Source of wealth: CEO of private Arkansas-based investment bank Stephens Inc.
2024 campaign donations: $22.7 million (includes $2 million-plus for Nikki Haley’s failed bid for the Republican presidential nomination)
Linda McMahon
Position: Education Secretary
Estimated net worth: $2.5 billion (with her husband, Vince McMahon)
Source of wealth: World Wrestling Entertainment (WWE)
2024 campaign donations:$24 million
Howard Lutnick
Position: Commerce Secretary
Estimated net worth:$2 billion
Source of wealth: majority ownership of investment bank Cantor Fitzgerald
2024 campaign donations:$13.1 million in PAC donations and also hosted a $15 million fundraising event at his home in the Hamptons
Vivek Ramaswamy
Position: Co-leader of the planned Department of Government Efficiency
Estimated net worth:$1.1 billion
Source of wealth: founder of pharmaceutical firm Roivant Sciences
2024 campaign donations: $25,000 (He’d just blown $30.7 million of his own funds on his failed presidential bid)
Doug Burgum
Position: Secretary of the Interior
Estimated net worth: undisclosed. Several media have identified him as a billionaire, while Forbes analysts say he’s worth “at least” $100 million and likely much more if you consider trusts for his adult children
Source of wealth: sold Great Plains Software, which creates accounting packages for small and medium-size businesses, for $1.1 billion in Microsoft stock in 2001
2024 campaign donations:$8,000 (He’d spent $13.9 million of his own funds on his failed presidential bid. This includes the cost of giving $20 gift cards to more than 40,000 donors who gave his campaign at least $1. That expensive but crafty maneuver succeeded in drumming up enough donors to qualify for participation in the presidential debate)
Scott Bessent
Position: Treasury Secretary
Estimated net worth:undisclosed
Source of wealth: Wall Street investments, including as founder of hedge fund Key Square Group
2024 campaign donations:$3.2 million