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inauguration day
Trump Inauguration Dubbed 'A Coronation of Our Country's Descent Into Oligarchy'
Tim Cook, Apple's billionaire CEO and a donor to the inauguration, was also in attendance at Monday's event, which was financed by Wall Street banks, tech giants, the pharmaceutical lobby, fossil fuel companies, crypto firms, and other corporate interests.
"Donald Trump's inauguration today is a coronation of our country's descent into oligarchy: billionaires and corporations spending hundreds of millions of dollars lining the pockets of another billionaire—now president—to usher in a presidency governed for and by the wealthy elite," Justice Democrats, a group that works to elect progressives to Congress, wrote in an email to supporters after Trump was sworn in.
"They're buying influence," the group continued. "And they can expect a massive return on their investment. 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. This administration will be a boon for the already wealthy few and will be crushing to everyday people struggling to get by."
Nabil Ahmed, economic and racial justice director at Oxfam America, described a photo of Zuckerberg, Bezos, Pichai, and Musk standing together on the inaugural platform as "a defining photo for the new Gilded Age."
Trump's inauguration, Ahmed added, "makes clearer than ever the triumph of oligarchy—one that isn't incidental but intrinsic to the politics and policies that we're seeing set out."
Tesla and SpaceX CEO Elon Musk cheers as U.S. President Donald Trump speaks after being sworn in on January 20, 2025. (Photo: Saul Loeb/Pool/AFP via Getty Images)
Trump's second administration, which could be staffed by at least 13 billionaires, is expected to bring a fresh push for large-scale deregulation and another round of tax cuts for the rich and large corporations—a giveaway that's expected to be funded in part by cuts to Medicaid, federal nutrition assistance, and other key programs.
"Today marks the beginning of an administration dominated by billionaires and corporate interests," Americans for Tax Fairness (ATF) executive director David Kass said in a statement. "Unsurprisingly, a billionaire president and his top adviser—the wealthiest person on Earth—will prioritize passing $5 trillion in new tax cuts benefiting themselves and their wealthy allies, all at the expense of everyday Americans."
"Let's be clear: The next four years will be a tremendous challenge," said Kass. "We are committed to fighting back against a second Trump Tax Scam because the first one helped to double billionaire wealth and exploded the deficit. ATF and its coalition members will stand on the frontlines pushing back against these deeply harmful measures and fighting for a tax code and economy that works for everyone, not just the wealthy few."
Trump's return to the White House comes days after former President Joe Biden, in his farewell address to the nation, belatedly warned of the threat posed by "an oligarchy... of extreme wealth, power, and influence."
According to an Oxfam report released Monday, the world's billionaires saw their wealth surge by $2 trillion last year as progress against global poverty remained stagnant. The United States has more billionaires than any other country, and its campaign finance laws allow the ultrawealthy to pump unlimited sums into elections.
"With the inauguration of President Donald Trump and the installation of his team of billionaires, we must prepare for an administration that's set to pour fuel on already extraordinary inequality," Abby Maxman, president and CEO of Oxfam America, said Monday. "Our country and the world today are extremely unequal; for too long, big corporations and an ultrawealthy few have rigged the system in their own favor, at the expense of ordinary families."
"The Trump-Musk inequality agenda is not the only threat we are facing around the world, as leaders seek to divide us and conflict and climate change increase the number, severity, and duration of humanitarian crises," Maxman added. "But together, we can and must continue our fight against inequality here in the United States and globally."
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