Donald Trump has never had a shortage of wealthy friends and supporters. That’s hardly surprising, given his lifelong passion for the trappings of wealth and power available to the scion of one of the richest families in the US.
But in recent months, a coterie of younger Silicon Valley ultra-wealthy entrepreneurs – of the type known as “tech bros” – has gravitated strongly towards Mr Trump in his presidential campaign in a manner with ominous implications for US economic policy, the relationship between business and government, and even the future of US democracy.
We may be witnessing the rise of a new breed of American oligarchs, in the worst sense of that term.
One of the most striking features of this coterie of would-be “Maga” oligarchs is the extent to which many have entirely changed their views regarding Mr Trump. One podcasting wealthy tech bro, Chamath Palihapitiya, used to deride Mr Trump in the most vulgar terms and wanted him to serve scores of years in prison for the January 6, 2020 insurrection against Congress. Now he showers the former president with praise and donations.
Others are a more natural fit into Mr Trump’s orbit. The founding figure of this group is Peter Thiel, the venture capitalist and PayPal co-founder who spoke on behalf of Mr Trump at the 2016 Republican National Convention. He has long sought to translate personal wealth into political influence.
Mr Trump’s running mate, Ohio Senator JD Vance, is a protege of Mr Thiel who discovered him as a Yale law school student and gave him his start in venture capital. Mr Thiel later funded Mr Vance’s successful Senate bid in 2022, the only significant Maga victory in a contested election other than Mr Trump’s own presidential win in 2016.
If Trump wins, he seems set to try to give his allies among the super-wealthy the kind of political clout their predecessors could only dream of
But the most prominent and dynamic member of the group is Elon Musk, one of the world’s richest men, who has taken to showing up at Trump rallies with extravagant displays of excitement and enthusiasm. Mr Musk is giving tens of millions to Mr Trump’s campaign. Some legal experts say his recent offer of $1 million to registered voters who sign petitions supporting conservative causes is, in effect, an offer to pay people for registering to vote. That would be a blatant violation of US election laws.
Mr Musk has played a significant role in facilitating, and more recently engaging in, the dissemination of highly damaging disinformation about the US political scene. Almost all of it seems intended to promote Mr Trump and the extreme right. He famously purchased Twitter, changing its name to X, and returned hundreds of right-wing extremists who had been previously banned for spreading incitement to violence, racism and dangerous disinformation (including about the Covid-19 pandemic) to that platform.
One of the under-appreciated characteristics that unites some of these figures is that they are white men who spent their childhoods living under – and benefitting, by virtue of their race – from apartheid. Mr Musk, Mr Thiel and David Sacks (another prominent pro-Trump venture capitalist) all share this background.
Their upbringing under the systematised inequalities of apartheid may well help to explain why all of them seem committed to the idea that human societies are inevitably divided between winners and losers, and that governance should be restricted to a natural aristocracy.
That heritage may well resonate with Mr Trump’s own upbringing. His father was famously arrested, although under murky circumstances, at a violent Ku Klux Klan rally in 1927. And one of the most formative experiences of Mr Trump’s early business career was the 1973 battle that he and his father waged against the administration of Richard Nixon – hardly a civil rights champion – over their systematic housing discrimination.
Mr Trump’s father had built an empire of working and middle-class housing in the outer boroughs of New York, particularly in the booming decades following the Second World War. When Mr Trump was brought on board to help run the company, it was accused of systematically instructing agents to mark all applications from African Americans with the letter C (standing for “coloured”), an indication not to rent to those prospective tenants, as has been widely reported in US media.
In the end, Mr Trump and his father settled with the government, promising to end the practice.
Mr Trump and the new crop of Silicon Valley would-be oligarchs seemingly recognise each other as kindred spirits. The tech bros are throwing their support behind him in the apparent hope that the personalised rule that he is promising can be used in their favour. At a minimum, they might hope to avoid government regulation themselves.
The wealthy in US have never lacked for influence. The details of its framing Convention show that the constitutional system was consciously designed to facilitate the political expression of financial power, while balancing that with the power of voting majorities. Since the Supreme Court held that political donations are a form of protected “free speech” and that corporations are legal persons with political rights, that has greatly intensified in recent decades.
But the new wannabe oligarchs now flocking around Mr Trump are either seeking to pioneer new ways of politically empowering themselves via their fortunes, or at least returning to the excesses of individual political clout among the super-wealthy characteristic of the Gilded Age at the turn of the 19th century. At the time, political reformers recognised this undue influence as a form of corruption and attack against the democratic system.
Led by Republican president Theodore Roosevelt, the progressives of the time broke up monopolies and restrained the worst excesses of individual and corporate financial power on the political system. But, if he wins, another Republican president, Mr Trump, seems set to try to give his allies among the super-wealthy the kind of political clout their predecessors could only dream of.
A personalised and autocratic presidential administration backed up by, and in turn favouring, personalised and politicised individual wealth has a familiar ring in today’s world. Its next epicentre could be in Washington.
More from Rashmee Roshan Lall
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
More on animal trafficking
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Match info
Liverpool 4
Salah (19'), Mane (45 2', 53'), Sturridge (87')
West Ham United 0
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EGrowdash%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJuly%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESean%20Trevaskis%20and%20Enver%20Sorkun%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ERestaurant%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%20so%20far%3A%3C%2Fstrong%3E%20%24750%2C000%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Plus%20VC%2C%20Judah%20VC%2C%20TPN%20Investments%20and%20angel%20investors%2C%20including%20former%20Talabat%20chief%20executive%20Abdulhamid%20Alomar%2C%20and%20entrepreneur%20Zeid%20Husban%3C%2Fp%3E%0A
KILLING OF QASSEM SULEIMANI
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
THE%20JERSEYS
%3Cp%3E%3Cstrong%3ERed%20Jersey%3C%2Fstrong%3E%0D%3Cbr%3EGeneral%20Classification%2C%20sponsored%20by%20Fatima%20bint%20Mubarak%20Ladies%20Academy%3A%20Worn%20daily%2C%20starting%20from%20Stage%202%2C%20by%20the%20leader%20of%20the%20General%20Classification.%0D%3Cbr%3E%3Cstrong%3EGreen%20Jersey%3C%2Fstrong%3E%0D%3Cbr%3EPoints%20Classification%2C%20sponsored%20by%20Bike%20Abu%20Dhabi%3A%20Worn%20daily%2C%20starting%20from%20Stage%202%2C%20by%20the%20fastest%20sprinter.%0D%3Cbr%3E%3Cstrong%3EWhite%20Jersey%3C%2Fstrong%3E%0D%3Cbr%3EYoung%20Rider%20Classification%2C%20sponsored%20by%20Abu%20Dhabi%20360%3A%20Worn%20daily%2C%20starting%20from%20Stage%202%2C%20by%20the%20best%20young%20rider%20(U25).%0D%3Cbr%3E%3Cstrong%3EBlack%20Jersey%3C%2Fstrong%3E%0D%3Cbr%3EIntermediate%20Sprint%20Classification%2C%20sponsored%20by%20Experience%20Abu%20Dhabi%3A%20Worn%20daily%2C%20starting%20from%20Stage%202%2C%20by%20the%20rider%20who%20has%20gained%20most%20Intermediate%20sprint%20points.%3C%2Fp%3E%0A
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
