Report Names 'Corporate Oligarchs' Who Are Cashing In as Trump-GOP Austerity Assails Workers
"Trump's presidency is a vehicle for billionaires to loot the government and line their own pockets, while working people bear the cost," said one advocate.
Climate action, pro-democracy, and other civil society groups have warned for months that the Trump administration and Republicans in Congress are intent on cutting essential programs that millions of Americans rely on while providing the richest households and corporations with at least $5 trillion in tax cuts and other benefits.
But while tech CEO Elon Musk has been highly visible since President Donald Trump took office and selected him to spearhead the administration's slashing of hundreds of thousands of federal jobs at the Department of Government Efficiency (DOGE)—an advisory board Musk has since left—other billionaires who are among the top people set to cash in from Trump's policies are less known to the public, even as they wield considerable influence over corporate regulations, privatization, and right-wing attacks on renewable energy.
In a report released Tuesday, the grassroots group Popular Democracy in Action details how six of the top beneficiaries of Trump's assault on social services and his xenophobic, pro-corporate, anti-science policies are cashing in while people across the U.S. struggle with the rising cost of living; fear the administration's mass deportation campaign; and brace for cuts to Medicaid, education, and Social Security.
Along with household names like Musk and Amazon founder Jeff Bezos—a former Trump critic—the report, titled Trump's Corporate Oligarchs, points to fossil fuel billionaire Harold G. Hamm, founder and chair of Continental Resources, as someone who has spent years working "behind the scenes to advance oil and gas interests."
Hamm is not among the more than 10 billionaires who have nabbed powerful positions within Trump's administration—making his Cabinet the richest in U.S. history, with a collective net worth of $460 billion. But with close ties to Interior Secretary Doug Burgum, Hamm has pushed to undo former President Joe Biden's fossil fuel regulations within the Inflation Reduction Act and urged Trump to fast-track drilling permits, likely harming poor and rural communities that are disproportionately used for fossil fuel extraction.
Last year, it was Hamm who organized a dinner at Trump's Florida estate, Mar-a-Lago, where the then-presidential candidate allegedly promised 20 oil and gas executives he would repeal environmental regulations if they raised $1 billion for his campaign.
Hamm's company reported over $714 million in tax savings in 2018 from Trump's so-called Tax Cuts and Jobs Act, which included the corporate tax cuts that the GOP now seeks to make permanent—while taxpayers pay more than $20 billion per year toward fossil fuel subsidies, putting their own communities at risk from climate disasters.
Hamm and Trump's other wealthy donors are able to benefit directly from their chosen candidate's policies—to the detriment of the American public—"because the U.S. is currently functioning as an oligarchy: a government where a small group of powerful, wealthy people are calling the shots," reads the report.
George Zoley is another lesser-known oligarch who has donated hundreds of thousands of dollars to Trump's campaigns and is now reaping the rewards as the private prison corporation he founded, GEO Group, benefits directly from the president's mass deportation campaign.
Zoley told shareholders shortly after Trump was reelected in November that the coming anti-immigration crackdown would present an "unprecedented opportunity" for GEO Group, which provides 40% of the beds used for Immigration and Customs Enforcement detention and is the largest provider of ICE transportation services.
The company was also awarded a $1 billion, 15-year contract to open and run the Delaney Hall immigration detention center in Newark, New Jersey.
"GEO Group is incentivized by profit to be a willing and enthusiastic partner in the Trump administration's mass incarceration,
detention, and deportation plans," reads the report. "GEO Group has been and will continue to be a key force behind the targeting and criminalization of poor, working-class, marginalized communities—including immigrants."
Trump's anti-immigration agenda is also being partially fueled by big data firm Palantir, co-founded by another of the oligarchs profiled by Popular Democracy in Action: Peter Thiel, a former mentor of Vice President JD Vance who, despite publicly criticizing Trump during his first term, provided "mission-critical" digital profiling tools to ICE to help track immigrants and conduct raids.
Thiel's "anti-democratic, libertarian philosophy" also underpinned the Trump administration and DOGE's work "dismantling federal agencies, attacking diversity and equity programs, pushing deregulation, and dismantling public aid."
Despite his past criticism of Trump, Thiel's often secretive firm is projected to report more than $2.6 billion in revenue from government contracts in 2025 as Palantir provides support to the president's mass deportation agenda.
"Trump's presidency is a vehicle for billionaires to loot the government and line their own pockets, while working people bear the cost," Analilia Mejia and DaMareo Cooper, co-executive directors of Popular Democracy in Action, said in a statement. "These cuts to Medicare, housing, [Supplemental Nutrition Assistance Program] benefits, and immigrant protections aren't accidents—they're part of a calculated scheme to turn public suffering into private profit."
The report names Musk, the world's richest person with a net worth of $389.4 billion, as the top beneficiary of the Trump administration, even though the Tesla CEO has officially parted ways with the White House.
After spending $235 million to help Trump get elected, in addition to wielding unprecedented influence over the administration, Musk is poised to benefit from billions of dollars in government contracts and foreign deals for his Starlink satellite service—all while benefiting from Trump's tax cuts and pushing to gut the social safety net.
The report also highlights Bezos, who has been accused of censoringThe Washington Post's coverage of Trump and the 2024 election, as a top beneficiary of the president's second term. Bezos' space technology company, Blue Origin, was awarded a $2.3 billion contract in April, and he has pledged to "help" Trump as he moves toward "reducing regulation"—including by gutting top worker protection agencies and placing low-income workers at Amazon in harm's way.
Popular Democracy in Action also highlighted corporate landlord Blackstone CEO Stephen Schwarzman and Big Pharma giant Eli Lilly CEO David Ricks. Both have benefited from Trump's tax cuts, while Schwarzman has pushed for corporate deregulation and fought against protections for renters. Ricks was a major opponent of the Inflation Reduction Act's Medicare drug price negotiations program, and benefited recently when Trump "signed a healthcare executive order that will create longer delays before Medicare can negotiate certain drug prices," making healthcare more expensive for seniors while raising Eli Lilly's profits.
"In a representative democracy, elected officials are supposed to respond to the priorities and interests of the people," reads the report. "Trump's 'oligarchs' are billionaires who are influencing political decision-making in order to increase their wealth."
