Attendees at a U.S. presidential inauguration often differ from the annual gathering of the world's wealthiest in Davos, Switzerland, which commenced on Monday. Still, the similarities were evident as Donald Trump was sworn in as U.S. President.
Many global figures attended Trump's inauguration in Washington and the lavish celebrations following. Notably present were the three richest individuals worldwide: Elon Musk, Amazon CEO Jeff Bezos, and Meta CEO Mark Zuckerberg, boasting a combined net worth of nearly $900 billion, as per Forbes.
While some view the world's wealthiest supporting Trump as a testament to his return to power after contesting the 2020 election results, others see it as a sign that the new administration will cater to the most well-connected through tax, trade, and other policies. Former President Joseph Biden warned of a rising oligarchy in the U.S. that poses a threat to democracy.
U.S. Senator Elizabeth Warren, a Democrat, pointed out the preferential seating for tech CEOs at the inauguration, positioned ahead of Trump's Cabinet nominees.
Musk, who had generously supported Trump's re-election campaign, despite suggesting his retirement after the January 6, 2021 Capitol attack, appears to hold a prominent position. He is anticipated to lead a new panel aimed at reducing , advocate for accelerated regulatory approvals, and faces scrutiny regarding federal investigations into him and his companies under Trump's administration.
Numerous CEOs sought Trump's alliance following his November victory over Vice President Kamala Harris, notably Zuckerberg. Meta revealed plans to on its U.S. platform. Zuckerberg was seated next to Supreme Court Justice Brett Kavanaugh at the exclusive inauguration luncheon, also attended by Bezos, Apple CEO Tim Cook, and other billionaire Republican donors at a pre-inaugural ball.
Additional affluent figures on the Forbes list present in Washington included LVMH CEO Bernard Arnault, ranking fifth globally; Alphabet CEO Sundar Pichai, engaged in discussions with Trump during the luncheon; and Mukesh Ambani, the wealthiest man in India.
The intertwined relationship between business interests and U.S. policy was highlighted when Trump, on the cusp of assuming office, caused a stir involving the popular social media app .
In 2024, U.S. lawmakers overwhelmingly voted to prohibit the app in the U.S. due to national security concerns, only for Trump to extend a last-minute invitation to TikTok CEO Shou Zi Chew to the inauguration. There have been speculations of potential U.S. government ownership of TikTok and discussions of Musk potentially acquiring TikTok from Beijing.
David Kass, Executive Director at Americans for Tax Fairness, commented on the visible and direct involvement of the world's richest individuals on Trump's inaugural day.