US elections: Billionaires jostle to push Harris and Trump to victory

Highlights

As many as 82 billionaires are supporting Democrat candidate and Vice President Kamala Harris while 52 are currently backing Republican presidential nominee and former President Donald Trump as the race to White House approaches the finish line, an updated Forbes report revealed on Tuesday.

Washington: As many as 82 billionaires are supporting Democrat candidate and Vice President Kamala Harris while 52 are currently backing Republican presidential nominee and former President Donald Trump as the race to White House approaches the finish line, an updated Forbes report revealed on Tuesday.

"Forbes found at least 100 billionaires in the corners of either former President Donald Trump or Vice President Kamala Harris—with many more backing Harris—but unlike the world’s richest man Elon Musk, who stumps extensively on Trump’s behalf, many have elected to watch from the sidelines, like Warren Buffett and Mark Zuckerberg," the report mentioned.

It added that details of donations made by many more billionaires to the candidates for the November 5 US Presidential election would only be known by December when the final Federal Election Commission reports will be issued.

On September 6, more than 90 business leaders - including over a dozen billionaires - signed a letter, openly backing Harris for president, asserting that she would "continue to advance fair and predictable policies that support the rule of law, stability and a sound business environment."

The business leaders included former 21st Century Fox CEO James Murdoch, Laurene Powell Jobs (widow of former Apple CEO Steve Jobs), Mark Cuban, Magic Johnson, etc.

This despite the Harris campaign announcing a proposal to increase corporate tax rate from 21 to 28 per cent if the Vice President wins the November election, emphasising that the move would be part of "a fiscally responsible way" to put money back in the pockets of working people.

"Our teachers, nurses, and firefighters should not be paying more in taxes than billionaires. That’s why I support a billionaire minimum tax and will ensure corporations pay their fair share," Harris posted on X, last month.

Trump too enjoys massive support from a host of leading investors and corporates, including tech mogul Elon Musk, Howard Lutnick, Bill Ackman, Steve Wynn, Marc Andreessen and several others.

On Monday, the US media reported that several top business leaders got into a huddle last week, planning their future strategy if Trump triumphs in next month's finale.

"New reports show that top business leaders, including Silicon Valley heavyweights, have reached out to the former president, seemingly looking to rebuild relations and protect their businesses if Trump defeats Vice President Kamala Harris," reported New York Times.

The move came as polls in the seven swing states indicated Donald Trump heading to the White House with a majority in the electoral college.

Trump has already promised a "golden age" of prosperity for the US and reclaiming America’s greatness - which he said had been devalued by US President Joe Biden and Harris - if he wins a second term.

"We need a leader who's not in the pocket of big business, but answers to the working man... A leader who won't sell out to multinational corporations, but will stand up for American companies and American industry," declared Trump's Vice-Presidential pick J. D. Vance at the Republican National Convention.