The New Republic senior editor Alex Shephard provides a comprehensive analysis of a stark divergence within the American political landscape. While a vast majority of everyday voters across diverse demographics are rapidly abandoning Donald Trump and the broader MAGA platform, the ultra-wealthy elite—specifically tech billionaires—are backing him more aggressively and financially than ever before.
Shephard highlights how poorly the administration is currently performing with traditional voting blocs. Trump’s approval ratings have plummeted significantly, illustrated by a massive 44-point deficit among young voters and a wave of disapproval from two-thirds of Latino voters, a key group that had previously helped propel his 2024 victory. Public dissatisfaction is driven by rising consumer prices, ongoing controversy surrounding his efforts to reshape Washington, and deep anxiety over the war in Iran. Even prominent Republicans are feeling the pressure, with Vice President JD Vance reduced to pleading with the electorate to give the party another chance.
Despite this broad public recoil from Trump’s authoritarianism, the billionaire class is stepping in to keep his movement heavily funded. Citing a recent Financial Times report, Shephard reveals that more than one-third of the $2.8 billion raised for the current 2025–2026 midterm election cycle comes from just the top 20 mega-donors—16 of whom have funneled their immense fortunes directly into Republican campaigns.The primary catalyst for this massive influx of cash is a defensive pivot by Silicon Valley executives who are terrified of potential regulatory crackdowns and antitrust scrutiny from Democrats. The alignment is led by high-profile figures protecting specific special interests:
Elon Musk is spending hundreds of millions of dollars to elect Republicans, motivated by his own increasingly reactionary personal views and an explicit desire to evade federal scrutiny.
Greg Brockman, the co-founder of OpenAI, alongside his spouse, has contributed $25 million to protect the unchecked expansion of artificial intelligence.
Marc Andreessen and Ben Horowitz have thrown $18 million into the cycle to shield their vast tech portfolios.
Cameron and Tyler Winklevoss have chipped in $11 million, working in tandem with the crypto-backed Fairshake super PAC, which has amassed over $99 million to ward off government oversight of digital assets.
Shephard ultimately concludes that this unprecedented financial alliance is born out of mutual desperation. The public is increasingly hostile toward the unregulated dangers of crypto and AI, yet Trump has intentionally sidelined the pro-regulation voices in his own party in exchange for hundreds of millions of dollars to fund his personal pet projects. The piece frames this dynamic as a dangerous scenario where a widely disliked president and a deeply distrusted class of tech oligarchs are pooling their immense resources to actively override the democratic will of the broader electorate.