The renowned American journalist and novelist Tom Wolfe introduced the term “masters of the universe”, humorously referencing the financiers of Wall Street. This phrase was later embraced by Elon Musk, particularly as he aimed to create a colony on Mars. However, an analysis by the Financial Times highlights Musk’s recent and significant decline. Following his falling out with Donald Trump, it seems the world’s wealthiest individual has realized he’s not even the dominant figure in Washington – let alone in the universe.
The decline of “Mr. Tesla” is not an isolated event in the spheres of politics and business. It reflects a broader global trend where, increasingly, politics triumphs over economic power. Ironically, this is evident to both Marxists and overly optimistic capitalists alike: the state prevails over capital.
The Oligarchs and the Limits of Ambition
From Russia and China to Saudi Arabia – and now in the United States – billionaires who have sought political sway have learned the hard way who truly holds power: the one who controls the military, judiciary, and financial institutions. Mao summarized this succinctly: “Power comes from the barrel of a gun.”
In Russia, Vladimir Putin rose to power backed by tycoons and oligarchs who believed he would protect their fortunes. However, once secure, he made it clear who was in control. Michael Khodorkovsky, once Russia’s wealthiest man, was imprisoned for a decade when he began to assert political independence. Boris Berezovsky, another oligarch from the Yeltsin era, was forced into exile and died under mysterious conditions.
From China to Riyadh: The Leader’s Omnipotence
In China, Jack Ma, founder of Alibaba and the foremost capitalist in the country, faced repercussions for criticizing the regime, though he avoided jail time. After critiquing financial regulators in a 2020 speech, his company AntGroup saw its IPO blocked by authorities, leading him to retreat from public life. While Ma has recently began to reappear, Jimmy Lai, a media mogul supporting Hong Kong’s democracy movement, remains imprisoned.
In Saudi Arabia, Mohammed bin Salman, who admires Donald Trump, has arrested numerous prominent businessmen, including investor Walid bin Talal, under the pretext of anti-corruption efforts. The message is unmistakable: no one is exempt from political authority.
Those Who Enter Politics to Survive
The safest avenue for the wealthy to shield themselves from the whims of a nation’s leader appears to be entering politics themselves. Figures like Silvio Berlusconi in Italy and Bidzina Ivanishvili in Georgia have pursued this path by establishing their parties and seizing power. Trump similarly turned his wealth into political assets.
However, few navigate this transition successfully. Those who do must tread carefully, ensuring they recognize their limits to preserve their wealth and freedom.
Most opt for discretion. The Abani family in India cultivates close ties with Prime Minister Narendra Modi while avoiding opposition to his rule. Carlos Slim in Mexico remains politically neutral, cooperating with any government and working with leftist President Andrés Manuel López Obrador on major infrastructure initiatives.
The Shock to America: Is the U.S. Following the Same Path?
Many Americans would find comparisons between Washington and the tactics used in Moscow or Beijing concerning. The U.S. is viewed as a paragon of democracy and the rule of law, making it shocking that a president might retaliate against the wealthiest citizen. Yet, recent developments with Musk illustrate that even in America, politics can overshadow business. Trump has indicated that Musk could lose government contracts if he supports the Democrats.
Steve Bannon has even suggested nationalizing SpaceX, essential for federal space initiatives, and has called for an investigation into Musk’s immigration status, alluding to the possibility of deportation.
If all of this seems unimaginable to American ears, a prevailing saying provides perspective: in Trump’s America, never say never.
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