Digestly

Dec 18, 2024

Trump has tapped an unprecedented 13 billionaires for his administration

ABC News - Trump has tapped an unprecedented 13 billionaires for his administration

Donald Trump has assembled the wealthiest presidential administration in modern history, including 13 billionaires with a combined net worth exceeding $460 billion. Even excluding Elon Musk, the cabinet's net worth is at least $7 billion. Key appointments include billionaires like Howard Lutnick for Commerce Secretary, Linda McMahon for Education Secretary, and Scott Bessent for Treasury Secretary. Concerns arise about the potential disconnect between these ultra-wealthy individuals and everyday Americans, as well as possible conflicts of interest due to their complex financial histories. Federal law mandates nominees to divest stockholdings to prevent conflicts, but exceptions exist for roles technically outside the government, such as Elon Musk's and B. Ramaswami's positions, which could still significantly impact government operations.

Key Points:

  • Trump's administration includes 13 billionaires, net worth over $460 billion.
  • Excluding Elon Musk, the cabinet's net worth is at least $7 billion.
  • Concerns about disconnect between wealthy officials and average citizens.
  • Potential conflicts of interest due to complex financial histories.
  • Federal law requires divestment of stockholdings to prevent conflicts.
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