The C.E.O. Inauguration Crowd: Musk, Bezos, and Zuckerberg Witness Trump’s Swearing-In
In a stark display of money and power, the three wealthiest men on the planet lined up on Monday in the Capitol Rotunda to witness Donald Trump being sworn in as the 47th president. The message was clear: With a president in office who wants to be known as a deal maker, Washington is open for business. The three men, Elon Musk, Jeff Bezos, and Mark Zuckerberg, collectively worth close to a trillion dollars, were seated in front of Trump’s cabinet picks and behind his family, creating what might be a hierarchy of influence. Sundar Pichai, the billionaire head of Google, was between Bezos and Musk. The visuals spoke volumes. In contrast, Trump’s inauguration speech, in which he vowed to usher in a “golden age of America” and also took on contentious issues like gender politics, carried few surprises.
Conspicuous Invitees and Absentees at Trump’s Inauguration
Taking note of the conspicuous invitees could reveal a lot about what to expect in Trump’s second term. The inauguration on Monday was a marked contrast to Trump’s first presidential run, when tech titans (and other business leaders) largely ignored him and only reluctantly showed up to a summit after he won the White House. But since Election Day, a parade of business leaders, especially from the tech sector, have toasted him, many traveling to Mar-a-Lago to show support and curry favor. Bezos, who clashed with the president in his first term, was among them. Tim Cook, Sam Altman, and Sergey Brin praised Trump’s victory and pledged money to his inauguration fund. Notably absent was Peter Thiel, one of Trump’s earliest backers, who hosted a blowout at his Washington mansion this weekend.
Trump’s Executive Orders Roil the Markets
President Trump has promised that his return to office will unleash a bonanza of investing and growth. But the Trump administration’s first day — a torrent of executive orders that pardoned hundreds of Jan. 6 rioters, threatened to undermine the constitutional provision for birthright citizenship, and withdrew the United States from the World Health Organization — gave investors a reminder of his volatile effect on global markets. The latest: S&P 500 futures were up, and the yield on Treasury bonds were down. But the rally lost steam overnight after Trump threatened to impose 25 percent tariffs on Canada and Mexico as soon as Feb. 1. That remark sent the dollar higher.
Impact on Market Winners and Losers
It also indicated that the prospect of a Trump trade war, which could hit corporate profits and reignite inflation, was weighing heavily on investors. Market winners included Chinese stocks, bank stocks, and energy stocks. The biggest losers were in the crypto sector and European auto and green energy stocks, as Trump’s policies threatened their profitability and growth.
Trump Effect at Davos: Excitement and Fear Among Executives
Executives, bankers, and even busy Uber drivers at the World Economic Forum in Davos, Switzerland, were discussing Monday’s inauguration. There seemed to be two responses to President Trump’s return: excitement and fear. Crypto executives, technology investors, and bankers, all of whom are focused on deregulation, are apparently looking forward to a second Trump term. Others expressed alarm over a possible trade war and how that might affect European unity if Trump tried to broker deals with individual countries. There was one development that had executives talking. Trump didn’t announce tariffs as part of his flurry of executive orders. Some think that could mean tariffs were a campaign talking point and a bargaining tactic rather than an actual economic policy.
Notable Sights and Developments at Davos
Many said that things felt quieter in Davos than in years past, possibly due to the inauguration in Washington, the snowstorm in New York, or delayed arrivals. Some notable sights included TikTok’s promotional outpost, USA House featuring military veterans, and Crystal Awards recipients such as David Beckham and Diane von Furstenberg. The usual protesters were also present, highlighting concerns over various issues.
DOGE’s First Cut: Elon Musk and Vivek Ramaswamy’s Partnership
Though Elon Musk has long been regarded as the leader of the Trump cost-cutting panel known as the Department of Government Efficiency, he actually had a partner: Vivek Ramaswamy, the investor and right-wing social activist. Ramaswamy is leaving the panel to run for governor of Ohio due to tensions with others in the Trump orbit, particularly Musk. The apparent clash over skilled worker visas underscores how potent that issue has been among Trump allies.
The Speed Read: Deals, Politics, and Best of the Rest
In the latest news, Andrea Orcel continues to pursue acquisitions, including an Italian rival and Commerzbank of Germany. Investors are invited to bid for the state-owned utility Uniper. President Trump picked Caroline Pham as the acting chair of the Commodity Futures Trading Commission. Politico reports on GOP anxiety over Trump’s Hill agenda.
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