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Trump creates richest presidential administration ever

Harry November 22, 2024

President-elect Donald TrumpTrump, who is running a re-election campaign promising to prioritize the working class, has so far invited five billionaires to join his administration.

Trump himself is the nation’s richest president, with an estimated net worth of $5.6 billion. According to Forbes. After naming the majority of traditional cabinet department heads, we turned to tech entrepreneurs Elon Musk and Vivek Ramasway., He is assembling the richest presidential administration in US history to lead the proposed new “Department of Government Efficiency.”

If he confirms his election to the US Senate, he could easily break his own record. His first cabinet included a billionaire named Secretary of Education Betsy DeVos, and her total net worth was approximately $2 billion. According to Business Insider.

When Trump ran for office in 2016, he campaigned on the idea that he would run the country like a business. Most of this year’s elections although controversialThis is in line with this approach and his rhetoric in Washington promising to “drain the swamp”.

Some potential members of his second administration face criticism for a lack of bureaucratic expertise in the department they will oversee. Instead, they thrived in the private sector and experienced entrepreneurial success.

Here’s a look at the ultra-rich people Trump has chosen so far for his second administration:

Doug Burgum

Trump said he would nominate the Governor of North Dakota. Doug Burgum Leading the U.S. Department of the Interior, which oversees federal lands, including national parks, and commitments involving Native tribes.

The two-term Republican governor and businessman became rich in tech after selling his software company Great Plains to Microsoft in 2001 for more than $1.1 billion. He continued selling Microsoft shares until he left the company in 2007 and has made several lucrative business deals since then. According to Forbeshowever, his current net worth is not listed.

In its appearance in April on Fox NewsBurgum said billionaires should support Trump if they care about their shareholders and families.

Howard Lutnick

Trump appointed his new commerce secretary, nominating Howard Lutnick, co-chair of his transition team and CEO of Cantor Fitzgerald, for the role.

Lutnick’s net worth is estimated to exceed $1.5 billion. According to Bloombergand largely due to its majority ownership in Cantor Fitzgerald, a financial services company.

Linda McMahon

Trump plans to nominate former Small Business Administration administrator and former wrestling executive Linda McMahon to be U.S. Secretary of Education.

She shares an estimated net worth of $2.5 billion with her husband, Vincent McMahon. According to Forbes. Together they founded World Wrestling Entertainment, or WWE.

Elon Musk

Trump says he plans to appoint tech CEO Elon Musk will co-lead the new “Department of Government Efficiency,” or DOGE.

Forbes calls Musk the richest person in the world and estimates his net worth $315.7 billion as of November 21. Musk’s Constellation of multi-billion dollar businesses They include SpaceX, Tesla, Neuralink, X, xAI and The Boring Company.

Vivek Ramaswamy

biotechnology entrepreneur Vivek Ramaswamy Trump announced in a statement the week after his victory that he would join Musk to lead DOGE.

Forbes reported in early November that Ramaswamy was worth more than $1 billion. Other estimates place his net worth between $800 million and $1 billion. Ramaswamy made his fortune through investments and shares in the pharmaceutical company Roivant Sciences, which he founded in 2014.

Reach Rachel Barber at [email protected] and follow her on X @rachelbarber_