MAGA-aligned billionaires Larry and David Ellison have emerged victorious in a bidding war for Warner Bros. Discovery, the parent company of CNN. Paramount Skydance’s revised offer of $31 per share was deemed superior to Netflix’s, leading to the conglomerate’s board unanimously affirming the deal. Following the acquisition, CNN is expected to come under the leadership of Bari Weiss, and the Ellisons’ close ties to Donald Trump suggest potential shifts in the network’s direction.
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An open letter signed by nearly 400 millionaires and billionaires from 24 countries urges global leaders to increase taxes on the super-rich, coinciding with the World Economic Forum in Davos. The letter expresses concern over the wealthy buying political influence, widening the gap between the rich and the rest of society, and fueling the climate emergency. A poll conducted by the Patriotic Millionaires group revealed that a majority of millionaires believe the extremely wealthy buy political influence and support higher taxes on the super-rich to fund public services. Oxfam reported a record number of billionaires were created last year, highlighting the growing wealth disparity and the need for governments to address inequality through taxation.
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Following a period of considering the formation of his own political party, Elon Musk is once again financially supporting Republican candidates. Recently, a $10 million donation, his largest ever to a Senate candidate, was made to Nate Morris, a MAGA candidate in Kentucky. This significant contribution suggests Musk’s intention to heavily invest in the 2026 midterms, potentially aiding Republicans in maintaining their congressional majorities. The donation sparked criticism from figures like Bernie Sanders and Matt Dunlap, who voiced concerns about the influence of billionaires on the political process.
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Billionaires are vehemently opposing a proposed one-time wealth tax on the richest Californians, with some claiming they are fleeing the state to avoid the tax. Critics, like Chamath Palihapitiya and Bill Ackman, have characterized the initiative as an unacceptable seizure of assets. News outlets, such as the Washington Post, have also voiced their disapproval, while reports indicate that some investment firms are establishing new offices outside of California. Supporters of the tax, however, argue that it is a reasonable request for the wealthiest individuals to contribute to mitigate crises facing healthcare, education, and the broader economy, potentially raising approximately $100 billion in revenue for crucial programs.
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The world’s 500 richest individuals, including prominent figures like Jeff Bezos and Elon Musk, saw their combined wealth surge by a record $2.2 trillion in 2025. This increase, fueled by the political climate, brought their total net worth to $11.9 trillion. A small group of eight ultra-wealthy individuals, including Trump and Musk, were responsible for a significant portion of these gains. Concerns about the rising inequality prompted discussions about solutions like a global wealth tax, with estimates suggesting substantial revenue could be generated from taxing the wealthiest individuals.
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A recent Economist/YouGov poll reveals strong public support for addressing wealth inequality, with 80% of Americans viewing the wealth gap as a problem. The poll found that 61% believe billionaires are taxed too little, even among Trump voters. Furthermore, a majority (57%) supports lawmakers pursuing policies to reduce the wealth gap, while only 22% disagree. These findings highlight a public desire for the government to address the widening wealth gap, fueled by factors such as stagnant wages, increasing corporate profits, and systemic racism.
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A new investigation published by the Washington Post reveals that a small group of billionaires has significantly influenced the American political system by contributing billions of dollars to elections. Over the past decade, the top 20 billionaire donors spent nearly $5 billion, primarily supporting Republican candidates who often enact policies benefiting their benefactors, such as tax cuts. This trend is exacerbated by Supreme Court decisions like *Citizens United*, which removed campaign finance restrictions. A public survey found that a majority of Americans view this level of spending negatively and believe billionaires have a detrimental impact on society.
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Zohran Mamdani has been declared the next mayor of New York City, making history as the first Muslim mayor, the first Democratic Socialists of America member since David Dinkins, and one of the youngest to hold the position. Despite polling at only 1% in February, Mamdani secured an impressive victory against former Governor Andrew Cuomo, who garnered support from numerous billionaires. The campaign showcased a stark contrast between Mamdani’s optimistic approach and Cuomo’s desperate tactics, including racially charged attacks and an embrace of Trump’s endorsement. This outcome reveals the misjudgment of Cuomo’s billionaire backers and their ineffective strategy in attempting to influence the election.
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Zohran Mamdani, a democratic socialist, secured a victory in the New York City mayoral election, becoming the youngest mayor in over a century and the first Muslim to hold the position. The election saw a significant voter turnout, with over two million New Yorkers casting their ballots. Despite facing opposition from numerous billionaires who sought to thwart his campaign, Mamdani won with just over 50% of the vote. Wealthy individuals, including Michael Bloomberg, Ronald Lauder, and Bill Ackman, contributed millions to super PACs opposing Mamdani, who had advocated for policies like rent freezes and tax increases for the city’s wealthiest residents.
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The initiative proposes a one-time 5% tax on the wealth of California billionaires, potentially generating $100 billion. This levy would impact approximately 200 residents with a net worth of $1 billion or more. The funds raised would be earmarked for state health-care costs. Supported by a healthcare workers’ union, the initiative aims to offset federal funding reductions.
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John Q. Hosedrinker