Billionaire LinkedIn Co-Founder Blasts Business Leaders Backing Donald Trump, Whom He Says Would Be Bad for US Economy

By Jace Dela Cruz

Jun 11, 2024 03:02 AM EDT

Billionaire LinkedIn co-founder Reid Hoffman has openly criticized business leaders backing former President Donald Trump. He asserted that if Trump wins again, it would be bad for the US economy. 

Donald Trump Participates In A Turning Point Town Hall In Phoenix, Arizona
PHOENIX, ARIZONA - JUNE 06: Former U.S. President Donald Trump speaks during a Turning Point PAC town hall at Dream City Church on June 06, 2024 in Phoenix, Arizona.
(Photo : Justin Sullivan/Getty Images)

LinkedIn Co-Founder Reid Hoffman Slams Business Leaders Supporting Donald Trump

In an op-ed for The Economist, Reid Hoffman argued that a strong legal system is essential for the success of American businesses because it ensures contracts are enforced and fraud is punished.

Hoffman then expressed concern over the increasing financial support Donald Trump receives from corporate and financial leaders, describing this trend as "lamentable."

He noted that some executives believe that Trump can be "normal and controlled," or would elevate them to the top of a new oligarchy, while others fear retaliation if they don't support him.

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Billionaires Backing Donald Trump

Reid Hoffman also said that some believed President Joe Biden would be more dangerous to US business than Donald Trump. He further contended that many business leaders prioritize lower taxes and fewer regulations, even if it means compromising an impartial judicial system and democracy.

Over a dozen billionaires have publicly supported Trump and contributed to his campaign. Among the former president's prominent supporters are Pershing Square Capital Management CEO Bill Ackman, billionaire Nelson Peltz, venture capitalist Douglas Leone, and Blackstone CEO Steve Schwarzman.

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