Billionaires rush to back Trump

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May 31, 2024

Omeed Malik, president of 1789 Capital Photographer: Phelan M. Ebenhack/AP Photo

Read the story Unmoved by Donald Trump's criminal conviction, a growing cohort of Wall Street heavyweights are backing the former president's bid for re-election. Yesterday's guilty verdict reflects a "weaponization of the legal system" and will have "less than zero impact on my support," 1789 Capital president Omeed Malik said at a fundraiser for Trump last night. Malik is among prominent business figures—including some who abandoned Trump after the Jan. 6 Capitol riot—that are doubling down. One major reason, in a word: Money. Trump has promised to cut taxes for the wealthy and slash regulations, while President Joe Biden wants the opposite. "They've concluded Trump is going to win," financier Whitney Tilson said. "And if he's the next president, then it's in their self-interest to support him early." Read The Big Take.

Listen to the podcast The historic hush-money trial verdict makes Trump the first former US president to be convicted of a felony. In today's Big Take podcast, Bloomberg legal reporter David Voreacos and Washington senior editor Wendy Benjaminson discuss the outcome and how it may shape the final stretch of the razor-thin race for the White House. Subscribe and listen on iHeart, Apple and Spotify.

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