Love him or loathe him, Donald Trump has demonstrated an unmatched ability to wield populism in modern American politics. By channelling the frustrations of voters left behind by inequality, cultural polarization, and declining trust in institutions, he rose to power in 2016 and reclaimed it in 2024.
A key difference in 2024, however, was Trump’s visible reliance on billionaire donors, particularly Elon Musk, to amplify his populist message. Wealthy backers funded campaign ads, microtargeting strategies, and grassroots efforts that solidified his appeal. Yet even before his second inauguration, Trump faces the challenge of reconciling his promises to his base with the priorities of his influential supporters.
Core aspects of Trump’s agenda—curbing immigration with a near-zero tolerance approach and imposing tariffs to revive domestic manufacturing—clash with the interests of billionaires like Musk, whose global corporations depend on immigrant labour and open markets.
This contradiction underscores a key tension in Trump’s movement: claiming to champion “the people” while relying on “elite” backers whose goals diverge from those of his voters. Promises of corporate tax cuts or deregulation may placate donors but risk alienating a base that prioritises immigration reform and job creation.
The contradictions of Trump’s populism
Populism is less an ideology than a political dynamic, often pitting “the people” against an “elite” establishment perceived as corrupt or detached. Trump has skillfully exploited this narrative, presenting himself as a defender of working- and middle-class Americans. For many, his message offers empowerment and an outlet for frustration over economic hardship, demographic change, and a government seen as serving the wealthy.
Yet, Trump’s alliances reveal the contradictions of his populism. Figures like Musk and Peter Thiel helped bankroll his 2024 campaign, but their priorities often conflict with those of his voters.
Musk’s libertarian-leaning advocacy for deregulation and technological innovation contrasts sharply with the economic concerns of Trump’s base. His support for renewable energy and electric vehicles threatens the fossil fuel jobs many rely on, while his embrace of global markets and automation undermines domestic manufacturing—cornerstones of Trump’s promises.
Adding to this tension is Trump’s personal history. A billionaire who has long mingled with the elite circles his supporters distrust, Trump himself exemplifies the establishment figures his rhetoric derides. While his supporters largely overlook this contradiction, his reliance on elite backers like Musk could bring these tensions to the forefront.
Fault lines in Trump’s coalition
As Trump enters office, these contradictions could fracture his coalition. Policies aimed at pleasing billionaire donors—such as tax cuts or deregulation—risk alienating voters who see them as favouring the wealthy over the working class. Conversely, efforts to deliver on populist promises like trade restrictions and immigration crackdowns could strain relationships with donors whose businesses rely on free markets and immigrant labour.
Cultural and social issues add further complications. Trump’s MAGA base often opposes immigration and seeks to preserve traditional American values, while Musk’s globalist outlook and immigrant success story align more closely with cosmopolitan elites.
Musk’s public stances—such as his criticism of unions and his controversial management of Tesla—could deepen scepticism among Trump supporters. If Musk’s actions, or legislation backed by the Republican-led Congress, appear to prioritise corporate profits over populist causes, tensions could boil over.
The need to govern once elected can expose the limits of populism’s appeal. While it thrives on discontent and resentment, populist movements struggle to reconcile the competing interests of their coalitions. These divergent priorities make maintaining a cohesive coalition exceedingly difficult.
The long-term challenge
Populism’s greatest strength lies in its ability to galvanise voters fed up with the status quo, often with a desire to “burn it all down.” But governing as a populist is far more challenging. Trump’s second term will test whether his movement can deliver on promises to the working class without alienating the elite donors who helped him return to power.
The forces that propelled Trump’s rise—economic inequality, cultural polarisation, and distrust in institutions—could also become the fault lines that fracture his coalition. Trump’s base distrusts elites and demands tangible economic benefits, while his billionaire supporters are primarily motivated by reducing taxes and regulations The uneasy partnership between Trump’s voters and donors like Musk risks unravelling under the weight of their competing goals, exposing the inherent contradictions in Trump’s 2024 winning voter-donor coalition.
Professor Thomas J. Scotto is Head of the Department of Government and Public Policy at the University of Strathclyde, UK. He has authored over a dozen peer-reviewed articles on American voting behaviour and co-authored Populist Referendum: Was ‘Brexit’ an Expression of Nativist and Anti-Elitist Sentiment?, which explores how populism shaped voting behaviour in Britain’s 2016 EU Referendum.
The opinions expressed in this article are those of the author and do not purport to reflect the opinions or views of THE WEEK.
