Since the US Supreme Court’s ruling in Citizens United v. FEC in 2010, significant financial influence in politics has surged, primarily from wealthy donors and super political action committees (PACs). Melinda French Gates, in an upcoming CNN interview, emphasised the revealing of true personalities among the elite, indicating long-standing issues of wealth and influence in politics.
Prominent figures include tech billionaires like Elon Musk, Jeff Bezos, and Mark Zuckerberg, who have become increasingly visible in political spheres, such as at Donald Trump’s inauguration. This influx of billionaires has raised concerns about the emergence of an oligarchy, particularly with contributions from other wealthy individuals like Warren Buffett and Michael Bloomberg.
Melinda French Gates, a leading philanthropist, resigned from the Bill & Melinda Gates Foundation post-divorce and received a substantial sum earmarked for her philanthropic endeavours. With a net worth of approximately $14.4 billion, she has noted that the values held by many prominent billionaires differ from her own. Although she has met many of them, she believes their principles diverge significantly.
Together with Buffett and her ex-husband, French Gates founded The Giving Pledge in 2010, encouraging the world’s richest to donate a significant portion of their wealth to charitable causes. Notably, while individuals like Sam Altman have committed to this initiative, Bezos, the world’s second-richest person, has not.
French Gates believes billionaires hold a moral obligation to contribute significantly to society, stating, “If you have a billion dollars, that’s an absurd amount of wealth.” Recently, she pledged $1 billion through her organisation, Pivotal Ventures, to support women’s rights in response to the Supreme Court’s reversal of Roe v. Wade.
Despite criticisms regarding the influence of the ultra-wealthy during the Trump administration, French Gates expressed a bipartisan voting history, suggesting that the immense financial contributions observed across political spectrums haven’t decisively influenced elections. When questioned about the potential shift towards oligarchy in America, she remained hopeful that it would not become a reality.