Mr Trump is more transactional than presidents before him, which increases the risk of cronyism and self-dealing. But America’s economy, including its technology industry, is too unwieldy and dynamic to petrify into an actual oligarchy, whatever diplomats and departing presidents say. ■

WASHINGTON, DC – JANUARY 20: Guests including Mark Zuckerberg, Lauren Sanchez, Jeff Bezos, Sundar Pichai and Elon Musk attend the Inauguration of Donald J. Trump in the U.S. Capitol Rotunda on January 20, 2025 in Washington, D.C. Photo by Julia Demaree Nikhinson – Pool/Getty Images.

The crowded dais in the Capitol Rotunda on Inauguration Day featured four of the world’s five wealthiest men, five U.S. presidents, tech titans and business moguls, and two foreign leaders with