A Gathering of Influence: Peltz, Musk, and the Future of Republican Politics
In February, billionaire financier Nelson Peltz hosted an exclusive dinner at his opulent $334 million waterfront estate in Palm Beach, Florida. The guest list comprised around 20 affluent donors, primarily aligned with the Republican Party, alongside a few prominent G.O.P. strategists. Despite having distanced himself from former President Donald Trump following the tumultuous events of January 6, it had become apparent that Trump was gearing up for another run at the presidency, and the time had come for Peltz and others to reconsider their stance and strategize on how best to support his campaign.
The gathering revealed a multitude of challenges facing Trump’s re-emergence. A particularly troubling issue was the significant donor funds being diverted to cover Trump’s escalating legal expenses rather than being invested in a robust political campaign. Peltz, a seasoned investor known for his expertise in junk bonds and leveraged buyouts, had assembled a mix of traditional high-profile financiers, such as hedge-fund magnate John Paulson and Las Vegas casino mogul Steve Wynn, as well as Ronna McDaniel, then-chair of the Republican National Committee. Among these influential figures, he also extended an invitation to Elon Musk.
Historically, Musk had contributed modestly to candidates from both sides of the political aisle. He had been particularly drawn to President Barack Obama, frequently visiting him in the Oval Office and inviting him to witness SpaceX’s Falcon 9 rocket launch at Cape Canaveral. However, Musk had never sought to become a political power broker in the conventional sense, maintaining a global business empire that transcended the ebb and flow of political administrations.
Since the aftermath of the 2020 election, Musk had begun to follow a number of his acquaintances from the tech sector—some dating back to his early PayPal days—on a path that veered toward the more extreme fringes of the far right. His outspoken views began to crystallize, though he often refrained from engaging in the usual partisan skirmishes. Reports from The Wall Street Journal indicated that Musk quietly funneled over $50 million into advertising campaigns aimed at undermining Democrats during the 2022 midterms. By 2023, he had also contributed $10 million to an external group supporting Florida Governor Ron DeSantis in his presidential aspirations. Now, Musk appeared poised to amplify his political engagement even further.
Peltz bestowed upon Musk the privilege of being the first to speak at the dinner. Musk disclosed to the attendees that he had traditionally identified as a Democrat, but his views had evolved significantly. He shared his belief that effective campaigning could be achieved not through traditional paid advertising methods, but instead through organic word-of-mouth strategies. He proposed that if each person in the room encouraged just two friends to vote for Trump—who in turn would reach out to two more—the campaign could gain tremendous momentum. Musk then emphasized what he perceived as the dire implications of the upcoming presidential race.
Having been born in South Africa and later obtaining Canadian citizenship, Musk had previously acknowledged that his immigration status was somewhat ambiguous when he launched his first venture in the United States. Recently, however, he had developed an obsession with a specific conspiracy theory championed by Trump and his supporters: that Democrats were intentionally allowing a surge of immigrants to enter the country to fabricate a larger base of Democratic voters, effectively manipulating electoral outcomes. In the months leading up to the pivotal gathering at Peltz’s residence, Musk played a role in disseminating this narrative—a cornerstone of MAGA’s election denialism—across his own social media platform, X. (Musk did not respond to an extensive request for comment.)
