LinkedIn co-founder Reid Hoffman has strongly condemned business leaders who support former US President Donald Trump. In a column he wrote for 'The Economist' last week, Hoffman argued that a stable rule of law is essential for economic growth in the United States, and that Trump could undermine that rule of law. He expressed concern that if Trump wins the 2024 presidential election, the legal system that the American economy and businesses rely on could be fundamentally undermined.

Hoffman claimed that Trump is trying to instill in his supporters the perception that he is "normal and controllable," and that Joe Biden is more dangerous to the US economy than he is. However, he argued that this perception is wrong, pointing out that the stock market, oil and gas production, employment, and economic growth rates have all been favorable under the Biden administration.

Hoffman analyzed that some business leaders want to be at the top of a new oligarchy through Trump, or are afraid of being retaliated against if they don't show loyalty to Trump. However, he also argued that most business leaders truly want tax cuts and deregulation, and that they are willing to sacrifice the rule of law and democracy to achieve this.

The number of business leaders who support Trump is increasing. Bill Ackman, CEO of Pershing Square Capital Management, and billionaire Nelson Peltz are reportedly likely to vote for Trump in this year's election. Blackstone CEO Stephen Schwarzman and venture capitalist Douglas Leone already support Trump, and over 10 billionaires are funding Trump's campaign.

Elon Musk has not explicitly endorsed Trump, but he has defended Trump on X (formerly Twitter) and said he is unlikely to vote for Biden. Hoffman warned that business leaders' support for Trump is "short-sighted" and could pose a serious threat to the US economy and the rule of law, urging business leaders to act responsibly.