LinkedIn Co-founder Slams Trump-Supporting Business Leaders, Warns of US Rule of Law Collapse

LinkedIn co-founder Reid Hoffman strongly condemned business leaders who support former US President Donald Trump. In a column published in The Economist last week, Hoffman argued that stable rule of law is essential for the US economy's growth, and that Trump poses a threat to it. He expressed concerns that Trump's victory in the 2024 presidential election could fundamentally undermine the legal system upon which the US economy and businesses rely.

Hoffman claimed that Trump is trying to instill in his supporters the perception that he is 'normal and controllable' and that President Joe Biden is more dangerous to the US economy. However, he criticized this perception as inaccurate, pointing out that the stock market, oil and gas production, employment, and economic growth rates have all been performing well under the Biden administration.

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

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

While Elon Musk hasn't explicitly endorsed Trump, he has defended Trump on X (formerly Twitter) and indicated that 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 rule of law, urging them to act responsibly.