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Donald Trump’s campaign pledged to be a champion for working class Americans. His incoming administration is stuffed with Wall Street figures and billionaires , including the world’s wealthiest person. Trump himself is set to become the wealthiest president in history, with an estimated net worth of roughly $5.6 billion, according to Forbes . After spending years haranguing George Soros, claiming that the billionaire philanthropist was funding Trump’s political enemies and manipulating society with his support for progressive causes, incoming administration figure Elon Musk wants to be a Soros for the right. Musk, whose net worth is more than $300 billion, joins key Wall Street characters and wealthy officials joining Trump’s White House. Together, their net worth exceeds $340 billion — larger than the gross domestic product of more than 11 dozen countries . Trump has even picked Soros’s money manager Scott Bessent to lead the Department of Treasury. The president-elect has tapped at least five billionaires for his administration thus far, including Musk, biotech entrepreneur Vivek Ramaswamy, former professional wrestling magnate Linda McMahon, investment banker Howard Lutnick, and venture capitalist and North Dakota Governor Doug Burgum. All of them but Musk and Ramaswamy must be confirmed by the Senate. Here is a look at some of the wealthy Wall Street executives and billionaires Trump wants in his administration. Trump’s campaign economic adviser Scott Bessent founded Key Square Capital Management and worked at a hedge fund founded by major Democratic donor George Soros. Before becoming a Trump donor and adviser, Bessent donated to various Democratic causes in the early 2000s, notably Al Gore’s presidential run. North Dakota’s two-term Republican government Doug Burgum made more than $1.1 billion after selling his software company Great Plains to Microsoft in 2001. After ending his own presidential campaign in December 2023, Burgum endorsed Trump and became an outspoken supporter. The CEO of financial services firm Cantor Fitzgerald, Howard Lutnick, with an estimated net worth of more than $1 billion, has served as Trump’s transition team co-chair. He has helped raise millions of dollars for Trump’s campaign and has been a cheerleader for Trump’s economic agenda, including the president-elect’s plans for broad tariffs. The co-founder of World Wrestling Entertainment was nominated to lead an agency that Trump and his allies want to dissolve entirely. McMahon donated $6 million to Trump’s first campaign and later world with the Small Business Association during his administration. She is now a co-chair of his 2024 transition team after briefly serving on the Connecticut Board of Education, She shares a $2.5 billion net worth with her husband, professional wrestling mogul and personality Vince McMahon. Elon Musk, CEO of Tesla and SpaceX, helped steer more than $200 million into Trump’s campaign and has used his X platform, formerly Twitter, which he bought for $44 billion, as a megaphone for the president-elect and his agenda. His net worth is at least $320 billion, according to Forbes , and his net worth has increased by more than $60 billion since Trump’s election. Musk, whose companies have received tens of millions of dollars in government contracts, will steer an outside advisory committee to recommend drastic cuts to funding, including mass firings and steep cuts to federal programs. Jim O’Neill previously worked as a senior health official during George W. Bush’s administration and was considered for a top job at HHS in Trump’s first term. He later became the acting CEO of the Thiel Foundation, the philanthropic arm of billionaire venture capitalist Peter Thiel, a former Trump mega donor who financially backed a Senate campaign from his former acolyte JD Vance. O’Neill helped Thiel and investor Ajay Royan launch venture capitalist firm Mithril Capital Management, where the vice president-elect worked before his Senate campaign. The founder of Palm Beach-based private investment firm Rugger Management is the former investments manager for billionaire Michel Dell of Dell Technologies. Phelan, who does not have any military experience, reportedly hosted a fundraiser for Trump’s campaign this summer at his $38 million home in Aspen, Colorado, which cost $25,000 to $500,000 per couple. Phelan and his wife Amy, a former Dallas Cowboys cheerleader, are also avid art collectors , including works from Chagall, Dubuffet and Picasso, among others. Musk’s co-chair of the newly created DOGE Vivek Ramaswamy is a former pharmaceutical executive who briefly ran for the Republican presidential nomination before dropping out to throw his support behind Trump. He made his fortunes with Roivant Sciences, a pharmaceutical company he founded in 2014. His net worth is estimated to be $1.1 billion, according to Forbes. Real estate tycoon Steve Witkoff has an estimated net worth of roughly $500 million. He reportedly has long-standing ties to wealth funds in the Middle East, much like his Middle East envoy predecessor Jared Kusher, Trump’s son in law, who secured a $2 billion investment from a fund led by the Saudi crown prince Mohammed bin Salman six months after leaving the White House.

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It’s been a rocky year for relations between the Jewish community and Toronto’s municipal government following the Oct. 7, 2023, assault on Israel—which led to an ongoing regional war in the Middle East and repeated anti-Israel demonstrations and attacks on Jewish institutions in Canada. Local and nationwide organizations have urged their elected representatives to demonstrate stronger leadership in condemning antisemitism in Toronto. But the responses they report receiving remain largely lukewarm. Mayor Olivia Chow’s absence at the Oct. 7, 2024, memorial event organized by UJA Federation of Greater Toronto—attended by Ontario premier Doug Ford, federal members of Parliament, provincial lawmakers and some city councillors—amplified the perception that the mayor’s support is lacking. It’s a thread of criticism that started over a year ago when the mayor’s office posted remarks attributed to Chow a few hours after the Oct. 7 Hamas attacks, which were publicly posted and quickly deleted twice on social media before a final version was settled upon. My earlier tweets on this have been deleted because of the harm and confusion they caused. — Mayor Olivia Chow (@MayorOliviaChow) October 8, 2023 Chow’s handling of her no-show at the memorial did nothing to improve the Jewish community’s confidence in her support, already seen as inconsistent. The office of the mayor offered three separate reasons for her absence, including not having received the invitation. Then came a TV news interview where Chow said “it doesn’t matter” why she missed the commemoration, but she ultimately apologized to the Jewish community. A petition urging Chow to resign for neglecting the Jewish community gathered more than 12,000 signatures during that period. 'I should have been there': Toronto mayor says she regrets not being at Oct. 7 vigil https://t.co/u2xeRK3zvS — CP24 (@CP24) October 13, 2024 The imbroglio over the memorial exemplifies the disappointment many Jewish Torontonians associate with Chow. The sense of insult and political calculus linked to Chow has permeated, despite her apology. Jewish advocacy groups say the community wants to see more leadership from Chow on condemning antisemitism when it shows up in displays of Hamas headbands, or a Hezbollah flag. Toronto police arrested two people on public incitement of hatred charges following a protest in late September where they continued to display the flag of Hezbollah despite officers’ warnings. Chow also skipped the Walk with Israel in early June, which drew an estimated 50,000 people. That same weekend, Chow enthusiastically attended the annual Grilled Cheese Festival in Etobicoke—an appearance publicized a few days later with a few puns. Toronto the gouda! 🧀 I had a feta-stic time at the Grilled Cheese Festival this weekend with @CllrAmberMorley in Etobicoke. Always grate to brie with so many out enjoying their neighbourhoods. It makes our city a cheddar place to live. I mean, better—better place to live. pic.twitter.com/9dX1I0Yjod — Mayor Olivia Chow (@MayorOliviaChow) June 12, 2024 Later in June, Chow marched in the annual Pride parade (she attends regularly), but did not comment when a demonstration over sponsors’ Israeli investments led the parade procession to be halted prematurely—with some of participants and crowds still lining Yonge Street. Some fences mended with mayor The Centre for Israel and Jewish Affairs (CIJA), which called out Chow’s no-show at the Oct. 7 memorial, met with the mayor, her chief of staff Michal Hay, and a UJA executive, at Chow’s office in October. Michelle Stock, CIJA’s vice-president for Ontario, says she told Chow she wants her to take a tougher, more vocal posture in denouncing antisemitism. The mayor needs to show up more consistently for the Jewish community, says Stock—regardless of perceived political support for Israel. Chow has appeared at a number of major events, including UJA’s emergency rally on Oct. 9, 2023, and a gathering of support following the first of two early Saturday morning gunfire incidents—which took place in May and October outside the empty Bais Chaya Mushka Elementary School in North York. Politicians, including Toronto Mayor Olivia Chow, Solicitior-General Michael Kerzner, Education Minister Stephen Lecce and Toronto city councillor James Pasternak speak at a rally, May 27, 2024 after a Chabad girls’ school was shot the previous Shabbat. Stock maintains that “[Chow] needs to be clear... the Jewish community in Toronto are her constituents. We are taxpayers... we have a right to have law and order, to have safety in our streets, and feel that we can be openly Jewish and not feel like you have to hide that.” Stock says she’d like to see Chow speak up unequivocally and that the mayor “needs to continue to show presence in the community” and “acknowledge the experience of the Jewish [community] in Toronto,” including demonstrations taking to Jewish neighbourhoods. CIJA’s vice-president for Ontario adds that by not standing with the Jewish community, Chow, who campaigned on diversity and inclusion in her mayoral campaign, is creating the opposite effect. “Hateful chants in [the] streets... terrorist flags at these protests, people dressing up like Hamas... those are unacceptable behaviours, and by her not going out and publicly denouncing these things and being very clear that she doesn’t want to see these things in her street—and taking that leadership position—she’s countering what her brand is about: diversity and inclusion. “She’s emboldening... more division in her city rather than bringing people together to find the common ground... the shared values we all have as Torontonians.” It was an honour to join @thethmuseum this evening for the start of Holocaust Education Week. In the present, we must continue to fight against antisemitism and the fear and terror that feed fascism. Check out events all week: https://t.co/YMRA2zjk1M pic.twitter.com/OcLkb3K7dw — Mayor Olivia Chow (@MayorOliviaChow) November 5, 2024 Despite the Oct. 7 memorial letdown, Stock gives Chow credit for attending the Toronto Holocaust Museum one month later for a tour and discussion on contemporary antisemitism. Social media postings claimed the mayor made a hasty exit partway through the program—a falsehood amplified by independent downtown MP Kevin Vuong without a subsequent correction or apology—but Stock confirms that Chow participated in the entire event as scheduled. “People had an opportunity to voice their concerns with her about what was going on in Toronto, and she gave people a lot of airtime.” Bubble bylaw idea defeated at council It’s not simply that Chow has not appeared consistently at Jewish community events, but that raucous anti-Israel protests have gone on throughout the city, which make some Jews feel protesters have gotten a free pass. ‘Bubble zone’ legislation which would have prevented protests near religious institutions was introduced to city council in October 2023—but councillors narrowly voted down the bylaw the following May, instead asking the city manager to devise an action plan and refer it to the police. (Similar legislation has been passed in municipalities near Toronto, including Vaughan and Brampton.) ‘Keeping Toronto Safe from Hate’ came to the police board as a draft proposal in September. Following a unanimous Oct. 12 vote on a motion by Chow—one year after council adopted an initial motion of the same name around anti-hate measures—the city’s website launched a resource page for the initiative. Toronto’s greatest strength is its diversity. If you call Toronto home, you are welcome here. There is space for you. There is no place for Islamophobia, antisemitism or hate. Learn more about what the City is doing to stop hate and build peace at https://t.co/JlIRhk2YqD pic.twitter.com/9OaURrUBLe — City of Toronto (@cityoftoronto) February 27, 2024 The plan covers six categories: infrastructure, legislation, community safety and funding, public education and awareness, incident management and response, and increased collaboration between the City of Toronto and Toronto Police Service. The plan does not propose new municipal departments or entities, and instead draws on the city’s existing diversity, equity, inclusion, and community safety efforts, and policies “promoting respectful conduct, inclusion and an environment free from hate.” In a statement from Chow’s office to The CJN, the mayor noted her support for the Jewish community included affirming a council motion in June from uptown York Centre city councillor James Pasternak—one of four of Toronto’s elected municipal politicians who is Jewish, along with Josh Matlow, Dianne Saxe and newcomer Rachel Chernos Lin—which was called “Fostering Belonging, Community and Inclusion, and Combating Hate in Toronto.” The city committed to relaunch its anti-hate public education campaigns displayed on city-owned bus shelters and benches, maximize safety on city streets through urban design, explore additional city funding for gathering spaces, and direct city staff to review the graffiti management plan to ensure there is a rapid response to hate graffiti. Stickers affixed to the backs of City of Toronto street signs near Ossington Avenue in Toronto’s west end, earlier in 2024. (Credit: Jonathan Rothman) Chow also signed a declaration from multifaith coalition Rally for Humanity, which Pasternak introduced at the most recent monthly meeting of city council. Chow told The CJN in a statement she is committed to the safety and well being of Toronto’s Jewish community. “There is no place for antisemitism in our city—full stop.” This month, the police board passed a long-term hiring plan designed to boost the number of officers. “This plan is responsive to the needs of Torontonians, including members of the Jewish community who have felt unsafe in our city over the last year,” wrote Chow, saying she’ll work with other levels of government to fund the plan. Budget chief Shelley Carroll, a councillor and member of the police board, confirmed in a written response that the Jewish community was among those helping to “shape [the city’s] priorities” during pre-budget consultations that ended Oct. 31. Speaking to The CJN last month, Pasternak—whose riding has a significant Jewish population—called bubble legislation an important step. But leadership and law enforcement are the key issues, he says. “Our big problem is we are not getting universal condemnation and the strong law enforcement aspect that we need to stop... these hateful mobs. One of the most severe consequences [of those] since Oct. 7 is that they have left the city very vulnerable when it comes to law and order. “From the Jewish community point of view, we want to see [TPS] get the resources they need to keep our city safe, to keep our community safe.” Pasternak thanked community leaders when he introduced the declaration at council on Nov. 13, saying “government alone cannot do all the things necessary to keep the city liveable, safe and free from hate, and one of high purpose, through social cohesion.” He told The CJN that protest bubble zones are a “crucial part of keeping our faith-based institutions safe” by creating spaces protesters cannot access. But his colleague Josh Matlow of the midtown St. Paul’s riding–where the Jewish population is also significant— says that “community safety zones,” or bubble zones, and similar measures do not resolve the challenges the city’s Jewish community is facing, which Matlow says are too important for “symbolic gestures... that don’t mean, or achieve, anything.” The initial bylaw was too broadly worded to be enforceable, he said. “It didn’t focus in on the real problem, which is when members of the Jewish community are being harassed and intimidated by protesters. “In many cases before Oct. 7, and certainly since, there’s been a heightened level of insecurity in Toronto’s Jewish community when it comes to their safety. Jewish Torontonians want to feel “that the city and the police are doing everything they can to keep them safe,” said Matlow, including protecting Jewish spaces like schools, synagogues, and community centres, and enforcing existing laws. “It’s really important that whenever any one of our communities is subject to hate and harassment and intimidation, whether that be Black, LGBTQ2S+, Asian, Muslim, or Jewish community, that leaders take a stand and make it very clear we don’t accept that... we stand with the community that’s being victimized. “And what I hear from the Jewish community is that far too often they feel that they’re not treated that way.” The new action plan is taking important steps, he says, with improved coordination between police and the city. “The police have come a long way, and I think they’ve adapted their approach, working with the city. There’s still a lot of work to do, but I think that things have come a long way.” the “yes” vote prevented (and was against) the request for bubble zones. It supported a do nothing approach to the mayhem in our city. https://t.co/wVvKBTF6gD pic.twitter.com/78SC398DvA — James Pasternak (@PasternakTO) May 24, 2024 Josh Matlow, meanwhile, continues to caution that the focus on places of worship—including several prominent Jewish institutions in his own ward—won’t entirely address the issue. “The evidence has shown us that the vast majority of incidents where Jews in our city have been harassed, have been intimidated, have actually not been at synagogues,” he said. “It’s, sadly, almost everywhere else: it’s been in parks... it’s been at Jewish-owned businesses. “The reality is there’s no such thing as a safety [zone] in real life. What we need to do is actually address the surge in antisemitic incidents throughout our city... and that’s not as simple as suggesting that we’re going to create some magic safety bubble.” The view from downtown streets For some Jewish residents, there’s a sense that their local councillors have been ineffective in denouncing antisemitism, especially when it shows up as violent and anti-Israel images and graffiti. Joanna Salit, who lives in the west-end riding of Davenport, where Alejandra Bravo is the city councillor, started a WhatsApp group for concerned residents, saying the graffiti on the streets that is violently anti-Israel makes her and others unsafe. Salit initially met with Bravo in August, followed by another meeting in late September where she was joined by about 20 other concerned members of the Davenport group. Posters and graffiti the community has found threatening and offensive include one recent flyer seen near Oakwood Collegiate, featuring “resistance” language alongside caricatures of women bearing assault rifles. Salit says she’s tried to get Bravo to make public statements addressing harmful messages littering the area. Toronto Police Service launched a web form for reporting hate-motivated graffiti in November last yearin the wake of the Oct. 7 attacks—and, in March 2024, TPS statistics showed 342 hate-related graffiti occurrences. In a statement to The CJN, Bravo wrote that her office directs residents who report graffiti and posters to refer to the city’s process for removal under existing bylaws, and that TPS investigates reports of hate propaganda and hate-related incidents. “Individual city councillors and their offices do not have the authority to direct bylaw enforcement or police enforcement activities,” she wrote. “While views within Davenport and Toronto may diverge on global events, one thing is clear to me: Antisemitism is a scourge, and it is unacceptable. Hate speech and intimidation of any kind are unacceptable. I unequivocally condemn the recent occurrences of bomb threats, gunshots, and vandalism at Jewish institutions including synagogues and schools.” Bravo also commented after an online video showed an antisemitic rant outside a mechanic’s garage on Geary Avenue. She recently denounced the attack on a mother outside a Chabad of Midtown pre-school, which police are investigating. “Antisemitic hatred and violence is abhorrent and unacceptable in our communities,” Bravo posted online after the attack in November. Salit has emailed Bravo and Chow photos of the posters that call for “resistance” with assault rifles, and says she wants to see a strong stance against those, too. A poster in Davenport, in the west end of Toronto, seen near a high school in the district. (submitted) “She [Bravo] really needs to be standing up for all constituents,” said Salit. “And say that Jew hatred in Davenport is not OK.” Sarah Margles is a Davenport resident who attended the meeting at City Hall with Bravo, and says the failure in leadership she sees shows the need to establish and uphold common values in the city. She says her city councillor’s office sent a warm reply to her offer to further discuss subjects like antisemitism on the left wing of the political spectrum, though Bravo’s office has not yet taken her up on the offer. Margles’ sense is that what’s playing out in Davenport is part of a wider dynamic. “The environment is so polarized, and not just on this issue,” she said. “Jews here are feeling scared... feeling attacked because of what’s happening over there. That’s not cool. It’s also true about the experience of Muslims and Arabs and Palestinians who are feeling attacked here by Jews and the pro-Israel movement, and they’re also feeling attacked here because of what’s happening there. And that’s also not cool.” City of Toronto officials, she says, are “also just dealing with rats and power outages... the real city things.” Responses to posters, stickers, and graffiti in Toronto’s west end, including in Davenport, in 2023 and 2024 (Jonathan Rothman photos) When elected officials see signs around that say “resistance at all costs” with images “with a bunch of women holding guns,” they see that with different eyes than the Jewish community does, she said. “The city needs a comprehensive way to look at ‘How do we deal with international clashes that blow up in our city even though the actual things are happening elsewhere, but the sentiment and the emotions and the fear and the anger are exploding here?’” Margles says there’s a lack of leadership in taking that on. “I don’t see them being clear about ‘Here’s what needs to happen in Toronto. We need to figure out how to not take our frustrations out on each other [if we are] upset about what’s happening around the world.” On some of the posters and graffiti on Toronto , exchanges of duelling counter-narratives between ideological opponents lead to erasing the previous message and replacing it with a response, be it to posters, stickers, handbills, or graffiti, including in Davenport, in the year-plus since the Oct. 7 attacks in Israel and ensuing war. (Jonathan Rothman photos) Along with standing against antisemitism, and Islamophobia, she says, there’s often disagreement on the line between political advocacy and discrimination. “We’re going to have to figure out how to carve those lines around ‘When is political advocacy tipping into discrimination or harassment of any group?’ And those policies need to be developed robustly and they need to be applied equitably to everyone.”honglouwawa Investment Thesis Effective August 1, 2022, the Franklin U.S. Equity Index ETF ( NYSEARCA: USPX ) changed its investment strategy and is now an excellent, low-cost alternative to S&P 500 Index funds like SPY , IVV , VOO , and Analyst’s Disclosure: I/we have a beneficial long position in the shares of SPY, MSFT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.