The richest man on earth owns X.

The family of the second-richest man owns Paramount, which owns CBS — and could soon own Warner Bros. Discovery, which owns CNN.

The third-richest man owns Facebook, Instagram, and WhatsApp.

The fourth-richest man owns The Washington Post and Amazon MGM Studios.

Another billionaire owns Fox News, The Wall Street Journal, and the New York Post.

Why are the ultra-rich buying up so much of the media? Vanity may play a part, but there’s a more pragmatic — some might say sinister — reason.

As vast wealth concentrates in the hands of a few, this small group of the ultra-wealthy may rationally fear that a majority of voters could try to confiscate their wealth — through, for example, a wealth tax.

If you’re a multibillionaire, in other words, you might view democracy as a potential threat to your net worth. New York real estate and oil tycoon John Catsimatidis, whose net worth is estimated at $4.5 billion, donated $2.4 million to support Trump and congressional Republicans in 2024 — nearly twice as much as he gave in 2016.

Why? “If you’re a billionaire, you want to stay a billionaire,” Catsimatidis told The Washington Post.

But rather than rely on Republicans, a more reliable means of stopping majorities from targeting your riches might be to control a significant share of the dwindling number of media outlets.

As a media mogul, you can effectively hedge against democracy by suppressing criticism of yourself and other plutocrats and discouraging any attempt to tax away your wealth.

And Trump has been ready to help you. In his second term of office, Trump has brazenly and illegally used the power of the presidency to punish his enemies and reward those who lavish him with praise and profits.

So it wasn’t surprising that the owner of The Washington Post, Jeff Bezos — the fourth-richest person — stopped the paper from endorsing Kamala Harris last year, as Trump rose in the polls. Or that, once Trump was elected, Bezos decreed that the Post’s opinion section must support “personal liberties and free markets.” And that he bought a proposed documentary about Melania Trump — for which she is the executive producer — for a whopping $40 million.

Bezos’s moves have led several of the Post’s top editors, journalists, and columnists to resign. Thousands of subscribers have cancelled. But the Post remains the biggest ongoing media presence in America’s capital city.

Bezos is a businessman first and foremost. His highest goal is not to inform the public but to make money. And he knows Trump can wreak havoc on his businesses by imposing unfriendly Federal Communications Commission rulings, or enforcing labor laws against him, or breaking up his companies with antitrust laws, or making it difficult for him to import what he sells.

On the other hand, Trump can also enrich Bezos — through lucrative government contracts or favorable FCC rulings or government subsidies.

It’s much the same with the family of Larry Ellison, the second-richest man.

Paramount’s CBS settled Trump’s frivolous $16 million lawsuit against CBS and canceled Stephen Colbert, much to Trump’s delight. Trump loyalist flak Brendan Carr, the chairman of the Federal Communications Commission, then approved an $8 billion merger of Paramount Global, owner of CBS, and Skydance Media.

Larry Ellison’s son, David, became chief executive of the new media giant, Paramount Skydance.

In the run-up to the sale, some top brass at CBS News and its flagship Sixty Minutes resigned, presumably because they were pressured by Paramount not to air stories critical of Trump. No matter. Too much money was at stake.

I’m old enough to remember when CBS News would never have surrendered to a demagogic president. But that was when CBS News — the home of Edward R. Murrow and Walter Cronkite — was independent of the rest of CBS, and when the top management of CBS felt they had independent responsibilities to the American public.

Like Bezos, Larry Ellison is first and foremost a businessman who knows that Trump can help or hinder his businesses. In 2020, he hosted a fundraiser for Trump at his home. According to court records, after the 2020 election, Ellison participated in a phone call to discuss how Trump’s defeat could be contested. In June 2025, he and his firm, Oracle, were co-sponsors of Trump’s military parade in Washington.

After taking charge of CBS, David Ellison promised to gut DEI policies there, put right-wing hack Kenneth R. Weinstein into a new “ombudsman” role, and made anti-“woke” opinion journalist Bari Weiss editor-in-chief of CBS News, despite her lack of experience in either broadcasting or newsrooms.

The Guardian reports that Larry Ellison has told Trump that if Paramount gains control of Warner Bros. Discovery — which owns CNN — Paramount will fire CNN hosts whom Trump doesn’t like.

Other billionaire media owners have followed the same trajectory. Despite his sometimes contentious relationship with Trump, Elon Musk has turned X into a cesspool of right-wing propaganda. Rupert Murdoch continues to give Trump all the positive coverage imaginable. Marc Benioff, CEO of Salesforce and owner of Time magazine, has put Trump on the cover.

It is impossible to know the extent to which criticism of Trump and his administration has been chilled by these billionaires, or what fawning coverage has been elicited.

But we can say with some certainty that in an era when wealth is concentrated in the hands of a few individuals who have bought up key media, and when a thin-skinned president is willing and able to violate laws and norms to punish or reward, there is a growing danger that the public will not be getting the truth it needs to function in this democracy.

What to do about this? Two important steps:

1. At the least, media outlets should inform their readers about any and all potential conflicts of interest, and media watchdogs and professional associations should ensure they do.

Recently, The Washington Post’s editorial board defended Trump’s razing of the East Wing of the White House to build his giant ballroom, without disclosing that Amazon is a major corporate contributor to the ballroom. The Post’s editorial board also applauded Trump’s Defense Department’s decision to obtain a new generation of smaller nuclear reactors but failed to mention Bezos’s stake in X-energy, a company that’s developing small nuclear reactors. And it criticized Washington, D.C.’s refusal to accept self-driving cars without disclosing that Amazon’s self-driving car company was trying to get into the Washington, D.C. market.
These breaches are inexcusable.

2. A second step — if and when America has a saner government — is for anti-monopoly authorities to block the purchase of a major media outlet by someone with extensive businesses that could pose conflicts of interest.

Acquisition of a media company should be treated differently from the acquisition of, say, a company developing self-driving cars or small nuclear reactors, because of the media’s central role in our democracy.

As The Washington Post’s slogan used to say, democracy dies in darkness. Today, darkness is closing in because a demagogue sits in the Oval Office and so much of America’s wealth and media ownership is concentrated in the hands of a few people easily manipulated by that demagogue.

• Robert Reich is a professor of public policy at Berkeley and former secretary of labor. His writings can be found at https://robertreich.substack.com/.
• Robert Reich's new memoir, Coming Up Short, can be found wherever you buy books. You can also support local bookstores nationally by ordering the book at bookshop.org