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Billionaire Efforts to Beat Back Populism Are Backfiring. They Don’t Seem to Care.

Seattle’s City Council elections were a rebuke to Amazon CEO Jeff Bezos. It’s unlikely the presidential race is going to be any different.

It is quite a time to be a billionaire with socially liberal politics who dislikes President Donald Trump.

Starbucks CEO Howard Schultz is no longer considering an independent run for president. The Democratic Party has not one, but two, major presidential candidates whose campaigns are devoted to taking on billionaire power. And former Vice President Joe Biden, the candidate who many well-heeled donors thought would sail to the White House, has shown some signs of weakness. 

As a result, the superrich residents of moderate-minded coastal communities are starting to panic. They are casting about for last-minute solutions, including a late-in-the-game bid by former New York City Mayor Michael Bloomberg and a trial balloon by Deval Patrick, the former Massachusetts governor who’s now a Bain Capital executive.

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