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The campaign contribution workaround that could boost Trump in the final days of the election

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The campaign contribution workaround that could boost Trump in the final days of the election
Sideby side of Donald Trump and Stephanie Ruhle
Donald Trump and Stephanie Ruhle.Getty; BLN

By Stephanie Ruhle

This is an adapted excerpt from the Sept. 3 episode of “The 11th Hour with Stephanie Ruhle.”

Shares of Donald Trump’s media company hit a new low on Wednesday, ending the day at $16.98 per share. That’s a decline of 6% for the day. From its high of $79.38 per share in late March, DJT is now down more than 78%.

This drop comes just weeks before Trump can cash in on his nearly 59% stake in the company — the company that essentially does nothing but provide a blank slate for him to post on social media. The “lockup agreement” to hold off on selling is set to expire on Sept. 25, just as the presidential race enters its final stages.

Despite that 78% drop, Trump’s stake in DJT is currently worth more than $2 billion. If Trump sells, that’s money he could use, in theory, to fund his campaign or pay his growing legal fees. It’s easy to see why some may consider buying into DJT’s stock to be the most extraordinary workaround of a campaign contribution to Trumpever.

Join Stephanie Ruhle, Rachel Maddow and many others on Saturday, Sept. 7, in Brooklyn, New York, for “BLN Live: Democracy 2024,” a first-of-its-kind live event. You’ll get to see your favorite hosts in person and hear thought-provoking conversations about what matters most in the final weeks of an unprecedented election cycle.Buy tickets here.

Stephanie Ruhle

Stephanie Ruhle is host of “The 11th Hour” at 11 p.m. ET on BLN and senior business analyst for NBC News.

Allison Detzel

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Politics

Democrats zero in on Musk as a way to attack Trump

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Democrats are starting to wake up and sketch out a plan to help them win back the working class: Turn the world’s richest person into their boogeyman.

They’ve set their sights on holding Elon Musk to account. Armed with new polling showing Musk’s popularity in the toilet, key Democratic leaders are going after the top Trump adviser who is dismantling the federal government. They are attempting to subpoena him and introducing legislation to block him from receiving federal contracts while he holds a “special” role leading Trump’s cost-cutting crusade.

In a sign of how toxic Democrats believe Musk is, battleground Rep. Jared Golden (D-Maine) called Musk an “unelected, weirdo billionaire” and said he has “been getting a lot of calls over the past few days” about him. Golden is a moderate who represents Trump country.

Even Rep. Ro Khanna (D-Calif.), who represents Silicon Valley and has had a relationship with Musk for years, is distancing himself from him. Khanna posted on X on Wednesday that Musk’s “attacks on our institutions are unconstitutional.” Khanna previously likened Musk to Franklin D. Roosevelt’s “dollar-a-year men,” the corporate leaders who helped the government mobilize for WWII, and said he texts with him.

Rep. Ro Khanna (D-Calif.) is seen during the ceremonial roll call on the second night of the Democratic National Convention at the United Center in Chicago on Aug. 20, 2024.

Democrats are also protesting him in Washington, making the calculation that the idea of an unelected billionaire wreaking chaos on the bureaucracy will be unpopular with voters. And they have some data fueling their efforts.

New internal polling, conducted on behalf of House Majority Forward, a nonprofit aligned with House Democratic leadership, found Musk is viewed negatively among 1,000 registered voters in battleground districts. Just 43 percent approve of him and 51 percent view him unfavorably. The poll, conducted by the Democratic firm Impact Research and completed between Jan. 19 to 25, also found that Musk evoked strong negative feelings. Of the 51 percent who disapproved of him, 43 percent did so strongly.

The survey isn’t a one-off, either. An Economist/YouGov poll published on Wednesday also found Musk’s approval rating underwater, 43 percent favorable to 49 percent unfavorable.

In the Democrats’ internal polling, pollsters asked respondents for their thoughts on “the creation of a government of the rich for the rich by appointing up to nine different billionaires to the administration,” and found 70 percent opposed with only 19 percent in support — a stat that suggests Democrats have landed on a message that could gain traction with swing voters.

That data and focus groups held by House Majority Forward helped bring attacks on the administration into focus: Democrats “shouldn’t chide Musk, Trump, and others for being rich,” the group wrote, but point out Musk’s conflicts of interests as head of DOGE and note that he could undermine key safety net programs to enrich himself at the expense of American taxpayers.

“Participants laud Musk’s business acumen and aren’t opposed to the ideals of DOGE,” HMF found. But “Musk’s relationship with Trump – who they view as inherently pro-big business” makes them wary that billionaire’s cuts “could include programs such as Medicare, Medicaid, and Social Security.”

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House Democrats try, and fail, to subpoena Musk

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Democrats on the House Oversight Committee moved to subpoena tech billionaire and Trump ally Elon Musk at a hearing Wednesday — and one Democrat was conspicuously missing from the vote, Rep. Ro Khanna of California, who represents Silicon Valley and has a longtime relationship with the billionaire…
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Inside the Elon Musk-Jim Jordan ‘mind meld’ shaking up Capitol Hill

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Inside the Elon Musk-Jim Jordan ‘mind meld’ shaking up Capitol Hill

Musk has a White House office and growing pull across federal agencies. Now he’s burrowed into the House Judiciary Committee…
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