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Newsom Confronts Business Elite at DealBook Summit, Accusing Some of Enabling Trump

09:36 AM, 12/04/2025
Newsom Confronts Business Elite at DealBook Summit, Accusing Some of Enabling Trump

At the DealBook Summit, Gov. Gavin Newsom sharply criticized financial and tech elites he said are enabling Donald Trump, even joking about selling kneepads to those "groveling to Trump’s needs." He warned the U.S. could be sliding toward authoritarianism while also courting the Wall Street audience by opposing a state wealth tax and defending pragmatic environmental rules. Advisers said his confrontational tone was deliberate — he was the only Democrat on the program.

California Gov. Gavin Newsom delivered a pointed rebuke to a room of financial and tech executives at the DealBook Summit, accusing parts of the business elite of enabling former President Donald Trump’s agenda.

Framing several lines for the cameras, the likely Democratic presidential contender quipped that he was figuratively selling kneepads to those he described as "groveling to Trump’s needs," adding that "some of you may need to buy them in bulk."

Speaking between appearances by Scott Bessent and Erika Kirk, Newsom repeatedly steered his answers back to Trump, criticizing the use of federal agents at a campaign kickoff tied to disputed redistricting and warning that the country risked sliding toward authoritarianism. He then widened his critique to include corporate and tech figures he said have profited from close ties to Trump.

“Some of you are probably fine with it. A lot of people figured it out. They know the game — state capitalism, crony capitalism, the great grift. A lot of you are doing extraordinarily well.”

The remarks drew polite applause rather than outrage. Two attendees compared Newsom’s delivery to that of a younger Joe Biden, while another who had long viewed the governor as a polished political operator said they were impressed by his overall presentation.

An adviser said Newsom’s confrontational tone was intentional; he was the only Democrat on the summit’s agenda that day and used the moment to draw a contrast with business and political elites — ties that could be politically awkward with the Democratic Party’s left flank as 2028 approaches.

At the same time, Newsom made overtures to the Wall Street crowd. He opposed a nascent effort to enact a state wealth tax in California and invoked Ronald Reagan’s regulation of tailpipe emissions as an example of pragmatic environmental policy. He also declined to harshly condemn Apple CEO Tim Cook for engaging with Trump, saying Cook was "doing what he needs to do on behalf of his shareholders."

More frequently, however, Newsom singled out a segment of the upper 1 percent for what he called "self-dealing," criticizing cryptocurrency and other tech figures who, he said, have profited from proximity to Trump. He specifically named David Sacks, who has been reported to have benefited financially from his role as a close tech ally of the former president.

Melanie Mason contributed reporting.

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