{"id":3925,"date":"2026-07-21T22:43:58","date_gmt":"2026-07-21T22:43:58","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=3925"},"modified":"2026-07-21T22:43:58","modified_gmt":"2026-07-21T22:43:58","slug":"billionaire-mike-bloomberg-warns-trumps-ai-ownership-plan-would-make-george-orwell-blush","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=3925","title":{"rendered":"Billionaire Mike Bloomberg warns Trump\u2019s AI ownership plan would make \u2018George Orwell blush\u2019"},"content":{"rendered":"
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That bargain is showing signs of collapse \u2014 on the U.S. side. As costs soar, Chinese competitors gain ground and Washington increasingly considers AI to be a national-security asset, President Donald Trump is considering taking a governmental stake into AI companies. While both the populist left and the right, and the AI companies themselves, have lauded the proposal, one person isn\u2019t cheering: Billionaire Michael Bloomberg.\u00a0\u00a0<\/p>\n

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In an opinion column published in Bloomberg Opinion<\/em> on Monday, the media company\u2019s founder attacked the proposal, arguing that it would turn Washington from an industry regulator into an investor with incentives for profit, leading to \u201ccronyism.\u201d\u00a0<\/p>\n

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\u201cSomewhere, Karl Marx is smiling,\u201d Bloomberg wrote of the centrally planned economy on offer, while the propaganda possibilities would \u201cmake George Orwell blush.\u201d<\/p>\n

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The former New York City mayor argued that Americans do not need their governments to own AI companies in order to share in the technology\u2019s gains. For one, once they go public, they could just buy shares. But also, consumers and businesses already benefit from AI through fraud detection, medical research, bookkeeping and other helpful applications, he wrote, while the resulting economic growth could eventually generate more tax revenue for public services.<\/p>\n

If AI companies are failing to contribute enough to the public, Bloomberg argued, Washington should fix the tax code to serve the public; not buy them. Ultimately, he predicted, federal shareholders will likely lead to corruption as the market will transform into a \u201csmoke-filled backroom.\u201d<\/p>\n

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“Somewhere, Karl Marx is smiling,” the media company founder wrote in an op-ed, calling current markets a “smoke-filled backroom.”<\/p>\n","protected":false},"author":1,"featured_media":3924,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-3925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"\nBillionaire Mike Bloomberg warns Trump\u2019s AI ownership plan would make \u2018George Orwell blush\u2019 - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=3925\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Billionaire Mike Bloomberg warns Trump\u2019s AI ownership plan would make \u2018George Orwell blush\u2019 - 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