California Governor Gavin Newsom chided CEOs and others at The New York Times‘ DealBook Summit for bowing to Donald Trump and his demands, criticizing Silicon Valley executives for their quest to get in the president’s good graces.
Newsom cringed a bit as moderator Andrew Ross Sorkin read aloud some of the governor’s social media posts, which have mocked Trump by reflecting the president’s over-the-top Truth Social rants and rhetoric. Sorkin also cited Newsom merchandise sale of kneepads “for all CEOs, universities and GOP for bending the knee to” the president.
“Some of you may need to buy them in bulk,” Newsom told the business-focused crowd.
He added that his site’s sales of kneepads “were sold out, just like our universities were selling out, just like our law firms were selling out, just like a lot of CEOs were selling out, selling out this country, our future, our republic, selling out my kids, your grandkids. So there’s a method to it.”
Later in the 43-minute sit down, Sorkin pressed Newsom further on his criticisms of business leaders for trying to win favor from the administration.
“If you were [Apple CEO] Tim Cook, and under the circumstances he is in, which is that he manufactures a lot of stuff in China and he was worried about the tariffs…” Cook rather famously appeared in the Oval Office to give Trump an “award,” a plaque with a 24-karat gold base, as he announced a new corproate investment in the U.S. while getting a break from tariffs.
Newsom said that Cook “is able to make a phone call that no small business in my state could have made. I mean, how about my farmers and ranchers in California? How about all these small, medium-sized businesses that can’t pick up the phone and get an exception on their tariffs? So yeah, it breaks my heart a little bit. .. That is by definition crony capitalism. It is the definition of it.”
“Back to the generous analysis, that is being called a fiduciary, doing what he needs to do on behalf or the shareholders. That’s his job. So do I begrudge that? Yes. But do I begrudge him? Not as much. But what I do begrudge is the tone and tenor that this administration has set and the expectations they set, that if you don’t do the bidding, if you don’t write the check, you don’t get the contract.”
He added, “Some would argue, OK, it’s just more transparent BS. It’s at a different scale than we have seen in the past, and for those that are complicit and participatory in that beyond their fiduciary responsibility, that’s where I have a real problem.”
Newsom was particularly harsh about David Sacks, the tech figure who is serving as White House adviser on crypto and AI. Sacks was the subject of a New York Times profile that raised serious ethical issues of his role in shaping policy in which he and his friends benefit. In the aftermath, a number of tech leaders came to Sachs’ defense.
Newsom called the Times story a “master class analysis.”
“Talk about self-dealing,” Newsom said. “I mean, crypto czar, All In podcast — great podcast, not a knock. But one of its co-hosts is in business with Trump Jr. who is in business with Laura Ingraham on a new SPAC. They go so well. None of this is normal…This is a different level of grift than we have ever experienced in our lifetime.”
Newsom also riffed a bit on Fox News for brushing off Trump’s social media posts while taking him to task for his own, even though they are meant to mirror what the president is doing.
“You got Pravda, the propaganda networks out there, the primetime lineup at Fox just going on and on and on. You call someone the R word or piggy and it’s just being Trump being Trump. There’s nothing normal about this. He’s a man child.”
When it came to his social media posts, Newsom said, “I think there were 11 to 15 Fox News pieces on this. Disgusted they were.” He said one comment was that his wife should “wash his mouth out with soap…without any situational awareness. They haven’t said a damn word about the president of the United States.”
At points during the Q&A, Newsom shook his leg as he made a point or listened to Sorkin’s queries, and the governor even quipped, “Physiologically, I’m changing. I’ve got my arms crossed.”
To little surprise, Newsom was asked about the prospect of running for president in 2028, as Sorkin noted a Politico story that called him the “2028 front runner” after his successful campaign to pass the Proposition 50 redistricting initiative. Sorkin read from the piece, “For years Democrats and pundits have rolled their eyes at Gavin Newsom, but he’s positioned better than anyone else for the future of politics now.”
“Trying to sell links to Politico is what it sounds like,” the governor responded. “Look, I’m humbled by that because it’s rather remarkable.”
Noting he was a “960 SAT guy,” Newsom said, “I’m trying to meet this moment, and I’m trying to be accountable to this moment.” He admitted that he has thought about a 2028 race, but “not to the degree that you think, and perhaps others that are more cynical. I really am serious about this. For me, it was all about 2025, fighting fire with fire. It was about being accountable, not just rhetorically, but substantively, to address what Donald Trump is trying to do to this country.”
Even though Newsom has targeted what he calls crony capitalism and corruption in the administration, he distanced himself from some proposals coming from the left. He opposes a “wealth tax,” saying that “you can’t isolate yourself from the 49” other states.
“It’s a simple issue that you that you got to be pragmatic about,” Newsom said. “Plus there’s some simple questions that haven’t been answered. Very simply, it is how the hell do you determine it?”