Newsom arrived in Davos convinced he was drawing a moral boundary, separating those willing to resist Trump from those content to profit off his return. Yet as leaders and CEOs calmly aligned themselves with Trump’s instincts on territory, trade, and investment, they exposed a colder calculation: they are already pricing in a world shaped by his dominance, not their stated ideals.

His fury, framed in terms of shame, democracy, and history’s verdict, crashed against a room fluent in risk, leverage, and survival. What was meant as a warning sounded, to them, like a misreading of the moment. The lesson from Davos was not that elites fear Trump’s rhetoric; it’s that they are learning to operate within it. Newsom left having delivered a searing rebuke—only to discover the audience had quietly moved on to the next deal.