If the USA turns into a corrupt oligarchy, how would that affect the stock market?

It seems there are an alarming number of signs that the USA might become more corrupt. Moguls in executive roles, meme coins, governmental deals that benefit the elite, removing watchdog functions, restructuring the DOJ and more.

If we see an ongoing shift towards oligarchy, how would that affect the stock market?

On the one hand, it seems to benefit public companies via tax cuts and favorable governmental deals for some of them. On the other, value might be siphoned off from those companies into the pockets of the people in power or close to them.

What do you guys think, what would the overall impact be?