The contradictions in that definition and its examples indicates to me how outdated it is. Connecting "white men" and Ivy League universities, despite those institutions adopting an ideology explicitly designed to dispossess white men from institutional power. Connecting universities and Trump, despite the Trump administration occupying an opposing faction of power to academia (hence the articles bemoaning this being posted on HN). Connecting Trump to Bush despite Trump existing outside and against the Bush dynasty (to the point that the Democrats took Liz Cheney onboard in their campaign against Trump).

The better definition is simply that the elites of a nation are the ones that hold the most outsized political power, often the kind of intangible power that they are loathe to admit having. Trump is more or less attempting a small-scale revolution in America, being the replacement of one class of elites with another. What the prospective replacement class of elites looks like is harder to say than who they're attempting to replace.