US business leaders set to break record on donations to Trump inaugural fund

 

US business leaders set to break record on donations to Trump inaugural fund

 

Donations, not restricted by campaign finance laws, come as industries seek favor with incoming administration

 

Edward Helmore

Wed 25 Dec 2024 19.07 CET

https://www.theguardian.com/business/2024/dec/25/us-business-leaders-trump-inaugural-fund

 

US business leaders are spending big on Donald Trump’s second inaugural fund, which is predicted to exceed even the record-setting $107m raised in 2017.

 

The donations, which are not restricted by campaign finance laws, come as industries and business leaders seek to curry favor with the incoming administration after the president-elect decisively won a second, non-consecutive term in November.

 

Some of the planned donations reportedly include $1m each from Jeff Bezos’s Amazon, OpenAI CEO Sam Altman and Facebook parent company Meta, led by Mark Zuckerberg.

 

Hedge-fund manager Ken Griffin has said he plans to donate $1m, Bloomberg reported; Uber and its CEO Dara Khosrowshahi are reported to be chipping in $1m each; and Toyota, Ford and General Motors are each peeling off $1m. Ford is also reportedly coupling its donation with a fleet of vehicles.

 

“EVERYBODY WANTS TO BE MY FRIEND!!!” Trump wrote in a post on Truth Social on Thursday.

 

Many senior executives in US industries and finance have already made the trip to Mar-a-Lago, Trump’s transition team headquarters, or are planning to, according to reports, as they seek to gain influence and access to the incoming administration that’s threatening to shake up international trading norms.

 

Brendan Glavin, director of research for the money-in-politics nonprofit OpenSecrets, told CNBC last week that Trump’s inaugural committee presents a “great opportunity for them to curry favor with the incoming administration”.

 

Glavin pointed out that courting Trump is as much a defensive as a charm-offensive posture. “None of these people, they don’t want to be Trump’s punching bag for four years,” he told the outlet.

 

ABC News reported that Trump’s second-inauguration haul is on track to shatter the previous $107m record, as pledged contributions have already exceeded a $150m fundraising goal. Barack Obama’s inauguration raised $53m in 2009 and $42m in 2013, and Joe Biden’s raised $63m in 2021.

 

“One of the oldest adages in Washington is that if you’re not at the table, you’re on the menu, and the price of admission to have a seat at the table keeps going up,” Michael Beckel, director of the political reform advocacy group Issue One, told the outlet.

 

The Wall Street Journal on Tuesday identified 11 companies and trade associations that are supporting Trump’s second inauguration despite having pledged to suspend or reconsider political-action committee donations after the 6 January 2001 riot at the US Capitol.

 

The Journal noted that Ford, Intuit, Toyota and the Pharmaceutical Research and Manufacturers of America are among the companies that made January 6-related pledges but are now supporting the Trump committee.

 

A Phrma spokesperson told the outlet that the company had “announced a pause on our giving at the time and then subsequently added new criteria to guide our contributions”.

 

The Journal reported that companies have been advised by political strategists to cleanse their websites and corporate policies of language that favors Democrats. That includes a letter from former Stanley Black & Decker CEO Jim Loree condemning the Capitol attack and vowing that the company would “advocate for our democracy and a peaceful transition of power”.

 

The company is donating $1m to the inaugural fund, a significant increase on the $25,000 it gave to Trump in 2017.

 

Trump aides have indicated that the fundraising isn’t about the money but a symbolic means to exact an apology for any previous perceived lapse of loyalty.

 

According to the Journal, donors who give $1m or raise $2m will receive six tickets to a series of pre-inauguration events, including a reception with cabinet picks, a “candlelight dinner” with Trump and Melania Trump and a black-tie ball.