Numerous top CEOs and their companies are committing to donate substantial sums of money to President-elect Donald Trump’s inaugural committee in an effort to establish a favorable relationship and secure influence before he takes office. Some notable planned donations include $1 million each from Jeff Bezos’ Amazon, OpenAI CEO Sam Altman, and Meta, the parent company of Facebook led by Mark Zuckerberg. Additionally, Robinhood Markets is contributing $2 million, while Uber and its CEO Dara Khosrowshahi are each donating $1 million. Ford is reportedly pairing its $1 million donation with a fleet of vehicles. Hedge fund manager Ken Griffin also intends to give $1 million to the tax-exempt inaugural committee. Finance leaders are said to be preparing further donations. Trump’s recent electoral victory has emboldened him to promise a reformation of U.S. economic policy that may particularly benefit certain industries such as fossil fuels. He has emphasized the importance of personal interactions and public endorsements from chief executives of major companies. Trump’s social media post on Truth Social highlighted his desire for friendship from top executives. Many CEOs have visited Mar-a-Lago, Trump’s Florida resort and transition hub, to establish connections with the incoming administration. According to Brendan Glavin, director of research at OpenSecrets, the inaugural committee presents a valuable opportunity for corporate leaders seeking influence. Unlike donations to super PACs, contributions to inaugural committees are not limited in amount and do not carry the same political weight. The significant funds raised by Trump’s 2017 inaugural committee, totaling approximately $107 million, set a record in U.S. history. The current fundraising efforts for Trump’s second inauguration are on track to exceed $150 million. In contrast, President Joe Biden’s inaugural committee raised nearly $62 million. The heightened importance of establishing positive relationships with the Trump administration has influenced the substantial contributions to the inaugural committee. Requests for comment from Trump’s inaugural committee and transition team went unanswered.
“The cost of securing a seat at the table for an inaugural celebration is on the rise,” explained Michael Beckel, the research director at Issue One, a group advocating for political reform. Funding for Trump’s second inaugural committee has notably received a boost, with a significant portion coming from tech giants who had largely refrained from supporting his first inauguration. Apart from Robert Parsons, the founder of GoDaddy.com, who donated $1 million, few other prominent figures in the tech industry contributed to Trump’s 2017 committee. Trump had previously clashed openly with some tech leaders like Zuckerberg and Bezos, the owner of The Washington Post, which has been a frequent target of the president-elect’s criticisms. However, this time around, as Trump promises to cut federal regulations while also accusing Big Tech of stifling competition, industry leaders may find their relationship with the White House more crucial than ever.
In a December 4 interview at The New York Times’ DealBook conference, Bezos expressed optimism about a second Trump presidency, stating his willingness to assist in reducing regulations. This positive outlook follows a controversy at The Washington Post in October when Bezos reportedly chose not to publish the editorial board’s endorsement of Vice President Kamala Harris over Trump, leading to a backlash from subscribers and staff resignations. Trump’s newfound rapport with the tech sector is particularly evident in his growing association with Elon Musk, the CEO of Tesla and SpaceX, who played a significant role in supporting Trump’s election campaign. Musk, who is considered the wealthiest person globally, has been closely involved in Trump’s transition planning and is part of an advisory group tasked with streamlining government expenses.
The evolving relationship between Musk and Trump could potentially complicate matters for OpenAI’s Altman, engaged in a legal dispute with Musk. Despite this, Altman has publicly praised Trump, aligning himself with the president’s efforts to advance AI technology in the U.S. Craig Holman, a government affairs lobbyist, believes that these influential figures fear potential retribution from Trump, leading them to offer financial support to gain favor with the administration.
Shortly after the presidential election, Trump introduced the “Trump Vance Inaugural Committee, Inc.,” a 501(c)(4) nonprofit led by real estate investor Steve Witkoff and former Republican Sen. Kelly Loeffler of Georgia, who Trump selected to head the Small Business Administration. Reince Priebus, a former chief of staff in Trump’s administration, revealed that he had been appointed as the committee’s finance chair. The committee’s finance team includes notable names such as GOP megadonor Miriam Adelson and billionaire Trump supporter Diane Hendricks.”
Political committees are required to publicly disclose the names of donors who contribute $200 or more, although these filings are not due until 90 days following the inaugural ceremony. If there is a surplus remaining after all the festivities have concluded, determining the exact amount left can pose a significant challenge.
In 2017, President Trump’s inauguration was notably smaller in scale compared to President Obama’s inauguration in 2009, yet Trump managed to raise more than double the amount of money for his own ceremony. Consequently, it was widely anticipated that Trump’s committee would have tens of millions of dollars remaining after covering expenses such as balls and hotel accommodations. However, years after the event, there remained uncertainty surrounding the disposition of a substantial portion of these funds.
Federal records indicate that approximately a quarter of the total funds raised, amounting to $26 million, were directed to a newly established company managed by an advisor to First Lady Melania Trump. Craig Holman, a representative from Public Citizen, remarked on this development, stating, “We take a look through the history of the financing of inaugurations, and clearly it comes from very large donors, wealthy special interests and corporations, almost all of whom have business pending before the federal government. This is a real cesspool of buying favors.”
Additional reports from CNBC shed light on other pressing issues, including the perceived threat posed by Trump’s tariffs to Canada’s auto industry and the legal action taken by major banks against the Federal Reserve regarding annual stress tests. Furthermore, American Airlines was compelled to temporarily ground U.S. flights due to a technical malfunction.
