US Business Leaders Spend Big on Trump’s Second Inaugural Fund, Setting Record Expectations

 

As the US prepares for Donald Trump’s second term, business leaders and executives are pouring significant funds into his inaugural committee, with donations expected to surpass the record-breaking $107 million raised in 2017. This surge in contributions comes after Trump’s decisive victory in November, as industries and financial leaders look to secure favor with the incoming administration.

Some of the largest donations reportedly include $1 million each from major figures and companies such as Jeff Bezos’s Amazon, OpenAI CEO Sam Altman, Meta (formerly Facebook) led by Mark Zuckerberg, and hedge-fund manager Ken Griffin. Uber, led by CEO Dara Khosrowshahi, and major automakers including Toyota, Ford, and General Motors are also contributing $1 million each. Ford is additionally donating a fleet of vehicles, highlighting the strong ties between business interests and political power.

Trump, ever aware of the significance of these donations, expressed his enthusiasm on social media, stating, "EVERYBODY WANTS TO BE MY FRIEND!!!" on Truth Social. The fundraising efforts are seen by many in the business world as an opportunity to gain access to the incoming administration, especially given the potential for changes in international trade policies.

Brendan Glavin, research director at the nonprofit OpenSecrets, explained that Trump’s inaugural fund is a prime opportunity for companies to secure influence with the new administration. He also noted the defensive strategy behind many donations, stating, "None of these people want to be Trump’s punching bag for four years."

Already, the fundraising drive is expected to exceed its $150 million goal, surpassing the 2017 record. In comparison, former Presidents Barack Obama and Joe Biden raised $53 million and $63 million for their inaugurations, respectively.

The high-stakes nature of this fundraising effort reflects a larger trend in Washington, where Michael Beckel of Issue One remarked, "If you’re not at the table, you’re on the menu." He emphasized how the cost of political influence continues to rise, with the price of entry to key political events escalating significantly.

The Wall Street Journal reported that several companies, including those that had previously pledged to suspend political donations after the January 6, 2021, Capitol riot, are now backing Trump’s second inauguration. These companies, including Ford, Toyota, and the Pharmaceutical Research and Manufacturers of America (Phrma), have been advised by political strategists to remove any language from their corporate communications that may seem to favor Democrats. Notably, Phrma, which had paused its donations after the Capitol attack, has now pledged a $1 million donation to Trump’s committee.

The Trump campaign has indicated that the fundraising is not just about raising money, but also a way for companies to show their loyalty to the president after any perceived lapses in support. Donors contributing $1 million or raising $2 million will be rewarded with exclusive access to pre-inauguration events, including a candlelight dinner with Trump and Melania Trump, as well as a black-tie ball.

The extraordinary sums being raised for the 2024 inauguration underscore the growing influence of business leaders in shaping the political landscape and securing their place at the table for the next four years.