US business leaders are pouring large sums into Donald Trump’s second inaugural fund, which is predicted to exceed the record-breaking $107m raised in 2017. The donations, not restricted by campaign finance laws, come as industries and executives seek to curry favor with the incoming administration.
Companies such as Amazon, OpenAI, Meta, Toyota, Ford, and General Motors are each donating $1m, while hedge-fund manager Ken Griffin is also pledging $1m. Uber’s CEO Dara Khosrowshahi is chipping in $1m, along with other senior executives who have visited Trump’s transition team headquarters or plan to do so.
Industry leaders believe that courting Trump is essential to avoid being seen as his “punching bag” for the next four years. The fundraising goal has already exceeded a $150m target and is on track to break the previous record.
Eleven companies, including those previously suspended from making donations after the January 6th US Capitol riot, have now pledged support to Trump’s inaugural fund. These include Ford, Intuit, Toyota, and Pharmaceutical Research and Manufacturers of America.
The fundraising effort is not just about the money but also a symbolic gesture aimed at exacting an apology for perceived loyalty issues. Donors who give $1m or raise $2m will receive exclusive access to pre-inauguration events, including receptions with cabinet picks and a black-tie ball.
Source: https://www.theguardian.com/business/2024/dec/25/us-business-leaders-trump-inaugural-fund