Big tech companies are already donating six-figure sums to President-elect Donald Trump’s inaugural committee, with Amazon, Meta, and OpenAI CEO Sam Altman each pledged $1 million. The lack of limits on inaugural donations means that corporations can make massive checks, raising concerns about the influence of special interests in Washington.
According to government watchdog Public Citizen, there are few limits on inaugural donations, making them an attractive way for megadonors and CEOs to curry favor with the president. In contrast, campaign financing has limits, which can limit the amount of money that can be raised.
Executive director Jeff Hauser of the Revolving Door Project notes that donations to the inaugural committee allow corporations to build relationships with the incoming administration before mergers and acquisitions take place. This provides a unique opportunity for companies to shape policy and gain influence.
Some presidents have imposed voluntary restrictions on donations, but there are no such limits in place for Trump’s inauguration. Foreign donors can contribute to the committee, and public disclosure of donations over $200 is not required until after Inauguration Day.
Tech companies like Amazon, Google, and Meta face scrutiny from antitrust regulators and lawmakers, who have criticized their business practices. However, some CEOs, including Mark Zuckerberg and Jeff Bezos, have taken steps to repair their relationships with the Trump administration. OpenAI CEO Sam Altman’s donation is seen as an endorsement of Trump’s agenda on AI.
The lack of limits on inaugural donations sets a precedent for future fundraising opportunities, such as those related to presidential libraries. As Hauser notes, corporations are likely to spend millions of dollars in Washington to gain influence and achieve their goals under the new administration.
Source: https://www.businessinsider.com/trump-inauguration-donations-big-tech-meta-bezos-altman-2024-12