US business leaders are making substantial contributions to Donald Trump’s second inaugural fund, which is projected to surpass the record-setting $107 million raised in 2017. These donations, unrestricted by campaign finance laws, reflect industries and business leaders seeking favor with the incoming administration following Trump’s November reelection.
Reported contributions include $1 million each from Amazon, OpenAI, and Meta. Hedge-fund manager Ken Griffin, Uber and its CEO Dara Khosrowshahi, and automakers Toyota, Ford, and General Motors are also reportedly donating $1 million each. Ford is further contributing a fleet of vehicles. Trump himself boasted about the outpouring of support on Truth Social, declaring, “EVERYBODY WANTS TO BE MY FRIEND!!!”
Many senior executives have already visited, or plan to visit, Mar-a-Lago, Trump’s transition headquarters, to cultivate influence and access within the incoming administration, particularly given its plans to reshape international trade. Brendan Glavin of OpenSecrets highlighted to CNBC that the inaugural committee provides a prime opportunity for businesses to curry favor. He emphasized that this is as much a defensive strategy as an offensive one; companies wish to avoid becoming targets of the administration.
ABC News reports that the fundraising goal of $150 million has already been exceeded, putting the total on track to significantly surpass the previous record. This contrasts sharply with previous inaugurations: Obama’s raised $53 million (2009) and $42 million (2013), while Biden’s raised $63 million in 2021. Michael Beckel of Issue One noted the prevailing Washington adage: “If you’re not at the table, you’re on the menu,” and the escalating cost of securing a seat.
The Wall Street Journal identified eleven companies and trade associations supporting Trump’s inauguration despite prior pledges to reconsider or suspend PAC donations following the January 6, 2021, Capitol riot. Ford, Intuit, Toyota, and PhRMA are among those that made such pledges but are now contributing. PhRMA stated they had paused donations and implemented new criteria for contributions.
The Journal further reported that companies have been advised by political strategists to remove pro-Democrat language from their websites and corporate policies. This includes removing statements like that of former Stanley Black & Decker CEO Jim Loree, who condemned the Capitol attack and pledged to “advocate for our democracy and a peaceful transition of power.” Despite this, Stanley Black & Decker is donating $1 million to the inaugural fund, a substantial increase from their $25,000 contribution in 2017.
Trump aides have suggested that the fundraising is less about the money and more about symbolic displays of loyalty. Donors contributing $1 million or raising $2 million will receive six tickets to pre-inauguration events, including a reception with cabinet appointees, a dinner with the Trumps, and a black-tie ball.