Tech Giants Lead the Donors
Unsurprisingly, major tech companies are among the largest contributors.
“Everyone wants to be my friend!!!” Donald Trump exclaimed on his Truth Social account on December 19. The president-elect isn’t exaggerating. As his second inauguration approaches, CEOs of American tech giants, once distant, are now flocking to Mar-a-Lago, his Florida residence. Among them are the leaders of Amazon, Apple, Google, Meta, and OpenAI.
At the same time, to curry favor with the future White House occupant, these executives have been exceedingly generous toward the inauguration committees. According to The New York Times, these committees have already raised $200 million—a figure that shatters previous records, including the $107 million raised for Trump’s first inauguration in 2017.
These donations come with rewards, including invitations to the ceremony where Donald Trump will take the oath of office on the Bible. Attendees will include Elon Musk (X, Tesla), Jeff Bezos (Amazon), and Mark Zuckerberg (Meta), as revealed by NBC News.
The Influence of Big Business
Since entering politics in 2016, Donald Trump has redefined the norms of presidential campaigns and inaugurations. David Tamasi, a lobbyist actively involved in fundraising, told The New York Times: “This is a deeply rooted tradition in Washington that companies eagerly embrace.”
Historically, Democratic presidents have tried to limit the financial influence of major corporations. In 1997, Bill Clinton capped individual donations at $100. George W. Bush later set limits of $100,000 and $250,000 during his two terms. Barack Obama banned corporate contributions for his 2009 inauguration and capped individual donations at $50,000 before relaxing some restrictions in 2013. Joe Biden, in 2021, prohibited contributions from lobbyists, fossil fuel companies, and their executives.
In contrast, Donald Trump has removed all limitations for his second term, prompting a record influx of donations.
A Change of Heart Among Business Leaders
Jeff Bezos, the founder of Amazon, and Mark Zuckerberg, the head of Meta, have both made dramatic about-faces. Once at odds with Donald Trump—Zuckerberg even faced threats of incarceration—both have now opened their wallets. Brad Garlinghouse, CEO of Ripple, announced a $5 million donation in XRP, the company’s cryptocurrency.
The ambitions of these economic giants align closely with their interests. As highlighted by The New York Times, Robinhood Financial, a major player in the cryptocurrency market, has also made massive contributions, using the services of Brian Ballard, described as “one of Trump’s top fundraisers.”
A Magnate and Strategic President
By consolidating corporate support, Donald Trump has solidified his power through a symbiotic relationship between politics and economics. This dynamic allows him to craft a unique style of presidential inauguration: boundless, uncompromising, and with a clear penchant for breaking records.