Donald Trump’s inaugural fund is set to break the fundraising record the president-elect set in 2017.
The fund is not restricted by campaign finance law and is made up of donations by businesses and executives, raising questions about corruption and influence peddling in the next Trump administration. Seven years ago, Trump’s first inaugural fund raised $107 million, and this time, corporate leaders will shatter that amount, with pledges already exceeding $150 million.
For example, Amazon founder Jeff Bezos, OpenAI CEO Sam Altman, and Meta’s Mark Zuckerberg have each pledged $1 million to the fund. Hedge fund manager Ken Griffin has said he’ll donate $1 million, and Uber and its CEO, Dara Khosrowshahi, plan to donate $1 million each. Automakers General Motors, Ford, and Toyota are also donating $1 million apiece, with Ford reportedly donating a fleet of vehicles as well.
Some companies on the donation list, according to The Wall Street Journal, are scrubbing their websites and corporate policies of anything that could be perceived as pro-Democrat or hostile to Trump, including, in the case of hardware manufacturer Stanley Black & Decker, criticism of the January 6, 2021, Capitol riot. The company is donating $1 million to the fund, up from the $25,000 it donated to Trump’s 2017 inauguration.
The donations come with immediate perks: Anyone who donates $1 million or raises $2 million from other donors will get six tickets to pre-inauguration events, including a black-tie ball, a candlelight dinner with Trump and his wife, Melania, and a reception with Cabinet nominees.
Trump celebrated last week, posting, “EVERYBODY WANTS TO BE MY FRIEND!!!” on his Truth Social profile. More likely, all of these businesses and executives don’t want to run afoul of the president-elect’s trade policies or deal with anger from his supporters. Trump’s tariffs, if they go ahead, will upend the economy and hurt several U.S. industries such as automobiles. CEOs will be hoping for exceptions and carve-outs, and the way to Trump’s heart is through his wallet.
