Trump inauguration: The CEOs supporting Trump 2.0
With Donald Trump set to become the 47th US president on Monday, the biggest names in American business are expected to attend his inauguration and mark his return to the White House.
Tesla CEO and ‘First Buddy’ Elon Musk – who has long been a vocal Trump supporter – already spoke at a pre-inauguration rally on Sunday but will again occupy a place of prominence during the oathtaking event.
Other business leaders who will be seated as VIPs on stage include Amazon founder Jeff Bezos, Apple CEO Tim Cook, and Meta CEO Mark Zuckerberg. TikTok CEO Shou Chew, who is looking to gain support from the incoming administration against a ban on the video-sharing platform, will also be at the inauguration.
Companies donating to Trump's inauguration
The presence of business leaders at this historic event shows only one aspect of the growing alliance between Corporate America and the White House.
Behind the scenes at these political gatherings, corporates have been known to extend financial support not only to kickstart the president’s first day in office but also to maintain friendly ties with (and hold sway over) the incumbent.
It’s about jockeying for position early. After Trump’s second presidential win, some members of the business sector immediately pledged millions to fund his oathtaking. Amazon, Meta, Microsoft, Google and OpenAI’s Sam Altman each promised to donate $1 million.
The trend isn’t unique to the Trump administration, however.
Top companies such as Boeing, Microsoft, Amazon and Pfizer also contributed to President Joe Biden’s inauguration four years ago.
Biden raised more than $61 million for his oathtaking back in 2021. But with a leaner budget and COVID restrictions in place at the time, organisers opted for a much more modest celebration.
This year, however, the amount of money flowing in to mark Trump’s comeback has been record-breaking.
Trump has raked in more than $200 million in contributions. Of the total amount raised, $150 million will be allocated to the actual oathtaking and the festivities around it, which include a parade and a number of inaugural balls. The rest of the donations will likely go towards Trump’s day-to-day operations.
Also Read: Is Elon Musk's pay package too much?
CEOs finding favour with Trump and Musk
There’s one feature of Trump’s network of supporters that is worth noting: the role of the First Buddy in shaping the power dynamics at the White House.
Musk is undoubtedly the most influential CEO to operate within Trump’s inner circle today. Not only has he been a fixture at political events. He has also spent a reported US$250 million to bankroll the president-elect’s comeback.
It’s no surprise then that, soon after the elections, Trump appointed Musk to be part of a special advisory body called the Department of Government Efficiency or DOGE, with the goal of “dismantling” bureaucracy and cutting out “wasteful expenditures”.
The appointment isn’t an official government role, but it ensures Musk – who holds a strong opinion on everything from culture to politics – has the president’s ear at all times.
Other business leaders looking to build the same rapport with the country’s CEO – and possibly influence tech and business policies – might have to get on the good side of Trump’s First Buddy, too.
Political observers call this the new administration’s “frenemy era” since a number of business leaders, who are now supportive of Trump, have been known to cross swords with Musk in recent past. Take Zuckerberg and Altman for example.
Altman is currently entangled in a legal battle with Musk over OpenAI, the company they co-founded in 2015. Still, Altman publicly declared support for Trump despite Altman’s brouhaha with Musk.
The Wall Street Journal reports, Musk appears to be getting on well with his “bitter rivals” – at least in the public sphere.
All of this is proof of how in business, as in politics, the fellows you consider to be your enemies one day could very well end up becoming your allies the next.