Despite a historical trend of leaning Republican, none of the CEOs from Fortune 100 companies have donated to former President Trump this election cycle, according to data compiled by Yale’s Jeffrey Sonnenfeld.
This revelation challenges the perception that America’s business establishment uniformly supports Donald Trump. While corporate America may have its reservations about President Joe Biden, this does not translate into support for Trump.
Here is what you need to know
Donations from CEOs of the country’s top 100 companies have dwindled since Trump became the Republican nominee in 2016. Trump received no donations from this group when he ran against Hillary Clinton in 2016. Even during his 2020 reelection campaign, he only garnered support from two Fortune 100 CEOs. In stark contrast, George W. Bush, the last non-Trump Republican incumbent, received backing from 42 Fortune 100 CEOs in 2004.
Although approximately two-thirds of CEOs are registered Republicans, they do not necessarily align with Trump’s “Make America Great Again” (MAGA) agenda. In a New York Times op-ed, Sonnenfeld noted, “The top corporate leaders working today, like many Americans, aren’t entirely comfortable with either Mr. Trump or President Biden. They largely like — or at least can tolerate — one of them. They truly fear the other.”
CEOs may not be so keen on Trump but investors are
While big-name CEOs remain hesitant, prominent investors appear more inclined to support Trump. Steve Schwarzman of Blackstone is one of Trump’s most notable supporters in the investment world. Additionally, Susquehanna’s Jeff Yass, who holds a significant stake in TikTok’s parent company, was recently described by Bloomberg as a “former Never Trumper who’s recently softened to become an OK-Fine-Might-As-Well-Be Trumper.”
“Mr. Trump continues to suffer from the lowest level of corporate support in the history of the Republican Party,” writes Sonnenfeld. This lack of support from Fortune 100 CEOs underscores the complex relationship between Trump and America’s business elite, revealing a broader discomfort with his leadership style and policies among the nation’s top corporate figures.
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