• by Tanya Gazdik , December 26, 2024

Many of the companies funding Donald Trump’s second inauguration are the same ones who denounced the invasion of the U.S. Capitol and pledged to withhold support from those who disputed the 2020 election results.

At least 11 companies and trade associations that are backing the inauguration are the same that earlier pledged to suspend or reconsider political-action committee donations after Jan. 6, 2021.

“Ford, Intuit, Toyota and the Pharmaceutical Research and Manufacturers of America are each giving $1 million,” according to The Wall Street Journal. “Other major donors that made Jan. 6-related pledges include Goldman Sachs, General Motors, Bank of America, AT&T and Stanley Black & Decker. For Goldman Sachs, Intuit, Toyota and PhRMA, this marks the first time in at least a decade that they are supporting an inauguration fund.”

The second Trump inaugural fund is on track to be the most well-funded yet.

“That's a possible sign that companies see Trump as a more transactional figure, and they hope donating to his inauguration will improve their standing heading into the new term,” according to Axios. "This is a chance to earn goodwill from Trump, including for companies that distanced themselves from him in the past.”

Previous political loyalties and affiliations appears to have flown out the window.

“Meta and Amazon each dished out $1 million donations to Trump’s inaugural fund last week, followed by OpenAI CEO Sam Altman, who said he would give the same amount from his personal wealth,” according to The Hill. “The move marked a shift for Altman, who has repeatedly donated to Democratic candidates since 2013.”

Besides cash, Ford and General Motors will also lend a small fleet of vehicles for use in the inauguration.

“That’s a substantial increase from 2017 when Ford and GM contributed $250,000 and nearly $500,000, respectively, to support Trump’s first inauguration,” according to CNN Business. “The auto industry could face serious challenges if, for instance, Trump were to follow through on his vow to impose stiff tariffs on goods imported from overseas. Car makers rely on suppliers around the globe for parts and materials.”

Automotive CEOs have already begun the process of getting on the new president’s good side.

“Ford’s CEO Jim Farley told reporters earlier this month he was excited about working with the incoming administration ‘to make sure that we’re rewarded for our commitment to America and Michigan,’” according to The Guardian. “‘[Given] Ford’s employment profile and importance in the US economy and manufacturing, you can imagine the administration will be very interested in Ford’s point of view,’ he said. General Motors CEO Mary Barra also expressed cautious optimism and said she believed the company and Trump were ‘goal-aligned.’”

Besides good favor, there are other payoffs to donating. 

"[B]ig donors can attend a candlelight dinner with the president-elect and his wife, Melania, enjoy face time with members of the incoming Cabinet at a private reception, secure VIP tickets to a ‘Starlight Ball’ and receive other exclusive benefits during three days of celebrations, according to a packet sent to contributors willing to donate or raise large sums,” per CNN Business. 

Taking a page from Santa Claus' naughty and nice lists, the president-elect is said to be keeping personal tabs on who is donating and who is not. 

“In the past few weeks, Trump has at times asked close allies about how much major corporations have donated to the inaugural committee, and has sometimes inquired about specific companies by name, a person with direct knowledge of the matter tells Rolling Stone,” according to Rolling Stone. “Earlier this month, when the president-elect asked about one big-name corporation and was told it hadn’t donated, Trump replied, ‘Well, they better do it soon then,’ this source adds."