President-elect Donald Trump’s 2017 inauguration raised about $107 million, setting the record for the most money raised.Brendan Smialowski/AFP/Getty Images
Big Tech companies and CEOs are already lining up six-figure donations to Donald Trump’s inauguration.
Amazon, Sam Altman, and Meta are each prepared to donate $1 million.
There are virtually no limits on inaugural donations, meaning Big Tech companies can cut massive checks.
Big Tech companies and the moguls behind them are preparing to make six-figure donations to President-elect Donald Trump’s inaugural committee.
Jeff Bezos’ Amazon, OpenAI CEO Sam Altman, and Mark Zuckerberg’s Meta have all been reported to have made or will make $1 million to the outfit tasked with planning and organizing Trump’s triumphant return to power.
The financing of inaugurations is really a cesspool when it comes to campaign financing,” Craig Holman, a lobbyist for government watchdog Public Citizen, told Business Insider.
Holman said there are few, if any, limits to inaugural donations, and what makes them particularly appealing is that megadonors and CEOs don’t have to worry about picking the loser.
“Unlike financing a campaign, when you don’t know for sure who is going to win, here in the inauguration, you’ve got the winner,” he said. So corporations and other special interests just throw money at them at the feet of the president with the hope of currying favor.
Jeff Hauser, executive director of the Revolving Door Project, a public interest group, said donations to the inaugural committee are less likely to irk the opposition.
“They are frequently a mechanism for entities that sit out elections to get good with the incoming administration,” he said.
Trump’s 2017 inaugural set a record, raking in roughly $107 million. Las Vegas Sands CEO Sheldon Adelson donated $5 million, the largest single donation. AT&T gave just over $2 million. For many in Washington, it was a time to make nice with an incoming president that few thought would win the 2016 race.
This time, Trump’s inaugural offers one final major opportunity for CEOs to curry influence with the president-elect at his peak.
Since he’ll be term-limited, the next major fundraising opportunity likely won’t come until Trump begins preparations for a presidential library (should that even occur). At that point, companies will have missed their window to make a final impression before mergers and acquisitions.
Playing ball can have major benefits. OpenSecrets found in 2018 that “of the 63 federal contractors that donated to the inauguration, more than half won multimillion-dollar bids” from the federal government later on.
Foreign donors can’t contribute to a president-elect’s inaugural committee, and the committee must publicly disclose details about donations over $200 within 90 days of Inauguration Day. Otherwise, there are few limits on what individuals or corporations can give, and inaugural committees are not required to explain how they spend the money.
Some presidents, especially Obama in 2009, have imposed voluntary restrictions on donations. Obama refused to accept corporate donations or individual contributions over $50,000 for his historic first inauguration, though he later lifted those limits for his reelection celebration.
Hauser said donations will allow corporations to prepare for an especially transactional period.
“I think that corporations with an agenda in Trump’s Washington, be it offense, like getting new contracts, or defense, like avoiding negative federal scrutiny, are going to spend millions of dollars in Washington to either make or protect billions in the real economy,” Hauser said.
Amazon, Google, and Meta have all faced antitrust concerns. Republican lawmakers have frequently grilled Meta CEO Mark Zuckerberg over Facebook’s decision to limit sharing the New York Post’s initial report on Hunter Biden’s laptop ahead of the 2020 election. Zuckerberg and his wife, Priscilla Chan, donated to help election officials during the COVID-19 pandemic, enraging some on the right, while Trump repeatedly lit into Amazon founder Jeff Bezos for The Washington Post’s coverage of his first administration. Amazon sued the Trump administration after Microsoft was awarded a $10 billion cloud computing contract over them, alleging that Trump’s animus for Bezos sunk their chances.
Bezos and Zuckerberg have since taken steps to repair their relationships with the Trump world. Zuckerberg has expressed regret over Facebook’s decision to censor some posts about COVID-19. He also pledged not to donate to help election officials. Bezos intervened when The Post’s editorial board was ready to endorse Vice President Kamala Harris.
Bezos also recently said Trump seemed “calmer than he was the first time and more settled.”
“You’ve probably grown in the last eight years,” Bezos said at The New York Times DealBook Summit in December. “He has, too.”
Altman has been entangled in a legal battle with his OpenAI cofounder Elon Musk, who is set to be an influential figure in the Trump administration.
In a statement about his donation, Altman said, “President Trump will lead our country into the age of AI, and I am eager to support his efforts to ensure America stays ahead.”
Representatives for Amazon, Meta, and Trump’s inaugural did not immediately respond to a request for comment from Business Insider.
To get a taste of what may be in store, one only needs to look at what happened at President Joe Biden’s inauguration.
A leaked fundraising memo showed that large donations netted individuals and organizations various perks, including opportunities to meet Biden, receive private briefings from top campaign officials, and “preferred viewing” for the virtual inauguration.
All of those benefits came amid pandemic precautions. Trump’s party will have no such limits.
Karen Gaines is a writer for News Trolley. She writes about lifestyle, books, sports, education, and tech.
When she's not writing or reading, she enjoys swimming at the local pool and playing tennis.
