Trump inaugural fund set to break record as businesses scramble to curry favor
Previous Trump inauguration also set record
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Donald Trump-JD Vance inaugural committee is projected to raise more than $150 million, breaking the previous $107 million inauguration fundraising record, set at Trump’s first inauguration.
"There is an absolute deluge of interest," a Republican fundraiser told ABC News.
The donations have included a variety of big names in the tech and finance world.
Amazon, Meta, Uber, and Ford are all reportedly planning $1 million donations, as are hedge fund manager Ken Griffin and OpenAI CEO Sam Altman.
The donations include pledges from companies that previously suspended donations to Republican election-deniers after Trump supporters invaded the U.S. Capitol, including Intuit and Toyota, according to The Wall Street Journal.
The inauguration donations aren’t bound by normal campaign finance laws, and donations above $1 million reportedly include tickets to pre-ceremony events, including a black tie ball, a reception with cabinet nominees, and a dinner with Donald and Melania Trump.
“One of the oldest adages in Washington is that if you’re not at the table, you’re on the menu, and the price of admission to have a seat at the table keeps going up,” Michael Beckel, research director at advocacy group Issue One, told CNBC.
In some cases, major positions have followed donations for Trump allies.
Trump Treasury secretary pick Scott Bessent and Commerce secretary choice Howard Lutnick both previously gave $1 million to Trump’s 2017 inauguration.
In 2022, the District of Columbia reached a $750,000 settlement resolving a lawsuit alleging Trump’s 2017 inaugural committee overpaid for events at the Trump International Hotel.
Tech executives like Tim Cook of Apple and Mark Zuckerberg of Meta have also been lobbying Trump in person, visiting the president-elect at his Mar-a-Lago estate in Florida.
Industry leaders are likely discussing Trump’s many plans to issue sweeping tariffs against major U.S. trading partners like China, Canada, and Mexico, policies that economists say would likely raise prices for U.S. firms and consumers on everything from electronics components to oil.
Trump himself admitted this month he “can’t guarantee” his economic proposals won’t raise prices on consumers.
“I can’t guarantee anything,” Trump told NBC News. “I can’t guarantee tomorrow.”
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments