The relationship between big businesses and political leaders isn’t new, but companies are now engaging more with President-elect Donald Trump’s upcoming inauguration. Just four years ago, after the January 6 Capitol attack, many of the same companies strongly condemned the attack and promised to rethink their political donations.
Big companies like Ford, General Motors, and Bank of America publicly announced they would stop or review their donations, especially to those who questioned the 2020 election results.
Now, with Trump set to return to the White House after the 2024 election, many of these companies are ready to donate to his inauguration fund. This marks a big change in how businesses interact with politics. This article looks at the reasons behind these donations, the motivations for them, and what this shift might mean for corporate America’s future relationship with Trump’s administration.
Resurgence of corporate donations
After the Capitol invasion, corporate America stepped back and reconsidered its political actions. Many companies, like Goldman Sachs, AT&T and Stanley Black & Decker promised to stop or rethink their political donations especially to those who opposed certifying the 2020 presidential election results.
The business world appeared to distance itself from the political chaos surrounding Trump’s presidency and the aftermath of the Capitol attack. As The Wall Street Journal reports, several major corporations even stopped PAC donations altogether, signalling a shift toward a more cautious and neutral approach.
However, many of these same companies are now rushing to support Trump’s inauguration, marking a big change. Companies that had paused donations are now contributing to Trump’s inauguration fund at record levels. Ford, Toyota, and Intuit each donated $1 million, while the Pharmaceutical Research and Manufacturers of America (PhRMA) made a similar contribution.
Content retrieved from: https://www.firstpost.com/world/united-states/trumps-inauguration-on-course-to-become-priciest-in-us-history-as-corporate-pour-in-millions-13847307.html.
