Corporate interests commit millions to celebrate Trump’s inauguration

CNN
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Fortune 500 companies, emerging crypto firms and individual billionaires are vying to bankroll Donald Trump’s upcoming inauguration – each pledging seven-figure donations for next month’s celebrations as they work to ingratiate themselves with the new administration.

In return, major donors can attend a candlelight dinner with the President-elect and his wife Melania, enjoy one-on-one meetings with members of the new Cabinet at a private reception, secure VIP tickets to a “Starlight Ball,” and other exclusive benefits along the way received three-day celebrations, according to a package sent to donors willing to donate or raise large sums.

Several companies and individuals have announced plans to donate $1 million, including online retail giant Amazon, Ford Motor Company and hedge fund billionaire Ken Griffin. Some have donated even more: Cryptocurrency company Ripple is donating $5 million in its digital currency XRP for the inauguration, according to a company representative.

While the actual swearing-in on the West Front of the U.S. Capitol is a taxpayer-funded ceremony overseen by the Joint Congressional Committee on Inaugural Ceremonies, other high-profile events surrounding the swearing-in of a new president are privately funded and provide an opportunity for those with interests in front of the government to build goodwill with a new government. The identities of donors who gave $200 or more will be made public 90 days after the event when the nonprofit committee raising funds for the inauguration files a report with the Federal Election Commission.

“Money is a way to build relationships in Washington,” said Michael Beckel, research director for Issue One, a nonpartisan policy reform group. “Everyone is racing to make friends. The new president has a lot of power, and the opportunity to get involved by contributing heavily to his inaugural committee is a way for megadonors and corporate interests to curry favor with the government.”

There are no legal restrictions on the amount of donations a founding committee can receive.

Some companies have made it clear that they hope for major policy changes in the new Trump administration.

The crypto industry, for example, is looking for a regulatory framework that it hopes will firmly establish itself as part of the mainstream financial system. It has already achieved success with Trump’s choice of cryptocurrency advocate Paul Atkins as chairman of the Securities and Exchange Commission and venture capitalist David Sacks for the newly created role of artificial intelligence and cryptocurrency czar in the White House.

Coinbase, a cryptocurrency trading platform that was part of a major industry push this year to elect crypto-friendly politicians of both parties to Congress, has donated $1 million. The contribution is part of a long-planned commitment to help fund the event, company officials said.

“Coinbase is committed to working with the administration and both sides of Congress to provide regulatory clarity for crypto, and it is important to get involved early to hit the ground running,” said Kara Calvert, Coinbase’s vice president of U.S. policy in a statement. “That’s why Coinbase is committed to supporting President Trump’s transition and ultimately his inauguration well before the election.”

“We are committed to working with the most crypto-friendly government in U.S. history as we shape the future of cryptocurrencies in America,” she added.

Meanwhile, Robinhood — an online stock trading platform that also trades crypto assets — is donating $2 million to the Trump Vance Inaugural Committee, Inc., as the nonprofit is known.

The company “is pleased to welcome a new era of American innovation and common-sense regulation that promotes free markets, investor access and consumer choice,” said Mary Elizabeth Taylor, the company’s vice president of global government and external affairs.

Trump’s committee has not released a budget, but the committee that oversaw his first inauguration in 2017 raised a then-record amount of nearly $107 million. (His activities that year also triggered an investigation into his finances by the D.C. Attorney General. This resulted in a $750,000 settlement paid by the Trump Organization and the inaugural committee because of allegations made against the committee Trump’s company denied wrongdoing and called the settlement necessary to avoid a costly lawsuit.)

A spokesman for the Trump inaugural committee did not respond to questions about the committee’s fundraising goals.

President Joe Biden’s committee raised nearly $62 million, but its celebrations in January 2021 were significantly scaled back compared to previous inaugurations as the country grappled with the Covid-19 pandemic. President Barack Obama, Biden’s predecessor, raised $53 million for his first inauguration in 2009 and just over $43 million for his second.

Trump’s first inaugural committee received 18 donations of $1 million or more from corporations and other organizations, according to a tally by OpenSecrets, which tracks money in politics.

According to OpenSecrets, casino magnate Sheldon Adelson was the largest individual donor with $5 million. His widow, Dr. Miriam Adelson, is among the finance co-chairs of this year’s event, according to an initial donor packet obtained by CNN. An Adelson spokeswoman did not respond to an inquiry this week about her financial commitment to the inauguration.

But during the 2024 campaign, Adelson, an ardent Trump supporter, donated $100 million to a pro-Trump super PAC she organized, federal records show.

It’s not uncommon for corporations to help fund the parties and parades associated with inaugurations – what many see as a civic responsibility to celebrate the law and order Transfer of presidential power. But four years ago, after Trump’s supporters stormed the U.S. Capitol to thwart the certification of Biden’s victory, some companies and major GOP donors publicly backed away from donating to people aligned with the effort to overturn Biden’s election Victory is related.

This year’s race to finance Trump’s inauguration underscores how much the country’s political climate has changed. And it reflects the serious consequences some face If Trump follows through on his promises to overturn the programs proposed by the Biden administration or to overhaul US trade policy, this could affect large parts of the American economy.

Ford and General Motors – both of which contributed to Trump’s first inauguration – confirmed this week that this time they will each donate $1 million to his inauguration committee and provide vehicles to support the events.

That’s a significant increase from 2017, when Ford and GM contributed $250,000 and nearly $500,000, respectively, to support Trump’s first inauguration.

The auto industry could face serious challenges if, for example, Trump follows through on his promise to impose high tariffs on goods imported from overseas. Car manufacturers rely on suppliers around the world for parts and materials.

Likewise, a tax credit of up to $7,500 that consumers receive when purchasing an electric vehicle assembled in North America could be at risk under Trump’s presidency. He criticized the program as wasteful, even though Congress – which will be controlled entirely by Trump’s fellow Republicans next year – would have to take action to abolish it.

Other companies that have traditionally supported inaugural events say they plan to donate again. Spokespeople for AT&T and Bank of America told CNN that they contribute to Trump’s committee but have not yet disclosed the amount of those donations.

As CNN previously reported, since his victory, the president-elect has seen a parade of CEOs marching to his Florida resort, Mar-a-Lago, to pay court to him – prompting Trump himself to comment recently on social media Media to note that “EVERYONE WANTS IT.” MY FRIEND!!!”

Those who provide large checks to the inaugural committee will have even more opportunities to meet with the new president and his administration’s top officials next month, the package of encouraging contributions said.

Donors who give $250,000 – or raise $500,000 – are promised two tickets to a series of events, including a “Make America Great Again Victory Rally” on Jan. 18, a candlelight dinner at Trump and the new first lady will attend the swearing-in ceremony on January 19th. in ceremony, parade and black tie ball on January 20th.

Those who donate $1 million – or raise $2 million – will receive six tickets to the featured events, plus a benefit reserved for those who donate at a higher level: two seats at an “intimate dinner” with the Vice President-elect JD Vance and his wife Usha Vance.

“This guarantees wealthy donors access that most Americans can only dream of,” Beckel said. “Even if you are the most ardent supporter of a presidential candidate, the odds are not good that you will come into contact with a president or a high-ranking official.”

CNN’s Sara Murray contributed to this report.