In an effort to gain favor with the new administration, Fortune 500 companies, emerging cryptocurrency companies, and individual billionaires are vying to support Donald Trump's approaching inauguration by contributing seven figures each to the celebrations next month.
According to a packet sent to contributors willing to donate or raise large sums, big donors will receive VIP tickets to a "Starlight Ball," enjoy face time with members of the incoming Cabinet at a private reception, attend a candlelight dinner with the president-elect and his wife, Melania, and receive other exclusive benefits during three days of celebrations.
A number of businesses and individuals, including hedge fund billionaire Ken Griffin, Ford Motor Company, and online retail behemoth Amazon, have announced plans to make $1 million donations. Others have contributed even more: According to a corporate spokesman, cryptocurrency company Ripple is giving $5 million in its virtual currency, XRP, to the inauguration.
The Joint Congressional Committee on Inaugural Ceremonies oversees the taxpayer-funded swearing-in ceremony on the US Capitol's West Front, but other high-profile events surrounding a new president taking the oath of office are privately funded and give those with a stake in the government a chance to curry favor with the incoming administration. When the nonprofit group that raises money for the inauguration submits a report to the Federal Election Commission 90 days after the event, the names of donors who gave $200 or more will be made public.
According to Michael Beckel, research director of Issue One, a bipartisan political reform organization, "money is a way of building relationships in Washington." "Everyone is vying for friendships. Megadonors and corporate interests can gain favor with the administration by contributing significantly to the incoming president's inaugural committee, which gives them substantial influence over the administration.
The amount of money that an inaugural committee can obtain is unrestricted by law.
Getting ready for a "new era"
Some businesses have expressed their hope that the incoming Trump administration will bring about significant legislative changes.
For example, the cryptocurrency industry is looking for a regulatory framework that will help solidify its place in the mainstream financial system. It has already achieved victories, such as the appointment of venture capitalist David Sacks to a newly established position as the White House's artificial intelligence and crypto czar and the appointment of cryptocurrency advocate Paul Atkins as chair of the Securities and Exchange Commission by Trump.
A $1 million donation was made by Coinbase, a cryptocurrency trading platform that participated in a significant industry campaign this year to elect lawmakers from both parties who support cryptocurrencies to Congress. According to corporate executives, the donation is a part of a long-term commitment to support the event's underwriting.
According to a statement from Kara Calvert, Coinbase's VP of US policy, "Coinbase is dedicated to working with the administration and both sides of the aisle in Congress to create regulatory clarity for crypto, and it's important to engage early in order to hit the ground running." "For this reason, well in advance of the election, Coinbase pledged to assist President Trump's transition and, eventually, his inauguration."
"As we build the future of crypto in America, we're excited to work with the most pro-crypto administration in US history," she continued.
In the meantime, the charity organization known as the Trump Vance Inaugural Committee, Inc. is receiving $2 million from Robinhood, an online stock trading platform that also deals in cryptocurrency assets.
Mary Elizabeth Taylor, the business's vice president of worldwide government and external affairs, stated that the company "is happy to welcome in a new era of American innovation and sensible regulation that promotes free markets, investor access, and consumer choice."
Although Trump's committee has not made a budget public, the committee that presided over his first inauguration in 2017 raised a record-breaking $107 million. (The DC attorney general also looked into its finances as a result of its actions that year. In response to claims that the inaugural committee had overpaid for event space at the hotel in downtown Washington that was then owned by Trump's firm, the Trump Organization and the committee paid a $750,000 settlement. The Trump organizations said the payment was required to avoid an expensive trial and denied any wrongdoing.
When asked about the organization's fundraising objectives, a Trump inaugural committee representative remained silent.
As the nation struggled with the Covid-19 pandemic, President Joe Biden's January 2021 celebrations were drastically scaled back from prior inaugurations, despite the fact that his committee raised close to $62 million. Biden's predecessor, President Barack Obama, raised little more than $43 million for his second inauguration in 2009 and $53 million for his first.
OpenSecrets, a group that analyzes political funding, found that 18 corporations and other groups contributed $1 million or more to Trump's first inaugural committee.
OpenSecrets discovered that casino tycoon Sheldon Adelson was the single biggest individual donor, contributing $5 million. According to a preliminary donor packet that CNN was able to get, his widow, Dr. Miriam Adelson, is one of the financial co-chairs of this year's event. An query this week on Adelson's financial commitment to the inauguration was not answered by a spokeswoman.
However, according to federal records, Adelson, a staunch supporter of Trump, gave $100 million to a pro-Trump super PAC she set up during the 2024 campaign.
Corporate America's elite
Corporations frequently contribute to the funding of inauguration-related celebrations and parades, which many see as a civic duty to commemorate the peaceful transition of power. However, some businesses and major GOP donors openly withdrew their donations from anyone connected to the attempt to reverse Biden's victory four years ago when Trump's supporters stormed the US Capitol in an abortive attempt to block recognizing Biden's victory.
The competition to assist in funding Trump's inauguration this year highlights the significant shift in the political landscape of the nation. Additionally, it illustrates the serious repercussions that certain segments of corporate America may experience if Trump fulfills his promises to reverse Biden administration initiatives or alter US trade policy.
This week, Ford and General Motors, two companies who supported Trump's first inauguration, said that they would each donate $1 million to his inaugural committee this time around in addition to donating cars to help with the ceremonies.
That represents a significant increase above the $250,000 and over $500,000 that Ford and GM contributed to Trump's first inauguration in 2017.
If Trump were to carry on his promise to impose high tariffs on goods imported from outside, for example, the auto industry may have significant difficulties. For materials and parts, automakers look to vendors worldwide.
In a similar vein, Trump's administration may jeopardize a tax credit of up to $7,500 that buyers receive when they buy an electric car built in North America. He has called the program wasteful, but it would require action from Congress, which Trump's fellow Republicans would control in full next year, to end.
Other businesses who have historically contributed to inauguration activities say they want to do so once more. Bank of America and AT&T representatives told CNN that while they are making contributions to Trump's group, they have not yet revealed the amount of those contributions.
Greater contributions, greater benefits
Trump recently wrote on social media that "EVERYBODY WANTS TO BE MY FRIEND!!!" As CNN previously reported, since his election, the president-elect has seen a parade of CEOs travel to his Florida property, Mar-a-Lago, to woo him.
According to the package promoting donations, those who make large checks to the inaugural committee will have even more chances to interact with the new president and senior officials in his government next month.
Two tickets to a variety of events, such as a Make America Great Again Victory Rally on January 18, a candlelight dinner with Trump and the incoming first lady on January 19, and the swearing-in ceremony, parade, and black-tie ball on January 20, are promised to donors who donate $250,000 or raise $500,000.
A benefit reserved for higher-level donors is two seats at a "intimate dinner" with Vice President-elect JD Vance and his wife Usha Vance. Those who donate $1 million, or raise $2 million, also receive six tickets to the featured events.
According to Beckel, "this is ensuring wealthy donors a level of access that most Americans could only imagine." "The odds are against you being able to interact with a president or other high-ranking official, even if you are the most passionate supporter of a presidential candidate."
