Donald Trump was the scourge of corporate America after the Jan.6, 2021, riots at the US Capitol. Social media companies such as Facebook and Google suspended Trump’s accounts. Dozens of big corporate donors stopped giving to politicians aligned with Trump. The PGA canceled a golf tournament scheduled at a Trump course.
Nearly four years later, the prodigal son is the surprise toast of the banquet. As Trump heads for a second presidential term, business titans are lining up like supplicants vying for an audience with the king. It’s a singular moment of triumph for a 78-year-old man who has sought approval from the billionaire class for most of his working life.
Former Trump antagonists Mark Zuckerberg of Meta and Jeff Bezos of Amazon plan to give $1 million each to Trump’s inaugural fund, as does Sundar Pichai of Google. Bezos and at least 15 other business leaders are due to meet with Trump this week.
Money for something? Meta CEO Mark Zuckerberg in September 25, 2024. (REUTERS/Manuel Orbegozo TPX IMAGES OF THE DAY) ·REUTERS / Reuters
Masayoshi Son, CEO of Japanese investing giant Softbank, appeared with Trump during his Dec. 16 press conference to announce a $100 billion investment in the United States during the next four years. The week before, execs from Visa, Meta, Goldman Sachs, Charles Schwab, and Citadel reportedly joined Trump backstage when he rang the opening bell at the New York Stock Exchange. And Trump’s inner circle now includes Tesla CEO Elon Musk plus the new MAGA wing of Silicon Valley.
What do they all want?
Influence, for sure. Trump arrived on the political scene in 2016 as a maverick many people thought would quickly flame out. His first term was an experiment in disruption, with many of Trump’s most controversial actions blocked by courts or left unfulfilled in a conflicted Congress. Had Trump lost in 2024, corporate America would have happily reverted to business as usual.
Now, however, the disrupters are in charge. And Trump’s habit of delegating authority to loyalists and supporters demonstrates the rewards that can accrue to those who join the Trump cause, even if they’re latecomers.
One million for Trump: Amazon founder Jeff Bezos .(REUTERS/Bonnie Cash) ·REUTERS / Reuters
Musk suddenly enjoys outsized influence with Trump, thanks to his late-breaking support in the 2024 election. Musk and tech entrepreneur Vivek Ramaswamy will run Trump’s government-efficiency commission, which can’t make changes on its own, but can draw up blueprints for Trump to act on through executive action or submit to Congress as legislation. Trump’s vice presidential choice, JD Vance, is a favorite of Peter Thiel and other libertarian tech billionaires. Vance is already the likely GOP presidential candidate in 2028, which means Trumpy tech titans could have the president’s ear for years to come.
There’s a lot at stake in Trump’s economic agenda, with direct implications for the companies run by his new suitors. Trump is likely to cut regulations and approve more corporate mergers, perhaps with special favors for certain sectors or companies. There’s been simmering interest for years in the question of whether tech companies are too big and powerful and ought to be broken up or reined in. With Republicans in full control of Congress and the White House, tech CEOs can’t afford to be on the outside looking in.
Musk’s effort to remake the government could affect hundreds of companies across the economy. The government has manifold agencies that regulate nearly every corner of the economy in some way, from healthcare to aviation to workplace safety. Every company would love a say in how the government regulates it. Then there are the thousands of government contractors that could benefit or suffer based on whether Musk’s commission potentially deems their contracts a value for taxpayers or reckless spending.
CEOs also learned from Trump’s first term that it’s prudent to stay out of Trump’s crosshairs. The supposedly business-friendly president publicly attacked a number of companies, some because he perceived a personal offense, others because they were moving jobs overseas or acting too "woke" for Trump’s tastes. Those attacks sometimes functioned as de facto boycotts because Trump’s supporters went after the companies as well. A Trump attack avoided is certainly better than doing damage control after one of Trump’s broadsides. Some CEOs may feel that alone is worth a few flattering words or a timely donation.
CEOs may also be looking around Washington, D.C., and concluding that Trump is the only game in town. President Joe Biden is hobbling from office as a shrunken figure forced to withdraw from the presidential race by his own frailty. His replacement, Vice President Kamala Harris, couldn’t beat a convicted felon once broadly reviled. Their party got smoked across the board in the 2024 elections. Democrats could be in exile for years.
Aligning with Trump could still backfire if the once and future president does something so odious that the voters who sent him back to the White House in 2024 turn on him. But one lesson of 2024 seems to be that Americans have a high tolerance for Trumpy dystopia.
