2024-11-02 08:12:00
The presidential election divides American voters, but what about business?
In an America more fractured than ever, the merciless fight between Donald Trump and Kamala Harris to succeed Joe Biden is also dividing the business world.
If we look at the direct support of the bosses of large American companies, according to a letter obtained exclusively by CNBC, 88 big bosses expressed their support for Kamala Harris.
It includes LinkedIn co-founder Reid Hoffman, billionaire Marc Cuban and OpenAI CEO Sam Altman. Or Roger Altman, founder and senior chairman of Evercore, Jeff Bewkes, former CEO of Time Warner, and Ken Frazier, former executive chairman, president and CEO of Merck.
Personally, Reid Hoffman, co-founder of Paypal and LinkedIn, is one of the main donors to Kamala Harris’ campaign. According to Forbes, he paid more than $20 million to support groups for the Democratic candidate.
On Donald Trump’s side, Elon Musk, boss of Tesla and X (formerly Twitter) represents the most important and generous support. It is difficult to measure the extent of his financial support which translates into all kinds of actions in support of the Republican candidate.
We can also cite Dana White, the CEO and president of the Ultimate Fighting Championship or the billionaire hedge fund manager Bill Ackman, founder and CEO of Pershing Square Capital Management.
Doug Leone, former managing partner of Sequoia Capital, David Saks, former COO of PayPal, and Dave Portnoy, founder of Barstool Sports, Gemini co-founders Tyler and Cameron Winklevoss are also supporting the Republican candidate.
If we want to know the donations made by the companies themselves, we can rely on the counting carried out by Quiver Quantitative (figures finalized at the end of September), a research platform which tracks dozens of unique data, to get an idea. idea.
Please note, however, that the amounts indicated add up donations made in the name of the companies themselves but also those made directly by the employees of these companies, as specified by Quiver Quantitative. Which introduces a nuance.
• Tech votes instead for Harris
When we look at the list of companies that have donated the most to Kamala Harris’ campaign, two new technology giants, Google and Microsoft, come out on top.
The first has already donated nearly 1.5 million dollars and the second more than 740,000 dollars. We also find in the list of major donors Apple ($225,000), Oracle but also Nvidia, Netflix and Adobe, Amazon and Facebook.
• The airline industry fully behind Trump
Still according to this hybrid ranking, American Airlines is the leading contributor to the Republican candidate’s campaign with $134,000 (we will nevertheless note the very significant gap with Google, the leading donor for Harris).
But we also find in this list Boeing and its employees (which also donates to Democrats), Lockheed Martin, Raytheon, Northrop Grumman and the major airlines United, Southwest and Delta Airlines.
Perhaps they remember the major $25 billion rescue plan put in place by the Trump administration during the first wave of covid in 2020 which helped avert catastrophe.
On the industrial side, companies like Boeing or Lockheed are sensitive to the idea of taxing 10 to 20% more on the importation of foreign products, with a 60% surcharge on Chinese products.
The Republican candidate thus promised to “steal” industrial jobs abroad thanks to these additional customs duties.
• Banks and insurance on the side of Kamala Harris
Insurance giant Brown & Brown is the third largest contributor to Kamala Harris’ campaign with $239,000 in donations. While the major historical bank of the United States, Wells Fargo, is in seventh place with 169,000 dollars.
If the latter participates in Donald Trump’s campaign, her donations turn out to be much lower: $59,000. We also find the giants Morgan Stanley and JP Morgan.
• Automotive: highly sought-after workers
On the one hand, the very powerful union UAW (United Auto Workers) chose Kamala Harris to defend the interests of employees in this sector which, like in Europe, is experiencing difficulties with threats of site closures.
“As vice-president, she worked hard to bring manufacturing jobs back to the United States. Donald Trump did nothing to prevent the closure of a factory here in Detroit,” emphasizes BFM Business, Shawn Fain, president of the union organization.
However, observers point out that a portion of auto workers are voting for Joe Biden’s predecessor.
“They don’t like Trump’s personality but they want the country to return to what it was rather than what it has become,” explains Bill Govier, a worker at Ford, confirming the disappointment of these employees with the party. Democrat.
• The oil industry behind Trump
This is not a surprise as the Republican candidate is favorable to this industry. Donald Trump thus promised to reverse the environmental rules taken during Joe Biden’s mandate and to impose laws favorable to the exploitation of new deposits. “Drill baby, dril” is one of his campaign slogans.
At the same time, the sector is up in arms against the decisions of the Biden administration, in particular to draw on strategic oil stocks to lower the price of gasoline at the pump.
• Cryptos: Trump has changed his tune
In 2019, Donald Trump displayed a certain distrust of bitcoin. “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is very volatile and based on emptiness,” he said.
A few years later, it’s quite the opposite. He thus reaffirmed last July that he was “the pro-innovation and pro-bitcoin president that America needs”.
“Bitcoin represents freedom, sovereignty and independence from government coercion and the control of the Biden-Harris administration,” said the Republican candidate.
Enough to appeal to crypto defenders, users and businesses in the United States.
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**Interview with Political Analyst Dr. Emily Carter on Business Influence in the 2024 Election**
**Interviewer:** Good morning, Dr. Carter. With the presidential election heating up, we see significant support for both Kamala Harris and Donald Trump from various business leaders. Can you explain the implications of this corporate backing for the candidates?
**Dr. Carter:** Good morning! The landscape of campaign financing, especially after the Citizens United ruling, has significantly reshaped how elections are influenced. Corporations and wealthy donors can contribute unlimited amounts, leading to a situation where the financial clout of CEOs and companies can sway public opinion and electoral outcomes.
**Interviewer:** We’ve seen notable figures such as Reid Hoffman and Kamala Harris on one side, while Elon Musk and Trump seem to be aligned on the other. How does this affect voter perception of the candidates?
**Dr. Carter:** It’s a double-edged sword. While support from high-profile business leaders can validate a candidate’s policies and platforms, it can also alienate voters who see these endorsements as indicative of a disconnect from everyday citizens. For instance, some voters may associate Trump’s corporate backing with his business-centric policies, while others may view Harris’s support from tech giants as an affirmation of her forward-looking agenda.
**Interviewer:** The tech industry appears to be more favorable toward Harris, while traditional sectors like airlines are supporting Trump. How does this sectoral support reflect the candidates’ policies?
**Dr. Carter:** Absolutely. The tech industry’s support for Harris aligns with her staunch advocacy for innovation, digital privacy, and labor rights in a rapidly changing market. Conversely, Trump’s connections with the airline industry and defense contractors stem from his past financial rescue efforts and protectionist policies. Such alignments often reflect a candidate’s ability to resonate with the values and concerns of specific industries.
**Interviewer:** Given the heavy influences of business contributions, what concerns arise regarding the democratic process?
**Dr. Carter:** This is a critical issue. The overwhelming financial influence of corporations can drown out the voices of average voters, raising concerns about the integrity of the electoral process. If businesses can dictate candidate success, it undermines the representative nature of democracy. Citizens rightfully worry if elected officials will prioritize the interests of their wealthy backers over those of their constituents.
**Interviewer:** Lastly, as we approach the election, what should voters keep in mind regarding campaign financing and candidate support?
**Dr. Carter:** Voters should critically evaluate the motivations behind endorsements and contributions. Understanding who funds candidates can provide insights into the potential policy directions and priorities of future administrations. Moreover, voters should advocate for greater transparency and campaign finance reform to enhance the democratic process and ensure their voices are heard.
**Interviewer:** Thank you, Dr. Carter, for your insights on this complex issue. We appreciate your time!
**Dr. Carter:** Thank you for having me! It’s always a pleasure to discuss these important topics.
