Top business leaders and their companies have been trying to "curry favor" with Donald Trump by showering cash on his inaugural committee, according to government watchdogs.
The committee has already landed reported $1 million planned donations from Jeff Bezos' Amazon, Mark Zuckerberg's Meta and OpenAI's Sam Altman, as well as $2 million from Robinhood Markets and $1 million each from Uber and its CEO Dara Khosrowshahi, Ford Motor Company and hedge fund manager Ken Griffin, reported CNBC.
“It really is a great opportunity for them to curry favor with the incoming administration,” said Brendan Glavin, director of research for the money-in-politics nonprofit OpenSecrets.
Inaugural committees plan and fund the celebrations around the transfer of presidential power, and there are no limits to how much individuals, corporations or labor groups can donate to the tax-exempt committees.
“One of the oldest adages in Washington is that if you’re not at the table, you’re on the menu, and the price of admission to have a seat at the table keeps going up,” said Michael Beckel, research director of Issue One, a political reform advocacy group.
ALSO READ: Presidential run eyed for 'relentless' Dem gov who beat brutal GOP opposition in key state
Trump’s 2017 inaugural committee took in about $107 million, doubling the previous record set in Barack Obama's first inauguration in 2009 and besting Joe Biden's $62 million haul in 2021, and his second inauguration has already surpassed its $150 million goal.
The president-elect has made clear how much he values face-to-face meetings and public praise from business leaders, and he has also shown a willingness to favor their companies in exchange for their support and punish those who oppose him.
“It’s all heightened now,” Glavin said. “None of these people, they don’t want to be Trump’s punching bag for four years.”
The committee was formed four days after the November election and is co-chaired by real estate investor Steve Witkoff and former Republican senator Kelly Loeffler, and former White House chief of staff Reince Priebus, GOP megadonor Miriam Adeslon and billionaire GOP donor Diane Hendricks serve as finance chairs.
“We take a look through the history of the financing of inaugurations, and clearly it comes from very large donors, wealthy special interests and corporations, almost all of whom have business pending before the federal government,” said Craig Holman, government affairs lobbyist for the progressive nonprofit Public Citizen.
Committees must publicly disclose the names of donors who give $200 or more, but if it has a surplus afterward it can be difficult to determine how much is left over.
“This is a real cesspool of buying favors," Holman said.