CNN
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Fortune 500 companies, fast-growing crypto companies and individual billionaires are vying to help underwrite President Donald Trump’s upcoming inauguration, with each taking part in next month’s celebratory events to woo the new administration. He has pledged a seven-figure donation.
In return, major donors can attend a candlelit dinner with the president-elect and first lady Melania, Facetime with incoming Cabinet members at a private reception, secure VIP tickets to the Starlight Ball, and more. You can receive other limited benefits during the period. A three-day celebration is planned, according to packets sent to donors who want to make large donations or raise money.
Several companies and individuals have announced plans to donate at the $1 million level, including online retail giant Amazon, Ford Motor Co. and hedge fund billionaire Ken Griffin. Some people donate even more. Cryptocurrency company Ripple is donating $5 million in digital currency XRP to the inauguration, according to company officials.
While the actual swearing-in on the West Front of the U.S. Capitol is a taxpayer-funded ceremony overseen by the Congressional Joint Committee on Inaugural Ceremonies, other extravagant events surrounding the new president taking the oath of office are privately funded. It is held in the United States and provides an opportunity for the presidential inauguration ceremony. People with a stake in the government can build friendly relations with the incoming administration. The identities of donors who gave $200 or more will be made public 90 days after the event, when the nonprofit committee that raises money for the inauguration will file a report with the Federal Election Commission.
“Money is how you build relationships in Washington,” said Michael Beckel, research director at Issue One, a nonpartisan political reform group. “Everyone is competing to make friends. The president-elect has a lot of power, and being able to get in on the ground floor through large donations to the inaugural committee means that mega-donors and corporate interests are favoring the administration.” It becomes a means of bringing
There is no legal limit to the amount of donations that a founding committee can receive.
Some companies have made it clear that they expect major policy changes under the new Trump administration.
For example, the cryptocurrency industry is seeking a regulatory framework that it hopes will firmly establish itself as part of the mainstream financial system. Already, President Trump has nominated crypto advocate Paul Atkins to head the Securities and Exchange Commission and venture capitalist David Sachs to the newly created role of White House artificial intelligence and crypto czar. He has won by nominating him.
Cryptocurrency trading platform Coinbase has donated $1 million as part of a major industry push to elect crypto-friendly politicians from both parties to Congress this year. Company officials said the donation is part of an effort to help underwrite the event, which has been planned for many years.
Kara Calvert, vice president of U.S. policy at Coinbase, said: “Coinbase is committed to working with both sides of the administration and Congress to provide clarity on the regulation of cryptocurrencies. It is important to act early.” In a statement. “That’s why Coinbase was committed to supporting President Trump’s transition and ultimately his presidency long before the election.”
“We look forward to working with the most pro-crypto administration in U.S. history to build the future of crypto in the United States,” she added.
Meanwhile, Robinhood, an online stock trading platform that also trades crypto assets, donated $2 million to the Trump Vance Inaugural Committee, a well-known nonprofit organization.
“We are pleased to welcome a new era of American innovation and smart regulation that promotes free markets, investor access, and consumer choice,” said Mary Elizabeth Taylor, the company’s vice president for international government and foreign affairs. ” he said.
Mr. Trump’s committee has not released its budget, but the committee that oversaw Mr. Trump’s first inauguration in 2017 raised nearly $107 million, a record amount at the time. (Activities that year also triggered a financial investigation by the D.C. attorney general, which found that the Trump Organization and its founding committee overpaid for event space at a downtown Washington hotel it owned at the time.) Trump’s organization has denied wrongdoing and said the settlement was necessary to avoid an expensive lawsuit.)
A spokesperson for the Trump Presidential Inaugural Committee did not respond to questions about the committee’s fundraising goals.
President Joe Biden’s committee has raised about $62 million, but the president’s January 2021 celebrations will be significantly smaller than previous inaugurations as the country grapples with the coronavirus pandemic. reduced to. Biden’s predecessor, President Barack Obama, raised $53 million for his first inauguration in 2009 and just over $43 million for his second.
President Trump’s first inaugural committee attracted 18 donations of more than $1 million from businesses and other groups, according to a tally by OpenSecrets, which tracks political money.
Meanwhile, the largest individual donor was casino magnate Sheldon Adelson, with $5 million, an Open Secret investigation found. His widow, Dr. Miriam Adelson, is also one of the financial co-chairs of this year’s event, according to an initial list of donors obtained by CNN. A spokesperson for Mr. Adelson did not respond to inquiries this week about funding for the inauguration.
But during the 2024 campaign, Adelson, an ardent Trump supporter, donated $100 million to a pro-Trump super PAC he organized, according to federal records.
It is not uncommon for companies to underwrite parties and parades that accompany inaugurations, seen by many as a national responsibility to celebrate the orderly transfer of presidential power. But after Trump’s supporters stormed the U.S. Capitol in a failed attempt to stop the certification of Biden’s victory four years ago, some corporations and major Republican donors decided to overturn Biden’s victory. It publicly withdrew donations to people involved in the effort.
This year’s campaign over President Trump’s inauguration funds highlights how much the country’s political landscape has changed. And it reflects the high-stakes consequences some U.S. companies could face if President Trump follows through on his promises to reverse Biden administration plans or undermine U.S. trade policy. I am doing it.
Ford and General Motors, which contributed to Trump’s first inauguration, confirmed this week that they each will donate $1 million to the inaugural committee and plan to provide vehicles to support the event.
This is a significant increase from 2017, when Ford and GM donated nearly $250,000 and $500,000, respectively, to support President Trump’s first inauguration.
For example, the auto industry could face serious challenges if President Trump follows through on his promise to impose harsh tariffs on foreign imports. Automakers rely on suppliers around the world for parts and materials.
Similarly, a tax credit of up to $7,500 that consumers receive when purchasing electric vehicles assembled in North America could be in jeopardy with President Trump taking office. He has criticized the plan as wasteful, but Congress, which will be completely controlled by President Trump’s fellow Republicans next year, will need to act to repeal it.
Other companies that have supported inauguration events in the past have said they will continue to do so. Spokespeople for AT&T and Bank of America told CNN that they have donated to Mr. Trump’s committee but have not yet disclosed the amount.
As CNN previously reported, the president-elect has been seen parading CEOs to the Florida resort Mar-a-Lago to court Trump since his win, and Trump himself has recently posted social media posts. “Everyone wants to be that,” he said in the media. my friend! ! ! ”
Those who provided large checks to the inaugural committee will have more opportunities to interact with the new president and administration officials next month, according to the package encouraging donations.
Donors who donate $250,000 or raise $500,000 will receive a “Make America Great Again” victory rally on January 18th, a candlelit dinner attended by President Trump and the first lady-elect on January 19th; They are also promised two tickets to various events, including the swearing-in ceremony. At the Jan. 20 ceremony, parade, and black tie ball.
Those who donate $1 million or raise $2 million will receive six tickets to featured events, as well as perks reserved for higher-level contributors: Vice President-elect J.D. Vance and his wife; Win two seats for an “intimate dinner” with Usha. Vance.
“This will guarantee wealthy donors a level of access that most Americans could only dream of,” Becker said. “Even if you’re the most ardent supporter of a presidential candidate, you’re unlikely to be able to rub shoulders with the president or other senior officials.”
CNN’s Sarah Murray contributed to this report.
