Corporate interests commit millions to celebrate Trump's inauguration

By Fredreka Schouten, CNN

Fortune 500 companies, burgeoning crypto firms and individual billionaires are racing to help underwrite Donald Trump's upcoming inauguration - pledging seven-figure donations apiece to next month's festivities as they work to ingratiate themselves with the new administration.

In return, big donors can attend a candlelight dinner with the president-elect and his wife, Melania, enjoy face time with members of the incoming Cabinet at a private reception, secure VIP tickets to a "Starlight Ball" and receive other exclusive benefits during three days of celebrations, according to a packet sent to contributors willing to donate or raise large sums.

Multiple companies and individuals have revealed plans to donate at the US$1 million-level (NZ$1.77m), including online retail giant Amazon, Ford Motor Company and hedge fund billionaire Ken Griffin. Some have given even more: Cryptocurrency firm Ripple is contributing US$5 million in its digital currency, XRP, to the inauguration, according to a company official.

While the actual swearing-in on the West Front of the US Capitol is a taxpayer-funded ceremony overseen by the Joint Congressional Committee on Inaugural Ceremonies, other splashy events surrounding a new president taking the oath of office are privately funded and afford an opportunity for those with interests before the government to build goodwill with an incoming administration.

The identities of donors who contributed US$200 or more will become public 90 days after the event when the non-profit committee that fundraises for the inauguration files a report with the Federal Election Commission.

"Money is a way of building relationships in Washington," said Michael Beckel, research director of Issue One, a bipartisan political reform group.

"Everyone is racing to make friends. The incoming president has a lot of power and being able to get in on the ground floor through a large contribution to his inaugural committee is a way for megadonors and corporate interests to be currying favour with the administration."

There are no legal limits on the size of donations that an inaugural committee can receive.

Preparing for a 'new era'

Some companies have made clear they are hoping for major policy changes in the new Trump administration.

The crypto industry, for instance, is seeking a regulatory framework that it hopes will firmly establish it as part of the mainstream financial system. Already, it has scored wins with Trump's pick of cryptocurrency advocate Paul Atkins as chair of the Securities and Exchange Commission and venture capitalist David Sacks to serve in a newly created role as the White House's artificial intelligence and crypto czar.

Coinbase, a cryptocurrency trading platform that was part of a major industry push this year to elect crypto-friendly politicians of both parties to Congress, has donated US$1 million. The contribution is part of a long-planned commitment to help underwrite the event, company officials said.

"Coinbase is committed 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," Kara Calvert, Coinbase's vice president for US policy, said in a statement. "That's why Coinbase committed to supporting President Trump's transition and ultimately his inauguration well ahead of the election."

"We're eager to work with the most pro-crypto administration in US history as we build the future of crypto in America," she added.

Meanwhile, Robinhood - an online stock-trading platform that also trades crypto assets - is giving $2 million to the Trump Vance Inaugural Committee, Inc., as the nonprofit is known.

The company "is pleased to welcome in a new era of American innovation and sensible regulation that promotes free markets, investor access, and consumer choice," said Mary Elizabeth Taylor, the company's vice president of global government and external affairs.

Trump's committee has not publicly released a budget, but the committee that oversaw his first inauguration in 2017 raised a then-record amount, nearly US$107 million. (Its activities that year also sparked an investigation into its finances by the DC attorney general. It resulted in a US$750,000 settlement paid by the Trump Organization and the inaugural committee over allegations that the committee had overpaid for event space at the downtown Washington hotel then owned by Trump's company. The Trump entities denied wrongdoing and described the settlement as necessary to avoid a costly trial.)

A Trump inaugural committee spokesperson did not respond to questions about the committee's fundraising goals.

President Joe Biden's committee collected nearly US$62 million, but his January 2021 celebrations were significantly pared down from previous inaugurations as the country grappled with the Covid-19 pandemic. President Barack Obama, Biden's predecessor, raised US$53 million for his first inauguration in 2009 and a little more than US$43 million for his second.

Trump's first inaugural committee drew 18 donations from corporations and other organizations of US$1 million or more, according to a tally by OpenSecrets, which tracks money in politics.

The single largest individual donor, meanwhile, was casino magnate Sheldon Adelson at US$5 million, OpenSecrets found. His widow, Dr. Miriam Adelson, is among the finance co-chairs of this year's event, according to an initial donor packet obtained by CNN. An Adelson spokesperson did not respond to an inquiry this week about her financial commitment to the inauguration.

But during the 2024 campaign, Adelson, an ardent Trump backer, donated US$100 million to a pro-Trump super PAC that she organized, federal records show.

Who's who of corporate America

It's not unusual for corporations to help underwrite the parties and parades associated with inaugurations - which many view as a civic responsibility to celebrate the orderly transfer of presidential power.

However, four years ago, after Trump's supporters stormed the US Capitol in an unsuccessful effort to thwart certifying Biden's victory, some corporations and big GOP givers publicly retreated from donating to anyone associated with the effort to overturn Biden's win.

The race this year to help finance Trump's inauguration underscores how much the country's political climate has changed. And it reflects the high-stakes consequences that some pockets of corporate America could face should Trump deliver on his pledges to overturn programs advanced by the Biden administration or shake up US trade policy.

Ford and General Motors - both of which contributed to Trump's first inauguration - this week confirmed that each plans to give $1 million to his inaugural committee this time, along with providing vehicles to support the events.

That's a substantial increase from 2017 when Ford and GM contributed US$250,000 and nearly US$500,000, respectively, to support Trump's first inauguration.

The auto industry could face serious challenges if, for instance, Trump were to follow through on his vow to impose stiff tariffs on goods imported from overseas. Car makers rely on suppliers around the globe for parts and materials.

Similarly, a tax credit of up to US$7500 that consumers receive on the purchase of an electric vehicle assembled in North America could be imperiled under Trump's presidency. He has criticized the program as wasteful, although Congress - which will be fully controlled by Trump's fellow Republicans next year - would have to act to eliminate it.

Other companies that have traditionally supported inaugural events say they plan to give again. Spokespeople for AT&T and Bank of America told CNN they are contributing to Trump's committee but are not yet disclosing the size of those donations.

Bigger donations, bigger perks

As CNN has previously reported, the president-elect has seen a parade of CEOs trek to his Florida resort, Mar-a-Lago, to court him since his victory - prompting Trump himself to note on social media recently that "EVERYBODY WANTS TO BE MY FRIEND!!!"

Those who provide big checks to the inaugural committee will have even more opportunities next month to mingle with the new president and top officials in his administration, according to the package encouraging contributions.

Donors who give US$250,000 - or raise US$500,000 - are promised two tickets to a range of events, including a Make America Great Again Victory Rally on 18 January, a candlelight dinner attended by Trump and the incoming first lady on 19 January, and the swearing-in ceremony, parade and black-tie ball on 20 January.

Those who donate US$1 million - or raise US$2 million - get six tickets to the featured events along with a perk reserved for those contributing at the higher level: two seats at an "intimate dinner" with Vice President-elect JD Vance and his wife Usha Vance.

"This is guaranteeing wealthy donors a level of access that most Americans could only dream of," Beckel said. "Even if you are the most ardent supporter of a presidential candidate, the odds are not in your favour of being able to rub shoulders with a president or a high-ranking official."

- CNN