In an essay for The New York Times, Jeffrey Sonnenfeld, president of the Yale Chief Executive Leadership Institute, debunked the narrative being pushed by Republicans that Donald Trump is gaining back the support of the country’s CEOs ahead of the 2024 presidential election. Sonnenfeld emphasized that this claim is far from the truth and that Trump continues to have historically low levels of corporate support within the Republican Party.
While some prominent financiers like Steve Schwarzman and David Sacks have endorsed Trump, Sonnenfeld argued that they are outliers and do not represent the general sentiment among CEOs. He pointed out that none of the Fortune 100 chief executives have donated to Trump so far this year, highlighting the lack of enthusiasm for the former president within the corporate world.
Despite the possibility of CEOs being wary of a second term for President Joe Biden, Sonnenfeld stated that they are more fearful of Trump winning back the White House. He explained that chief executives value investing where there is the rule of law, rather than the law of rulers, emphasizing their concerns about Trump’s leadership style.
Sonnenfeld’s analysis followed big-money donations to Trump’s campaign from billionaires like Timothy Mellon and Liz and Dick Uihlein. Trump’s campaign significantly outraised Biden’s in May 2024, receiving $141 million, with tens of millions coming in after his hush money conviction. Sonnenfeld’s insights provide a unique perspective on the complex relationships between corporate America and political leadership.