Jeffrey Sonnenfeld, the president of the Yale Chief Executive Leadership Institute, has refuted the claim made by Republicans that Donald Trump is regaining the support of the country’s CEOs ahead of the 2024 presidential election. Sonnenfeld expressed his views in an essay titled “I Know What America’s Leading CEOs Really Think Of Donald Trump” published in The New York Times.
In the essay, Sonnenfeld highlighted that the notion of CEOs flocking to Trump is false, as they did not support him before and continue to steer clear of him now. According to him, Trump currently faces the lowest level of corporate support in the history of the Republican Party. Sonnenfeld mentioned that individuals like Steve Schwarzman and David Sacks, who have backed Trump, are exceptions rather than the norm.
A critical indication of the lack of enthusiasm for Trump among corporate America, Sonnenfeld pointed out, is the fact that not a single Fortune 100 CEO has contributed to his campaign so far this year. Sonnenfeld, drawing from his interactions with CEOs, noted that while some chief executives may have reservations about a second term for President Joe Biden, they are deeply concerned about Trump returning to the White House.
He emphasized that chief executives typically prioritize investing in regions with a strong rule of law, rather than where rulers dictate the law. Sonnenfeld’s analysis came in response to significant donations made to Trump’s campaign by billionaires like Timothy Mellon and Liz and Dick Uihlein.
Trump’s campaign fundraising surpassed that of Biden’s in May 2024 by more than $60 million, with a substantial portion of contributions pouring in after his conviction in the hush money trial. Sonnenfeld’s essay sheds light on the sentiments and reservations of America’s leading CEOs towards Trump’s potential return to power.