In an essay published in The New York Times, Jeffrey Sonnenfeld, the president of the Yale Chief Executive Leadership Institute, challenged the Republican narrative that Donald Trump is regaining the support of the country’s CEOs in preparation for the 2024 presidential election. Sonnenfeld emphasized that this claim is far from the truth, stating that CEOs did not flock to Trump before and are not doing so now. According to Sonnenfeld, Trump continues to have the lowest level of corporate support in the history of the Republican Party.
Sonnenfeld pointed out that even though some prominent financiers like Steve Schwarzman and David Sacks have backed Trump, they are outliers in corporate America. He highlighted that not a single Fortune 100 chief executive has made donations to Trump so far this year. Sonnenfeld, who has frequent contact with CEOs, suggested that while chief executives may have reservations about President Joe Biden’s second term, they are more apprehensive about the prospect of Trump returning to the White House.
Despite Sonnenfeld’s analysis, significant contributions have been made to Trump’s campaign, including $50 million from Timothy Mellon and $10 million from Liz and Dick Uihlein. Trump outpaced Biden in fundraising in May 2024, raising $141 million with substantial donations pouring in even after his conviction in the hush money trial. Sonnenfeld’s essay in The New York Times provides insights into the sentiments of top CEOs and their perspectives on the political landscape leading up to the 2024 presidential election.