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☆ Here's why business leaders are spending big on Trump’s inaugural committee
▼ + stars: | 2024-12-24 | by ( Kevin Breuninger | ) www.nbcnews.com time to read: +9 min

Top CEOs and their companies are pledging to donate millions of dollars to President-elect Donald Trump’s inaugural committee, as they seek to get on his good side and make inroads before he takes office. Hedge fund manager Ken Griffin also said he plans to give $1 million to the tax-exempt inaugural committee, Bloomberg reported. To that end, Trump’s inaugural committee presents a “unique opportunity,” said Brendan Glavin, director of research for the money-in-politics nonprofit OpenSecrets, in an interview. 'Cesspool'Four days after the presidential election, Trump announced the formation of the “Trump Vance Inaugural Committee, Inc.,” a 501(c)(4) nonprofit. As a result, Trump’s committee was widely expected to have tens of millions of dollars left over after it paid for balls and hotels.

Persons: Donald Trump’s, Jeff Bezos, Sam Altman, Mark Zuckerberg, Uber, Dara Khosrowshahi, Ford, Ken Griffin, Trump, ” Trump, ”, Brendan Glavin, ” Glavin, ” Trump’s, Barack Obama, Trump’s, Joe Biden’s, you’re, Michael Beckel, Robert Parsons, Zuckerberg, Bezos, “ I’m, ” Bezos, The New York Times ’, “, Kamala Harris, Tesla, Elon Musk, Vivek Ramaswamy, OpenAI’s Altman, Musk, Altman, Craig Holman, Donald Trump, ” Holman, Steve Witkoff, Republican Sen, Kelly Loeffler, Reince Priebus, Priebus, Miriam Adelson, GOP megadonor, Diane Hendricks, Obama, Melania Trump, Holman Organizations: Facebook, Meta, Robinhood Markets, Bloomberg, Trump’s, Trump, CNBC, ABC News, Big Tech, Washington Post, House, The New York Times, The Washington Post, Bezos, SpaceX, “, America, Public Citizen, Trump Vance, Inc, Republican, Small Business Administration, GOP, PAC Locations: Mar, Trump’s, Beach , Florida, Washington, Georgia

☆ Here's why business leaders are spending big on Trump's inaugural committee
▼ + stars: | 2024-12-24 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +7 min

Hedge fund manager Ken Griffin also said he plans to give $1 million to the tax-exempt inaugural committee, Bloomberg reported. To that end, Trump's inaugural committee presents a "unique opportunity," said Brendan Glavin, director of research for the money-in-politics nonprofit OpenSecrets, in an interview. Trump's inaugural committee and his transition team did not respond to requests for comment. Record haulsTrump's 2017 inaugural committee raked in about $107 million, by far the most of any in U.S. history. Other than GoDaddy.com founder Robert Parsons, who gave $1 million, few other leaders in Big Tech donated to Trump's 2017 committee.

Persons: Donald Trump, Chip Somodevilla, Donald Trump's, Jeff Bezos, Sam Altman, Mark Zuckerberg, Uber, Dara Khosrowshahi, Ford, Ken Griffin, Trump, Brendan Glavin, Melania Trump, Glavin, Barack Obama, Trump's, Joe Biden's, Michael Beckel, Robert Parsons, Zuckerberg, Bezos, Brian Snyder, Kamala Harris, Tesla, Elon Musk, Vivek Ramaswamy, OpenAI's Altman, Musk, Altman, Craig Holman, Holman, Lucas Jackson Organizations: Facebook, Meta, Robinhood Markets, Bloomberg, Trump's, Getty, Trump, CNBC, ABC News, Big Tech, Washington Post, Republicans, Capitol, Reuters, House, The New York Times, The Washington Post, Bezos, SpaceX, America, Public Citizen, U.S Locations: Palm Beach, West Palm Beach , Florida, Mar, Trump's, Beach , Florida, Washington ,, Washington, Washington , U.S, United States

So far this year, super PACs have spent more than $12 million, about three times as much as four years earlier, according to public disclosures. The outlays suggest an aggressive cycle ahead for spending by super PACs, who helped drive about $1 billion in independent spending in the 2020 presidential contest. TRANSFERS QUESTIONEDRegistered as a super PAC, MAGA Inc is allowed to raise and spend unlimited sums supporting candidates as long as it doesn't coordinate spending with their campaigns. Steven Cheung, a Trump campaign spokesman, dismissed the Campaign Legal Center's arguments, calling the organization "a Democrat group." Campaign finance law specialists say they fear DeSantis could emulate Trump by transferring some of those funds into a federally registered super PAC to support his expected presidential campaign.

Over two dozen corporate leaders and businesses are quietly donating to the campaigns of at least four Republicans who have pushed false claims about the 2020 election results while running to become secretaries of state, according to a review of state campaign finance disclosures. Marchant is running to be Nevada's secretary of state, while Finchem and Karamo are aiming for the same position in Arizona and Michigan, respectively. The allegations led to dozens of failed lawsuits attempting to overturn state results and prompted the deadly Jan. 6, 2021 riot at the U.S. Capitol. Those business officials started financing the secretary of state candidates in Aug. 2021 and continued their donations through September, according to state records. Beckel noted in an email to CNBC that donors could be giving to secretary of state candidates for future help with issues more directly tied to their businesses.

read more Save America is a fundraising body known as a leadership PAC, which only allows politicians to help their allies financially. To be sure, Trump's Save America PAC has spent money on the midterms: close to $9 million on rallies with candidates where Trump has repeatedly hinted he could run for president again; and a similar amount on direct contributions to the more than 200 candidates Trump has endorsed. Reuters GraphicsFEDERAL PROBEThe New York Times reported earlier this month that a federal grand jury in Washington was seeking information on the formation of - and spending by - Save America. During the first half of the year, Save America vacuumed in close to a fifth of the funds raised through WinRed, the main Republican online fundraising platform. Save America regularly sends supporters emails proclaiming them "Patriot of the Month" - or chiding them for not yet contributing.

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