Since his victory in November, President-elect Donald Trump’s allies have raised well over $200 million for a constellation of groups that will fund his inauguration, his political operation and eventually his presidential library, according to four people involved in the fundraising.
It is a staggering sum that underscores efforts by donors and corporate interests to curry favor with Trump before a second presidential term after a number of business leaders denounced him after the violence by his supporters at the Capitol on Jan. 6, 2021.
Trump has promised to gut the “deep state” and made various promises to industry supporters. Among the pledged donors for the inaugural events are Pfizer, OpenAI, Amazon and Meta, along with cryptocurrency firms.
The total haul for the committee financing his inaugural festivities — at least $150 million raised, with more expected — will eclipse the record-setting $107 million raised for his 2017 inauguration, according to three people briefed on the matter who requested anonymity because they were not authorized to share internal financial information.
Other committees benefiting from the fundraising blitz include a super political action committee called Make America Great Again Inc. and its associated nonprofit group, which is expected to be used by Trump’s team to back his agenda and candidates who support it, while opposing dissenters.
Trump has boasted about the haul, telling people during the Christmas holiday season that he had raised more than $200 million since the election. Trump’s team has repeatedly noted how many people have wanted to find ways to donate to him since his election win.
The Trump transition and inaugural committee did not return emails seeking comment about the fundraising haul.
David Tamasi, a lobbyist who has raised money for Trump, dismissed a suggestion that corporate interests were giving to avoid Trump’s wrath, although he acknowledged that some donors may be trying to atone for having previously maintained distance from Trump.
“It is a time-honored D.C. tradition that corporations are enthusiastically embracing this cycle in all manners, largely because they were on the sidelines during previous Trump cycles,” he said. “They no longer have to hedge their political bets.”
Inaugural committees can accept unlimited contributions from individuals and corporations, but not foreign nationals. Major corporations that try to avoid partisan politics have long donated to inaugural funds to signal a willingness to work with new administrations and support for the democratic transfer of power, regardless of the incoming president’s party.
But there is cross-pollination among top fundraisers for Trump’s inauguration and his political efforts, including several partners at lobbying firms that represent major corporate interests. Raising money for the inauguration can help lobbyists secure access for clients, and cachet for themselves with the incoming administration.
Among the four finance chairs for Trump’s inaugural committee are lobbyist Jeff Miller and Reince Priebus, a former chief of staff in the Trump White House who is not a lobbyist but is chair of the board of advisers of lobbying firm Michael Best Strategies. Their firms represent companies with much at stake in the forthcoming administration, some of which plan to donate to the inauguration.
Miller’s firm, Miller Strategies, represents Pfizer and the Pharmaceutical Research and Manufacturers of America, each of which has pledged donations. Their executives met after the election at Mar-a-Lago — Trump’s resort in Florida — with the president-elect and his choice for health and human services secretary, Robert F. Kennedy Jr., amid concerns about how the drug industry might be affected by Kennedy, a vaccine skeptic.
Since the election, Miller’s firm has registered to lobby for ride-share tech company Uber, which has donated $1 million, as has, separately, its CEO, Dara Khosrowshahi. The firm also represents tech company OpenAI, whose CEO, Sam Altman, plans to give $1 million. Michael Best Strategies has represented cryptocurrency firm Ripple for nearly four years. It has pledged $5 million in its own cryptocurrency, XRP — among the largest known donations to the inaugural committee.
After the election, Ripple retained lobbyist Brian Ballard, a top Trump fundraiser.
Another Ballard client, Robinhood, a leading cryptocurrency trading platform, has donated $2 million.
“We look forward to working with President Trump and the incoming administration to drive positive change in the markets, be an active voice for customers and pursue our mission to democratize finance for all,” Mary Elizabeth Taylor, Robinhood’s vice president of global government and external affairs, said in a statement.
Other companies associated with cryptocurrency are expected to be major contributors as well, reflecting optimism that Trump will deliver on his campaign trail promises to dial back federal scrutiny that figures in the industry say have stifled its growth.
Amazon, a Ballard client that found itself crosswise with the first Trump administration, said it planned to donate $1 million in cash.
Donations of at least $1 million grant access to the top package of perks related to several days of festivities in the run-up to the inauguration Jan. 20, including what are touted as “intimate” dinners with Trump and Vice President-elect JD Vance, though often with many attendees, as well as black-tie balls after the swearing-in.
Other entities, ranging from companies such as Meta to previous Trump critics such as billionaire Ken Griffin, have made $1 million donations to the inaugural.
Contributions to inaugural committees, which are required to be publicly disclosed to the Federal Election Commission months after the inauguration, are one of the last major opportunities to financially support a second-term president.
Tamasi and Oswaldo Palomo, who are partners in the lobbying firm Chartwell Strategy Group, raised more than $3 million for the inaugural. Their firm represents companies that could be affected by Trump’s proposed tariffs, including South Korean automaker Hyundai and a U.S. subsidiary of the South Korean conglomerate SK Group.
The deadline for donating to the inaugural to be eligible for the perks of the weekend is Friday, according to documents distributed to potential donors.
If the inaugural committee’s fundraising exceeds the amount budgeted for the festivities, the expectation among fundraisers is that the excess would be transferred to the committee collecting money toward a presidential library for Trump after he leaves office, according to two people involved in the effort.
The Donald J. Trump Presidential Library Fund was incorporated in Florida on Dec. 20, six days after it was revealed that ABC News had agreed to donate $15 million to Trump’s future presidential foundation and museum to settle a defamation claim he had brought against the network.
The fund was incorporated by a lawyer in Florida, Jacob Roth, who has previously created Trump groups, including the inaugural committee, according to state corporate records. The purpose of the entity, according to the Florida articles of incorporation, is “to preserve and steward the legacy of President Donald J. Trump and his presidency.”
This article originally appeared in The New York Times.
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