CEOs of America’s largest companies are largely abstaining from financially supporting presidential candidates in the 2024 election cycle. According to a Yahoo Finance analysis of recent federal campaign finance filings, the CEOs of 98 out of the top 100 U.S. companies have refrained from donating to either major party’s presidential candidates. Collectively, these top executives have contributed only about $88,000 to presidential campaigns, with most funds going to Donald Trump’s primary rivals who have since exited the race.
Notably, none of these CEOs have disclosed donations to Trump, corroborating a recent analysis by Jeffrey Sonnenfeld of the Yale Chief Executive Leadership Institute. Likewise, support for President Joe Biden has been minimal, with only two major CEOs, Sarah London of Centene and Timothy Sweeney of Liberty Mutual Insurance Group, donating to his campaign. Both companies declined to comment on the matter.
Despite their hesitancy in presidential politics, these executives are not entirely disengaged from national politics. They have overwhelmingly redirected their contributions to congressional candidates, with a 19 to 1 margin in favor of supporting congressional races.
This trend highlights a broader disengagement from presidential elections among top CEOs, a pattern that began with the rise of Donald Trump. In 2012, 27 Fortune 100 CEOs donated to Republican nominee Mitt Romney, while five supported President Barack Obama. By 2020, only six CEOs made contributions, four to Biden and two to Trump.
While some business figures, like Blackstone CEO Steve Schwarzman and venture capitalist David Sacks, support Trump, and LinkedIn co-founder Reid Hoffman backs Biden, the majority of CEOs of the largest companies are staying financially distant from the 2024 presidential race.
More than half of these top executives—51 out of 100—have not donated to any presidential or congressional candidates or issue-specific groups. This includes leaders from major corporations like Apple, Walmart, Citigroup, and Walt Disney.
CEOs have other avenues for political engagement that don’t appear in campaign finance records, such as donating to “dark money” groups or their company’s political action committees. Additionally, they can influence political discourse without financial contributions, exemplified by Tesla CEO Elon Musk, who frequently comments on political matters but has not donated to any 2024 federal candidates.
In contrast to their limited support for presidential candidates, these CEOs have donated approximately $1.7 million to congressional campaigns. Their contributions are often directed towards influential lawmakers who can impact industry-specific issues. For example, Senator Maria Cantwell and Representative Cathy McMorris Rodgers, both chairs of key congressional committees, have received substantial donations despite facing relatively secure reelection prospects.
Furthermore, the CEOs have contributed over $350,000 to issue-specific groups related to their industries, such as the American Petroleum Institute for oil executives.
Before being defeated in the primaries, candidates like Nikki Haley, Tim Scott, and Chris Christie also received support from some members of this elite group.
SOURCE: YAHOO FINANCE AND WALL STREET JOURNAL ANALYSES OF DATA FROM THE FEDERAL ELECTION COMMISSION
