Two Sponsorships During the 2020 Reelection Bid
Among the 100 largest companies selected by the American business magazine Fortune, none have supported Donald Trump, the Republican presidential candidate and former U.S. president.
On the 25th (local time), Axios in the U.S. reported this citing an analysis by Jeffrey Sonnenfeld, director of the Yale School of Management's Chief Executive Leadership Institute.
When Trump was first nominated as the Republican candidate in 2016, he did not receive any support from the top 100 companies. During his 2020 re-election bid, he received support from only two of the top 100 companies.
George W. Bush, the last incumbent Republican president before Trump, received support from CEOs of 42 of the top 100 companies during his 2004 re-election campaign. Compared to John McCain and Mitt Romney, Republican candidates in the 2008 and 2012 elections respectively, who each received support from nearly 30 CEOs, the level of corporate support for Trump is extremely low.
Axios analyzed, "Support from major U.S. companies for former President Trump is a part that is easy to overestimate," adding, "Although American companies are experiencing conflicts with President Joe Biden, this does not translate into close ties with former President Trump."
Director Sonnenfeld wrote in an op-ed for the New York Times (NYT), "America's top entrepreneurs do not favor either former President Trump or President Biden," and evaluated, "They can tolerate one side but fear the other."
However, unlike business leaders, Wall Street 'big players' are actively supporting former President Trump. Steve Schwarzman, chairman of Blackstone, the world's largest private equity firm, has donated a large sum to Trump. Bill Ackman, billionaire hedge fund manager and chairman of Pershing Square Capital, is also known to have decided to support Trump.
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