Washington, DC: As the 2024 Presidential election draws nearer, it is clear that America is becoming more polarised along political lines. While differences in political ideology among citizens are expected in democracies, particularly during election seasons, a significant new divide is surfacing in Corporate America as we approach the November polls.
Tech giants, significant banks, large corporations, and even regional and small businesses firmly occupy both sides of this political divide.
On November 5, citizens across the United States will decisively cast their votes for the next president, choosing between Democrat Kamala Harris and her Republican opponent Donald Trump. The choice is clear: Kamala Harris represents the “liberal and left-leaning” vision, while Donald Trump stands for a “protectionist and right-leaning” approach.
Major tech companies are firmly backing their preferred candidate, with employees from Microsoft, Google, Amazon, and Sun Microsystems contributing millions to Kamala Harris’s campaign, as revealed by political watchdog OpenSecrets. The financial support for Ms. Harris far surpasses the donations received by the Trump campaign.
Tech billionaires such as Elon Musk and Mark Zuckerberg firmly support Donald Trump. While the details of their financial contributions to the Trump campaign are currently unavailable, but their support is notable.
A CNN report reveals that Meta CEO Mark Zuckerberg publicly endorsed right-wing “censorship” narratives and lauded Donald Trump as a “badass.” He subsequently asserted his intention to maintain a stance of “neutrality” and nonpartisanship.
The report confidently asserts that Mr. Zuckerberg addressed a letter to the influential House Judiciary Committee, claiming that the Biden administration pressured Meta to “censor” content.
“For months in 2021, senior Biden administration officials, including the White House, repeatedly pressured our teams to censor certain COVID-19 content, including humour and satire, and expressed deep frustration with our teams when we did not agree,” Mr Zuckerberg said.
Trump swiftly seized upon the letter, reiterating his assertion that the 2020 election was fraudulent.
Elon Musk has been remarkably vocal in his support for Trump. A report from the Wall Street Journal reveals that Musk stated in July that he is personally contributing $45 million each month to an organization called America PAC, which directly supports the Trump campaign.
Another prominent venture capitalist who firmly supports Donald Trump is Peter Thiel.
Indian-American billionaire Vinod Khosla, co-founder of Sun Microsystems, and venture capitalist Reid Hoffman are prominent and influential supporters of Kamala Harris.
Election funding data shows that Google (Alphabet), under Sundar Pichai’s leadership, has made significant contributions of $2.16 million to Kamala Harris. In contrast, the donations from these companies to the Trump campaign were considerably lower.
Under Satya Nadella’s leadership, Microsoft contributed $1.1 million to Kamala Harris’s campaign, while Jeff Bezos’s Amazon followed closely with a donation of $1 million. In stark contrast, these companies provided significantly lower support to the Trump campaign, with Microsoft contributing just $88,000 and Amazon, along with its employees, contributing $116,000.
Over a hundred venture capitalists and major tech companies in Silicon Valley, traditionally known for its left-leaning stance, are firmly backing Kamala Harris.
Banking corporations and crude oil companies align with Trump, driven by his commitment to lower taxes and reduced industry regulation. This sentiment was evident in the US stock market’s response, particularly during the assassination attempts on the Republican leader.
A Bloomberg report reveals that CEOs of major oil companies are receiving clear signals from Donald Trump to ramp up drilling significantly, driven by his strong support for the oil industry. Trump has repeatedly dismissed climate change as a “lie” and has expressed his belief in the importance of coal and oil for energy, citing the U.S.’s competitive edge in these sectors. While he has faced criticism from climate activists like Greta Thunberg, his stance remains unwavering.
The Bloomberg report indicates that banking executives recognize a significant opportunity for increased mergers and acquisitions within the energy sector, promising substantial fee generation. The capital markets are poised to inject new capital into pipelines, liquefied natural gas terminals, and electric transmission capabilities, and there is also potential for renewed investment in nuclear energy infrastructure.
Bankers are confident that the stringent regulations introduced under the Biden administration will be reversed if Donald Trump returns to power. Many assert that the new banking rules proposed by the Biden administration are unlikely to be enacted.
Major banking giants and oil companies are firmly supporting Donald Trump.
