Wall Street backs 2024 GOP contenders over Trump.
Finance Sector Executives Steer Donations to 2024 Republican Primary Opponents of Trump
Records show that in the second quarter, finance sector executives directed significant campaign donations to Republican primary opponents of former President Donald Trump. This move reflects the influence that Trump still holds over the Republican Party, resulting in a substantial financial windfall for his campaign and political action committee. According to Federal Election Commission filings, Wall Street executives have contributed the legal maximum donations to GOP White House hopefuls, excluding Trump, ahead of the first debate in August.
Wall Street Evaluates Alternatives to Trump
The recent publicized contributions provide a glimpse into how wealthy right-leaning figures are assessing which candidate to support instead of the former president. Current polling averages indicate that Trump has garnered around 54% support for the Republican nomination, with Governor Ron DeSantis of Florida receiving approximately 20%. Other contenders, such as former Vice President Mike Pence, entrepreneur Vivek Ramaswamy, ex-U.N. ambassador Nikki Haley, and Senator Tim Scott of South Carolina, have also received notable support.
This shift in support from Wall Street towards Trump’s challengers is not entirely surprising. In 2020, the finance industry contributed only about $18 million to Trump’s campaign, while donating over $74 million to help propel Joe Biden to the presidency, according to OpenSecrets, a campaign finance tracker.
DeSantis and Ramaswamy Among Beneficiaries
During the second quarter, several Trump challengers, including DeSantis and Ramaswamy, received support from Wall Street. DeSantis’ campaign received a $6,600 donation from billionaire hedge fund manager Paul Tudor Jones, who also contributed the same amount to Chris Christie’s campaign. DeSantis also received donations from venture capitalist Joe Lonsdale, Goldman Sachs Vice President Justin Siegel, Texas billionaire Harlan Crow, and shipping magnate Richard Uihlein, contributing to his $20 million second-quarter haul.
Ramaswamy, known for his strong stance against corporate ”woke” strategies, received donations from at least a dozen finance sector leaders. Notable contributors included Bill Ackman, CEO of Pershing Square Capital, and Ed Hyman, chairman of Evercore ISI. Ramaswamy’s second-quarter fundraising totaled approximately $7.7 million, including a $5 million personal loan to his campaign.
Haley Gains Wall Street Support
Former U.N. ambassador Nikki Haley also benefited from Wall Street donations in the second quarter. Finance executives, such as Cliff Asness, co-founder of AQR Capital Management, and Tim Draper, a veteran venture capitalist, contributed to her campaign. Asness, worth $1.6 billion, praised Haley’s leadership qualities and her support for capitalism. Draper highlighted Haley’s courage and openness, describing her as the only candidate he supports.
Haley’s second-quarter fundraising exceeded $7 million, and her campaign emphasized fiscal responsibility and strategic spending.
Other notable finance world donors in the second quarter included Blackstone CEO Stephen A. Schwarzman and Goldman Sachs CEO David M. Solomon, who both donated to Senator Tim Scott’s campaign. Scott, a Republican from South Carolina, raised $6 million.
Overall, these contributions from finance sector leaders provide insight into the shifting dynamics of the 2024 Republican primary race and the ongoing evaluation of candidates by influential donors.
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