Jeffrey Sonnenfeld, the president of the Yale Chief Executive Leadership Institute, has refuted the idea that Donald Trump is gaining support from the country’s CEOs ahead of the 2024 presidential election. In a New York Times essay, Sonnenfeld highlighted that despite some prominent financiers like Steve Schwarzman and David Sacks endorsing Trump, they are exceptions and do not reflect the overall sentiment among CEOs.
Sonnenfeld pointed out that no Fortune 100 chief executive has donated to Trump’s campaign this year, indicating a lack of enthusiasm for his candidacy. He also emphasized that many CEOs are wary of a second term for President Joe Biden but are even more concerned about the prospect of Trump returning to the White House. Sonnenfeld noted that chief executives value investing in places where there is the rule of law, not the law of rulers, suggesting that Trump’s leadership style does not align with their values.
While there have been significant donations to Trump’s campaign from billionaires like Timothy Mellon and Liz and Dick Uihlein in May 2024, with a surplus of $60 million compared to Biden, Sonnenfeld’s observations present a different perspective on the level of corporate support for the former president. Despite his fundraising success in May 2024, Sonnenfeld’s analysis suggests that the broader sentiment among CEOs does not necessarily align with financial contributions being reported.
