Jeffrey Sonnenfeld, president of the Yale Chief Executive Leadership Institute, has challenged the idea that Donald Trump is gaining the support of the country’s CEOs as the 2024 presidential election approaches. In a New York Times essay titled “What America’s Leading CEOs Really Think Of Donald Trump,” Sonnenfeld stated that this narrative is far from reality. He emphasized that CEOs have never supported Trump and are not supporting him now.
Sonnenfeld highlighted that Trump has the lowest level of corporate backing in Republican Party history, despite some high-profile endorsements from Steve Schwarzman and David Sacks. According to Sonnenfeld, not a single Fortune 100 chief executive has donated to Trump’s campaign so far this year, indicating a lack of enthusiasm for him among top corporate leaders. He believes that while some executives may be cautious about Biden’s second term, they are genuinely concerned about the prospect of Trump returning to the White House.
Sonnenfeld stated that chief executives generally do not support protectionism, isolationism, or xenophobia and prefer to invest in places where the rule of law is respected. His analysis came after Trump received significant donations from billionaires like Timothy Mellon and Liz and Dick Uihlein, which helped his campaign outpace Biden’s fundraising efforts in May 2024 by over $60 million. Despite these donations, Sonnenfeld’s insight based on his interactions with CEOs suggests that Trump still faces significant challenges in gaining corporate support for his presidential bid.
