Top CEOs, Including Apple and Walmart, Skip 2024 Presidential Donations

By Thea Felicity

Jul 09, 2024 10:12 AM EDT

Top CEOs, Including Apple and Walmart, Skip 2024 Presidential Donations
This combination of pictures created on February 17, 2024 shows US President Joe Biden waves from the South Lawn of the White House in Washington, DC, on June 1, 2023 and US President Donald Trump waves to the media outside the White House on January 12, 2021 in Washington, DC. Biden versus Trump: The lineup in the 2024 US election has long been a foregone conclusion, with a rematch between the two presidents appearing all but certain.

Top CEOs from America's largest companies are notably absent from the list of financial supporters for either major party candidate in the 2024 presidential race.

According to a Yahoo Finance analysis of federal campaign finance filings through early June, the heads of 98 out of the top 100 companies by revenue have refrained from donating to the campaigns of Joe Biden or Donald Trump. This includes the CEOs of Apple, Walmart, Citibank Group, and more.

It's worth noting that these executives have collectively donated only about $88,000 to presidential candidates, with the majority of these funds going to Trump's primary rivals who have since exited the race.

None of these top executives have made disclosed donations to Trump. 

So far, only two have publicly supported Biden: Sarah London of Centene and Timothy Sweeney of Liberty Mutual Insurance Group. At the same time, a VCPost report showed that the Disney heiress has pulled out of financial support for Democrats, particularly Biden's electoral campaign.

READ MORE: Wall Street Sees Election as Threat to Now-Normal US Economy

CEO Funding US Elections

While these CEOs are steering clear of the presidential race, they are not shying away from politics entirely. Instead, they are channeling their financial contributions towards congressional candidates. 

The data reveals that by a 19 to 1 margin, these executives prioritize donations to congressional campaigns, where the control of both chambers is uncertain and legislative actions directly impact their industries.

This shift away from presidential donations continues a trend observed since Donald Trump entered the political scene. In 2012, many Fortune 100 CEOs supported the presidential campaigns, but by 2020, only a handful were willing to contribute. 

VCPost also reported in June that no Fortune 100 CEOs are backing up Trump this year despite being mostly Republican-leaning over the years.

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