Corporate interests commit millions to celebrate Trump’s inauguration
CNN
Fortune 500 companies, burgeoning crypto firms and individual billionaires are racing to help underwrite Donald Trump’s upcoming inauguration – pledging seven-figure donations apiece to next month’s festivities as they work to ingratiate themselves with the new administration.
Fortune 500 companies, burgeoning crypto firms and individual billionaires are racing to help underwrite Donald Trump’s upcoming inauguration – pledging seven-figure donations apiece to next month’s festivities as they work to ingratiate themselves with the new administration. In return, big donors can attend a candlelight dinner with the president-elect and his wife, Melania, enjoy face time with members of the incoming Cabinet at a private reception, secure VIP tickets to a “Starlight Ball” and receive other exclusive benefits during three days of celebrations, according to a packet sent to contributors willing to donate or raise large sums. Multiple companies and individuals have revealed plans to donate at the $1 million-level, including online retail giant Amazon, Ford Motor Company and hedge fund billionaire Ken Griffin. Some have given even more: Cryptocurrency firm Ripple is contributing $5 million in its digital currency, XRP, to the inauguration, according to a company official. While the actual swearing-in on the West Front of the US Capitol is a taxpayer-funded ceremony overseen by the Joint Congressional Committee on Inaugural Ceremonies, other splashy events surrounding a new president taking the oath of office are privately funded and afford an opportunity for those with interests before the government to build goodwill with an incoming administration. The identities of donors who contributed $200 or more will become public 90 days after the event when the nonprofit committee that fundraises for the inauguration files a report with the Federal Election Commission. “Money is a way of building relationships in Washington,” said Michael Beckel, research director of Issue One, a bipartisan political reform group. “Everyone is racing to make friends. The incoming president has a lot of power and being able to get in on the ground floor through a large contribution to his inaugural committee is a way for megadonors and corporate interests to be currying favor with the administration.” There are no legal limits on the size of donations that an inaugural committee can receive.
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