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TechCheck

Tech executives ‘Kiss the Ring’ ahead of Trump 2.0 12/13/24

TechCheck

CNBC

Management, Cnbc, Tech, Faang, Investing, Business, Disruptors, Technology

4.566 Ratings

🗓️ 13 December 2024

⏱️ 7 minutes

🧾️ Download transcript

Summary

Tech leaders are previewing their playbook for Trump’s second term. Including trips to Mar-a-Lago, and larger donations to the inaugural fund. So will it translate into warmer relations between Trump's new White House and some of the Silicon Valley leaders he's long railed against?

Transcript

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0:00.0

Big Tech opening their wallets for Trump's inaugural fund. The latest sign of a warming relationship

0:05.3

between the president-elect and some of Silicon Valley leaders that he long railed against.

0:10.3

Dear Dobosa has more on the tech leaders kissing the ring in today's tech check. Morning, Dee.

0:15.0

Call it kissing the ring. You could also call it the cost of protection maybe. As we learned in Trump's

0:20.4

first term, a few well-aimed

0:22.0

tweets or outbursts, that can put your company right in the crosshairs. So the new playbook

0:27.0

for big tech emerging this time around, it involves visits to Mara Lago, public declarations

0:32.2

of support, and bigger donations to that inaugural fund. Now, so far, the fund has seen million dollar donations

0:38.6

from meta, Amazon, and Open AI, Sam Altman. Keep in mind that this is just so far. There's

0:43.6

time for others to make donations. But still, it's telling to compare it to the last two funds.

0:49.4

Biden's in 2021 and Trump's first one in 2017. Broadly, it shows more support for Trump this time around from some of the companies

0:56.9

and players with the most to lose.

0:59.5

According to government records, META and Altman didn't donate anything in 2017, but

1:04.2

they contributed a million each for 2025.

1:07.8

Now, Amazon, meanwhile, upping its amount ahead of Jeff Bezos's meeting next week

1:12.0

that Trump alluded to at the New York Stock Exchange yesterday. This is also a significant step-up

1:16.9

in support from those three versus the Biden fund in 2021. It's not difficult to understand why,

1:23.1

of course, the inaugural fund pays for the costs associated with the ceremonial and celebratory events surrounding the president's swearing in, including parades, inaugural balls.

1:32.3

Of course, President Trump cares deeply about crowds and fanfare.

1:35.4

So making a mark on this fund is another way for big tech to, as you said, kiss the ring.

1:40.7

And if not exactly get into his good graces, maybe at least avoid his

1:46.1

ire. So more of a thawing versus a warming. In Altman's case, maybe a way to counter Elon Musk's

...

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