After President Donald J. Trump left office, many of Wall Street’s prominent figures who had initially supported him during his first term began distancing themselves from him. They were worn out by his leadership style, disheartened by some of his policies, and shocked by the U.S. Capitol riot. Some even publicly criticized him.
However, their aversion to Trump did not last long. As Mr. Trump gains popularity in the polls, major financiers on Wall Street, in Silicon Valley, and elsewhere are starting to lean back towards supporting him, according to interviews with over a dozen individuals who preferred to remain anonymous to avoid associating their personal opinions with their employers.
The reasons for this shift in support are varied. In many cases, it’s not that they are thrilled about Mr. Trump – “I still hate the man,” a hedge fund billionaire admitted – but rather that they are frustrated with President Biden’s economic and immigration policies. Some are also expressing dissatisfaction with what they perceive as the White House’s hardline stance against Israel in the Gaza conflict.
An example of this change of heart is Kenneth Griffin, a hedge fund magnate and political megadonor who previously criticized Mr. Trump as a “three-time loser.” Recently, Griffin has been in talks with the former president’s campaign about potentially making a substantial donation amounting to millions of dollars.
When asked by The New York Times if he would support Mr. Trump in the 2024 election for the first time, Mr. Griffin stated, “It’s a question I’m seriously considering.” In an interview with Bloomberg News, Mr. Griffin mentioned that Mr. Trump would bring a sense of strength that could help resolve foreign policy issues and other challenges.
Mr. Griffin is waiting to see who Mr. Trump selects as his vice-presidential candidate before making a decision. He hopes for a candidate with strong ties to the traditional Republican establishment, such as Nikki Haley, the former governor of South Carolina, whom Mr. Griffin supported in a previous presidential campaign.
Numerous bankers, asset managers, hedge fund leaders, lawyers, and venture capitalists, including attendees of the Milken Institute Global Conference, expressed disappointment with Mr. Biden’s economic and border control policies. They chose to remain anonymous to freely share their views.
Their concerns largely revolve around inflation, a surge in illegal immigration, ongoing legal challenges against Mr. Trump, and the Biden administration’s perceived lack of support for Israel.
The potential influx of financial support from wealthy individuals could be crucial for Mr. Trump’s campaign, as his fundraising efforts significantly lag behind Mr. Biden’s. Any redirection of funds from the Biden campaign could further weaken it, given the president’s political challenges, particularly regarding his stance on Israel.
Recent polling data from The New York Times, Siena College, and The Philadelphia Inquirer indicate that young and non-white voters are turning away from the incumbent due to perceived pro-Israel policies.
Millionaire and billionaire political donors reconsidering their support for Mr. Trump include not just long-time Republican backers but also individuals like Mr. Griffin who previously avoided backing the former president.
The affluent class’s sentiments seem to align with the electorate, as polls indicate Mr. Trump leading in most battleground states, a trend that has persisted for several months. Furthermore, major donors across the political spectrum often rally behind frontrunners in political races.
Big business was not a core component of Mr. Trump’s support base in either the 2016 or 2020 elections. Corporate leaders openly opposed his attempts to disrupt the peaceful transition of power in early 2021, with JPMorgan Chase even halting political donations in response.
However, remarks from JPMorgan Chase’s CEO, Jamie Dimon, indicating some agreement with Mr. Trump on certain issues have encouraged other senior Wall Street executives and donors to openly express their support for the former president.
The political landscape has led to some unusual alliances for Mr. Trump. Even individuals like Cliff Asness, a billionaire hedge fund manager who previously criticized the Republican Party under Trump, have started considering supporting him, particularly due to concerns over the Biden administration’s decisions regarding Israel.
