Skip to content
Search AI Powered

Latest Stories

CEO Bluntly Breaks Down Why 'No Fortune 500 CEOs' Are Supporting Trump In 2024—And Hoo Boy

Screenshot of Jeffrey Sonnenfeld; Donald Trump
CNBC; Joe Raedle/Getty Images

CEO Jeffrey Sonnenfeld went on CNBC to explain that Fortune 500 CEOs are refraining from supporting Donald Trump because of his economic policies.

During a CNBC appearance, Jeffrey Sonnenfeld—the founder and CEO of Chief Executive Leadership Institute (CELI)—explained exactly why Fortune 500 CEOs are refraining from supporting former President Donald Trump in this year's election.

Sonnenfeld called this a "historic break," noting that Trump's "economic package frightens" CEOs because it would increase inflation and hurt the nation's gross domestic product (GDP).

He said:

"We looked back on the data and we've been looking back the last four months. We've been pointing out there are no Fortune 500 CEOs who are supporting former President Trump. That is a historic break going back to William Howard Taft, Calvin Coolidge, Ronald Reagan, the Bushes, and everything, when it's been anywhere between 40 and 60 percent financial support."
"It's zero now and it was zero in 2016. The Trump economic package frightens them. It's extremely inflationary. The tariffs, 10% across the board, on all imports? That's just crazy and will lead to a 3% increase in inflation for sure and a plunge in the GDP."
"And that's before retaliatory gestures. The increase in the deficit, he wants to cut $5 trillion of taxes with no commensurate cut in expenditures. These are problems."

When asked if some of these predominantly Republican CEOs might end up voting for President Joe Biden this November as a result of these issues, Sonnenfeld was firm:

"They'll be Biden voters. They don't want the fabric of society pulled apart."

The Biden campaign later shared footage of Sonnenfeld's remarks to its official account on X, formerly Twitter, which you can watch below.

Sonnenfeld, who is the Lester Crown Professor in the Practice of Management at Yale School of Management, and Senior Associate Dean for Leadership Studies, compiled data that Axiosobserved shows how easy it is "to overstate how much America's business establishment supports Donald Trump."

The outlet noted:

"Donations by CEOs of the country's 100 biggest companies haven't recovered since Trump became the Republican nominee in 2016. He also received no donations from the group when he opposed Hillary Clinton in 2016."
"In 2020, when he was running as the incumbent, Trump managed to pick up the support of two Fortune 100 CEOs. The last time a non-Trump Republican incumbent was running for president, in 2004, George W. Bush picked up the support of 42 CEOs."

Axios Visuals graph showing number of Fortune 500 CEOs who donated to GOP presidential candidatesAxios Visuals; Yale School of Management

Many noted this was a damning assessment suggesting major trouble for Trump and his supporters in the coming months.

In a New York Timesop-ed, Sonnenfeld pointed out that any misgivings these CEOs might have about Biden "are overwhelmed by worries about Mr. Trump, version 2024."

He added that "Mr. Trump’s primary conduits to the business community in his first term — more reasonable voices like those of Jared Kushner, Dina Powell, and Steven Mnuchin — are gone, replaced by MAGA extremists and junior varsity opportunists."

Big business did not "flock" to Trump before and they're less likely to now, he observed, concluding that Trump "continues to suffer from the lowest level of corporate support in the history of the Republican Party."

More from News/2024-election

Screenshot of J.D. Vance
Fox News

Vance Claims Dems Would Call Him 'Racist' For Drinking Diet Moutain Dew—And Here Come The Memes

Former President Donald Trump's running mate J.D. Vance was widely mocked after claiming Democrats would call him "racist" for drinking—get ready for it—Diet Mountain Dew.

At a rally in his hometown of Middletown, Ohio, Vance remarked:

Keep ReadingShow less
Kamala Harris; A promotional shot from "Twisters"
Brandon Bell/Getty Images; Universal Pictures

Kamala Harris Brought In More Money In Her 'Opening Weekend' Than 'Twisters' Did—And Wow

Vice President Kamala Harris raised more than $81 million in 24 hours after officially launching her election campaign—an amount that surpasses even the opening weekend haul of the blockbuster movie Twisters.

Twisters, directed by Lee Isaac Chung, is a standalone sequel to 1996's Twister that's received generally positive reviews from critics since its release this past weekend. The movie made $80.5 million over its opening weekend—just shy of what Harris raised in the immediate aftermath since President Joe Biden dropped out of the race and endorsed her to be his successor.

Keep ReadingShow less
Restaurant server writing down meal order
Photo by Jessie McCall on Unsplash

Things Customers Do And Say That Restaurant Employees Hate The Most

There's no question that there are some jobs, like retail and food service, that are annoying to work than others.

But even in the food industry, some customer behaviors really make food service workers question their decision to work in the industry.

Keep ReadingShow less
George Conway; Kellyanne Conway
Chip Somodevilla/Getty Images; Riccardo Savi/Getty Images

George Conway Epically Trolls Ex-Wife Kellyanne After Her Tone-Deaf Rant Against Kamala Harris

Conservative attorney George Conway trolled his ex-wife, Trump-era presidential counselor Kellyanne Conway after she griped on Fox News that Vice President Kamala Harris "does not speak well."

Ms. Conway's remark came after President Joe Biden dropped out of the 2024 race and endorsed Harris. At 81, Biden faced increasing concerns within his party about his age and capacity to serve another term, along with fears of a potential loss to former President Donald Trump—who is 78—in November.

Keep ReadingShow less
Blake Lively & Ryan Reynolds; Lady Deadpool
Taylor Hill/WireImage/GettyImages, Marvel Entertainment

Ryan Reynolds Hilariously Responds To Rumors That Blake Lively Is Playing Lady Deadpool

A new trailer for the upcoming Marvel film Deadpool & Wolverine teased a brief cameo by Lady Deadpool, which sparked several fan theories as to who might be under the mask.

Some thought the female version of Deadpool could be Taylor Swift, playing off rumors of her cameo in the movie that was neither confirmed nor denied by the MCU film's director.

Keep ReadingShow less