Fortune 500 companies, crypto firms, and individual billionaires are rushing to donate large sums to help underwrite Donald Trump’s upcoming inauguration. According to a packet sent to contributors, big donors can attend a candlelight dinner with the president-elect and his wife, enjoy face time with members of the incoming Cabinet, secure VIP tickets to a “Starlight Ball,” and receive other exclusive benefits during three days of celebrations.
Multiple companies and individuals have pledged to donate at the $1 million level, including Amazon, Ford Motor Company, and hedge fund billionaire Ken Griffin. Cryptocurrency firm Ripple is contributing $5 million in its digital currency, XRP, to the inauguration. There are no legal limits on the size of donations that an inaugural committee can receive.
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. The actual swearing-in ceremony is a taxpayer-funded event, but other events surrounding the inauguration are privately funded, allowing donors to build goodwill with the incoming administration.
The crypto industry is seeking a regulatory framework that would establish it as part of the mainstream financial system. Coinbase, a cryptocurrency trading platform, has donated $1 million to the Trump Vance Inaugural Committee, Inc. Robinhood, an online stock-trading platform, is giving $2 million.
The Trump Vance Inaugural Committee, Inc. has not publicly released a budget, but the committee that oversaw Trump’s first inauguration in 2017 raised a then-record amount, nearly $107 million. The committee has not responded to questions about its fundraising goals.
The auto industry could face serious challenges if Trump were to impose stiff tariffs on goods imported from overseas. Car makers rely on suppliers around the globe for parts and materials. Other companies that have traditionally supported inaugural events say they plan to give again.