Peltz Reconsiders Trump Support Amid Billionaire Backing Shift

April 1, 2024

Billionaire GOP Donors Realign with Trump Amid Tax Concerns

In a striking turn of events, prominent Republican donors are gravitating back toward former President Donald Trump, despite their previous reservations. The shift in sentiment comes as these wealthy individuals weigh the implications of President Biden’s tax proposals on their fortunes.

Nelson Peltz, a billionaire and influential GOP donor, who once regretted his vote for Trump, has recently signaled his readiness to support the GOP front-runner in the upcoming 2024 election. This change of heart is echoed by other high-profile billionaires, including hotel magnate Steve Wynn and Tesla’s Elon Musk, who have been engaging with Trump at private gatherings.

The reconsideration among elite donors seems to be driven by fears of Biden’s tax agenda, which aims to significantly increase taxes on the rich. The proposed changes include raising the capital gains rate and introducing a new 25 percent tax specifically targeting billionaires. While these efforts were stalled during Biden’s first term, the president is poised to push forward once more.

Despite some donors’ lack of enthusiasm for Trump, the practicality of political self-preservation appears to be a compelling factor. Kathryn Wylde, CEO of the Partnership for New York City, noted that Republican businesspeople are likely to contribute financially if Trump’s victory seems probable.

Trump’s fundraising strategies have evolved, with top aide Susie Wiles playing a central role in appealing to donors with data-driven presentations. Trump himself has taken a more hands-on approach, engaging in “call time” to personally reach out to potential contributors.

A forthcoming fundraiser, with admission priced at $250,000 and the possibility of maximum contributions of $814,600, is expected to raise around $33 million. This event will feature an array of billionaire supporters, including oil tycoon Harold Hamm and real estate mogul Howard Lutnick.

While some billionaires remain hesitant or outright resistant to supporting Trump, such as Citadel CEO Ken Griffin and investor Peter Thiel, others in Silicon Valley are reevaluating their stance. Influential figures like David Sacks and Joe Lonsdale have expressed a renewed openness to Trump’s policies over Biden’s.

As the political landscape evolves, it’s clear that the potential impact of Biden’s tax plans on personal wealth is a significant motivator for many GOP donors. Their financial backing could prove crucial for Trump’s campaign as he faces mounting legal bills and strives to narrow the fundraising gap with the Democrats.

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