Jamie Dimon and Bill Gates’ support for Kamala Harris is a not-so-well-kept secret. Multiple sources told The Guardian that Gates, a Microsoft co-founder, donated $50 million to a non-profit organization supporting Harris. New York Times. Meanwhile, JPMorgan Chase CEO Dimon is said to be considering a role in Harris’ administration, should she be elected president.
But the moguls’ quiet support for Harris does not mean they are willing to publicly criticize former President Donald Trump as he seeks to reclaim the White House. Dimon and Gates have been notably silent in their criticism of the former president, even as Trump leads Harris in the polls just weeks before the election.
Dimon and Gates join a group of other prominent CEOs — including the vast majority of Fortune 100 CEOs — who have plenty of negative things to say about the former president, but only behind closed doors.
said Jeffrey Sonnenfeld, a professor at Yale School of Management and president of the Executive Leadership Institute luck That Damon and Gates remain silent in order to maintain power and authority, if they need to use it later.
“They have to keep it dry,” said Sonnenfeld, whose close relationships with American executives gave him the nickname “They’ve got to keep it dry.”The CEO whispers“If they speak out about every issue and every twist and turn, they won’t have the power of their voice when they need it.”
One example of business giants organizing themselves in a high-stakes political moment came days after the 2020 election. That’s when more than two dozen CEOs… With more than magnification To respond to Trump’s denial of the election results that confirmed Joe Biden as the next president of the United States.
The Business Roundtable, which represents Walmart, Apple, Starbucks and General Electric, among other companies, issued a statement congratulating Biden.
In addition to preserving their political capital, another part of the strategy of not speaking publicly about Trump’s 2024 campaign and platform is fear that their comments will be bad for business.
“They’re not anti-Trump because…they don’t want to alienate customers, employees and investors who think differently about the election if they don’t have to,” Sonnenfeld said. “There’s no reason to put a finger in the eye and antagonize parts of their workforce, parts of their customer base, parts of their investor base.”
Previous theories
Sonnenfeld’s theory differs from that of former American Express CEO Ken Chennault, who posited that CEOs’ silence on Trump comes from concern for retaliation. Trump told Dr. Phil in June that he would think about it Seeking revenge On his political opponents.
“The fear is real,” Chennault said He said Bloomberg In July. “People stay on the sidelines because they are so afraid of retaliation.”
said Joe Evangelisti, managing director of communications at JPMorgan Chase luck, “We are not afraid of retaliation. We simply believe that we can be more influential speaking out on important policy issues rather than discussing politics and politicians, which can often be distorted or weaponized by either the left or the right.
Gates did not respond luckRequest for comment.
JPMorgan Chase’s philosophy is consistent with Sonnenfeld’s hypothesis. The open secret of Dimon and Gates’ support for Harris — which they likely knew is now public knowledge — is exactly why they don’t have to worry about retaliation.
“They are not afraid of Trump,” he said. “Trump is really mad at them.”
When and why do CEOs speak?
That Dimon and Gates have been strategically quiet about their electoral views continues to advance a centuries-old narrative about the relationship between American business leaders and politicians.
Today, the general consensus among US CEOs is that Trump’s policies will not serve their businesses, according to Sonnenfeld. This is primarily because they do not believe in isolationism and rely heavily on global financial and technological systems, which is in direct conflict with Trump’s plan. Tariffs are steep.
Sonnenfeld cited Harley-Davidson’s decision to do so Convert some of their production From the United States to a factory in Thailand in 2019 in order to avoid taxes imposed by the European Union in response to Trump’s high tariffs on steel and aluminum.
“(Executives) are horrified by Trump’s ridiculous claims that tariffs are a revenue stream,” Sonnenfeld said.
Trump did not respond to that luckRequest for comment.
The executives’ overwhelming sentiment against Trump deviates from union tradition It was formed in the middle of the nineteenth century As a way for business leaders to support Republican Abraham Lincoln. The practice of CEOs publicly supporting Republican presidents continued until 2016, when CEOs were optimistic about a pro-business Trump presidency. I got nervous quickly. Sonnenfeld said, with the exception of Elon Musk and some tech moguls, few CEOs are willing to strongly support Trump.
But many of Trump’s CEO defectors are also unlikely to make headlines. Not unless Trump — or Harris — incites a radical political storm that requires their intervention.
“They don’t see themselves as elected public servants,” Sonnenfeld said. “They are custodians of other people’s money as CEOs and public companies.”
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