By Anita Hamilton

American corporations are going all in on bankrolling Donald Trump's coming inauguration, with everywhere from crypto exchange Coinbase to aerospace giant Lockheed Martin announcing gifts of $1 million or more to fund this weekend's balls, dinners, and other festivities.

The inauguration has raised more than $200 million through the official inaugural committee as well as allied political action committees and nonprofits, The Wall Street Journal reported -- nearly twice the $107 million Trump raised for his first inauguration in 2017.

While most companies in the Magnificent Seven have chipped in, there are two noticeable holdouts. Artificial intelligence chip maker Nvidia is the biggest name in Big Tech missing from the list. Even as Amazon, Google, Meta, Microsoft, and Apple CEO Tim Cook have all either announced or been reported to have made seven-figure contributions, Nvidia has been noticeably silent on the matter and didn't reply to Barron's request for comment.

Tesla also hasn't announced a contribution, but considering that its CEO Elon Musk personally donated some $240 million to Trump and other Republican candidates for the 2024 election, it doesn't feel like much of a snub.

A big reason why tech firms are backing the incoming President-elect is because they are hoping for a reprieve from the regulations and Justice Department lawsuits that weighed on them under President Joe Biden's administration. Trump has promised to slash federal regulations, and his Musk-led efficiency drive bodes well for tech companies as a whole.

Donations can also buy access, starting with the inauguration, where companies that give $1 million or more score invitations to a reception at the National Gallery of Art and a candlelight dinner at the National Building Museum, among other events.

First Ever 'Crypto Ball'

The crypto industry is also donating big and even holding its first ever inaugural Crypto Ball on Friday night, hosted by David Sacks, the former PayPal executive who will be Trump's AI and crypto czar. (If you want to attend the black tie event, there are still tickets available for $10,000 apiece.) Musk's Department of Government Efficiency is among the sponsors.

Trump's promise to be the "crypto President" has buoyed the price of Bitcoin in recent months. It topped $100,000 back in December and is up around 40% since the election. Crypto firms Coinbase, Circle, Kraken, and Ondo Finance have all donated $1 million to the inauguration. Meanwhile Ripple gave $5 million in its XRP coin, and the trading platform Robinhood gave $2 million.

Auto Companies Roll Up

Trump's promise to end what he calls the "EV mandate" and impose stiff tariffs on imports from Mexico and Canada, where many cars sold in the U.S. are built, has gotten the auto industry's attention. That could explain why at least five car companies, including Ford, General Motors and the U.S.-based divisions of Hyundai, Stellantis, and Toyota have all announced $1 million gifts.

More Is More

While plenty of newcomers are giving to this year's presidential inauguration, including health company Hims & Hers and McDonald's (where Trump made a memorable campaign stop in October), others are just giving more.

Microsoft has been the most generous and nonpartisan over the years, giving at least $500,000 for every inauguration since Barack Obama's in 2013. Obama didn't accept corporate donations when he first took office in 2009.

Aerospace company Boeing and pharmaceutical giant Pfizer have both shelled out $1 million for the past two inaugurations and are doing the same for this one.

JPMorgan is doubling its $500,000 contribution for Trump in 2017 to $1 million this time around, the Journal reported. There is no record of the bank giving to either Obama in 2013 or Joe Biden in 2021, and the company didn't immediately reply to a request for comment.

Likewise, Comcast gave $250,000 to Trump in 2017 and $1 million to President Joe Biden in 2021, according to federal records. It's giving another $1 million this year, the Journal reported.

For now, all donations are self-reported by companies. However, the inaugural committee must file a report 90 days after the big day with a list of donations. We'll find out then how much the inaugural committee raised overall and how it stacks up to past hauls.

Write to Anita Hamilton at anita.hamilton@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

January 15, 2025 16:08 ET (21:08 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.