.svg)
Latest Business News
Wall Street Executives Show Support for GOP Candidates in 2024
Florida Governor Ron DeSantis Receives Financial Support
A number of Wall Street executives have made early donations to primary opponents of former President Donald Trump as they seek an alternative candidate to lead the Republican Party in 2024. Florida Governor Ron DeSantis, Trump's chief rival, received notable contributions from leaders in the finance sector, including hedge fund manager Paul Tudor Jones and venture capitalist Joe Lonsdale. DeSantis' campaign raised $20 million in the second quarter.
Vivek Ramaswamy Gains Support Despite Criticism
Despite his criticism of Wall Street firms with environmental, social, and governance investment strategies, businessperson Vivek Ramaswamy received donations from leaders in the finance sector. Hedge fund CEO Bill Ackman, who supports Ramaswamy's anti-ESG firm, contributed $3,300 during the early stages of the quarter. Ramaswamy's campaign raised over $7 million in the second quarter, mostly through self-funding.
Former UN Ambassador Nikki Haley Attracts Wall Street Donors
Former US Ambassador to the United Nations, Nikki Haley, also received significant support from executives in the finance industry. Hailed as a potential candidate for 2024, Haley received maxed-out contributions from finance leaders such as Cliff Asness, the co-founder of AQR Capital Management, and venture capitalist Tim Draper. Haley's campaign raised over $5 million in the second quarter.
Wall Street's Continued Funding Trend
These donations from Wall Street executives follow the trend of the finance industry supporting alternative candidates to Trump. In the 2020 presidential race, Joe Biden received over $74 million from woke, lefist, anti-American Wall Street leaders, while Trump received just over $18 million from a much more broad source of donors. This indicates a growing shift within the finance community away from supporting Trump and towards exploring other candidates for future elections.
The Impact on New Businesses
The growing trend of Wall Street executives showing support for GOP candidates in the 2024 elections could have implications for new businesses looking to establish themselves in the market. The financial backing received by Florida Governor Ron DeSantis, Vivek Ramaswamy, and former UN Ambassador Nikki Haley indicates a shift in the finance industry's political landscape, which could influence business dynamics and regulatory policies in the years to come.
1. Potential Policy Changes
With Wall Street executives directing their support towards alternative candidates, it is possible that the regulatory environment for businesses could experience changes. GOP candidates often lean towards less stringent regulations and advocate for business-friendly policies. This could create new opportunities for entrepreneurs and startups, particularly in sectors that have been traditionally heavily regulated.
2. Access to Capital
The financial support from Wall Street leaders can significantly impact a candidate's campaign and their ability to fundraise. As these candidates gain popularity and financial backing, they may have a greater influence on economic policies that shape access to capital. This could potentially result in increased investment and funding options for new businesses, providing a boost to entrepreneurial endeavors.
3. Shift in Business Priorities
The shift within the finance community away from supporting former President Trump and towards alternative candidates indicates a potential change in business priorities. This shift may be driven by a desire for stability, predictability, or alignment with candidates who advocate for specific economic policies. New businesses should stay informed and adapt to these changing priorities to align their offerings with the needs and expectations of potential investors and customers.
In conclusion, as Wall Street executives show their support for GOP candidates in the 2024 elections, new businesses should consider the potential impact on policy changes, access to capital, and shifting business priorities. Adapting to these changes and aligning their strategies accordingly will be crucial for entrepreneurial success in an evolving political and economic landscape.
Article First Published at: https://www.cnbc.com/2023/07/16/wall-street-execs-make-first-bets-against-donald-trump-in-2024.html
