Jamie Dimon and Bill Gates have quietly expressed support for Kamala Harris. Sources revealed to the New York Times that Bill Gates, co-founder of Microsoft, donated $50 million to a nonprofit backing Harris. Concurrently, Jamie Dimon, CEO of JPMorgan Chase, is reportedly open to a potential role in a Harris administration if she becomes president.
Despite their support for Harris, both Dimon and Gates have refrained from publicly criticizing former President Donald Trump, even as he gains slight advantages over Harris in polls conducted weeks before the impending election. Like many Fortune 100 CEOs, Dimon and Gates prefer to voice critical opinions about Trump in private settings.
According to Jeffrey Sonnenfeld, a Yale School of Management professor, this restraint stems from a strategic desire to maintain influence for future use. Sonnenfeld explained that consistently vocalizing opinions could diminish their impact when these individuals choose to speak out.
A past instance when business leaders took a public political stance occurred shortly after the 2020 election. Several CEOs convened to address Trump’s refusal to accept the election results, which confirmed Joe Biden as president. In support, the Business Roundtable, representing companies like Walmart, Apple, Starbucks, and General Electric, congratulated Biden.
JPMorgan Chase’s strategy further aligns with Sonnenfeld’s theory, emphasizing the importance of selective public engagement to avoid alienating parts of their workforce, customer base, and investor groups. Joe Evangelisti, managing director of communications at JPMorgan Chase, emphasized the company’s approach of focusing on important policy discussions rather than political debates.
However, former American Express CEO Ken Chenault offered a different perspective, attributing CEOs’ silence to fear of retribution from Trump, who previously mentioned potential retaliation against political opponents.
Gates declined to comment on these matters, but the approach taken by Dimon and Gates supports the notion that they are not concerned about retaliation from Trump, whom they expect to be upset with them regardless.
The discretion exhibited by Dimon and Gates reflects a long-standing relationship between business leaders and political figures in the U.S. Today, many CEOs disagree with Trump’s policies, particularly his advocacy for tariffs, due to potential adverse impacts on global business operations.
Sonnenfeld pointed to instances like Harley-Davidson’s shift of production to Thailand as efforts to avoid the repercussions of retaliatory tariffs linked to Trump’s policies.
Executives’ views diverging from Trump mark a shift from historical support for Republican presidents by Union Leagues formed in the 1800s, continuing until 2016, when optimism for Trump’s perceived pro-business stance faded. Though few high-profile tech moguls like Elon Musk maintain their support for Trump, most CEOs remain reluctant to publicly endorse him.
Sonnenfeld suggested that unless confronted by significant political events, business leaders generally prefer to remain discreet, seeing their role as stewards of public corporations rather than elected officials.
