Harris or Trump: Who’s winning big business backing in the US?

As the US election inches closer and the battle between presidential candidates Kamala Harris and Donald Trump heats up, big business has begun throwing their hats into the ring for their preferred candidates in a more open way. 

Current US Vice President Kamala Harris announced her presidential campaign back in July this year, following President Joe Biden’s decision to remove himself from the race. This left her less than four months for an entire presidential campaign, which would normally take anywhere between 12 and 18 months 

Following his 2020 defeat, former US president Donald Trump is also back in the presidential campaign race, to try to win another election victory. 

Billionaire Marc Cuban and OpenAI’s Sam Altman throw weight behind Kamala Harris

In terms of proposed policy, Kamala Harris wants to  raise the corporate tax rate in the United States to 35%, up from the current 21%. She is also expected to hold taxes for US citizens making under $400,000 (€369,784.88). 

Other policy highlights include new tax credits for families with newborn babies, more taxes on billionaires and a higher minimum wage. Harris has also put forward a limit on grocery prices, as well as policies to give unions more powers. 

A massive campaign for Kamala Harris, called Business Leaders for Harris, was launched on Friday, which includes a website with testimonials from both small and large business owners explaining why Harris would be the better choice for business. These testimonials also contrast Trump and Harris. 

At present, about 88 current and former business leaders have voiced their support for Harris, in a letter obtained exclusively by CNBC. This list includes LinkedIn co-founder Reid Hoffman, billionaire Marc Cuban and OpenAI chief executive officer (CEO) Sam Altman. 

Some other notable signatories include Roger Altman, the founder and senior chairman of Evercore, as well as Jeff Bewkes, the former CEO of Time Warner and Ken Frazier, the former executive chairman, president and CEO of Merck. 

Chad Gifford, the former chairman of Bank of America and Bruce Heyman, the former US ambassador to Canada and former managing director of Private Wealth at Goldman Sachs were also signatories, amongst several others. 

The letter, as reported by CNBC, said: “We endorse Kamala Harris’s election as President of the United States. Her election is the best way to support the continued strength, security, and reliability of our democracy and economy. With Kamala Harris in the White House, the business community can be confident that it will have a president who wants American industries to thrive. 

“As a partner to President Biden, Vice President Harris has a strong record of advancing actions to spur business investment in the United States and ensure American businesses can compete and win in the global market. She will continue to advance fair and predictable policies that support the rule of law, stability, and a sound business environment, and she will strive to give every American the opportunity to pursue the American dream.”

Coming to why he believes Harris would be better for business, Hoffman said in a Wall Street Journal interview: “Tariffs and trade wars are terrible ideas for businesses, terrible for Silicon Valley. I think stability and trying to actually have institutions and the rule of law are more important than a 2% cut in a tax rate.”

He also highlighted that a number of Silicon-valley founders and entrepreneurs had already met Kamala Harris. Her mention of tech founders in her acceptance speech also potentially increased their confidence in her. 

Tech world seen to be resilient enough for manage Trump win

However, Hoffman also believes that the tech industry is resilient enough to bounce back even if Donald Trump wins in the upcoming elections.

Aaron Levie, the co-founder and CEO of Box, and another Harris supporter, said in a post on X (formerly known as Twitter): “We need a president that believes in the unique role of startups in the economy, the amazing talent of immigrants, the need for continued research in the public sector, the need to lead in artificial intelligence (AI) and advanced technologies and manufacturing, and someone who can thoughtfully coordinate with global partners. 

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“What we don’t need is a president creating a daily deluge of distractions and changing policies, initiating culture war fights that require unsustainable levels of attention, or one that is surrounded by conspiracy theorists that drain our collective energy and productivity.”

Marc Cuban, the current minority owner of the Dallas Mavericks, also said in an X post: “Kamala Harris is not falling in line with Democratic Party policies. Kamala Harris is defining her own policies, and the Democratic Party is falling in line with her. She literally is redefining the party.”

Elon Musk and Peter Thiel amongst Trump supporters

Some of Trump’s proposed policies include tax cuts which may be worth trillions of dollars, as well as a boost for energy production and oil drilling in the US. Trump has also put forward plans for higher tariffs, both on imports from China, as well as from other countries. 

He has also pledged lower interest rates, although the president does not influence these, as well as bans on mortgages for undocumented immigrants. 

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Some of the big business names supporting Trump include Elon Musk, CEO of Tesla and SpaceX, who has made his strong support for the former president clear through a series of X posts over several months now and by appearing with him on the campaign trail. 

Other names include Dana White, the CEO and president of Ultimate Fighting Championship. Back in July this year, at the Republican National Convention, White also introduced Trump. 

Palantir Technologies co-founder, Peter Thiel, a big Trump supporter in the 2020 elections, had previously shared last year that he would not be pledging any money to any presidential campaign runner this year. 

However, the business leader may now be leaning towards Trump, following the latter choosing JD Vance as his running mate this time around, according to The New York Times.

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Billionaire hedge fund manager Bill Ackman, who is the founder and CEO of Pershing Square Capital Management, also voiced his support for Trump on X, saying: “Today, when one announces an intention to support Trump, Biden supporters who know me tend to assume that I have lost it. I assure you that I have made this decision carefully, rationally, and by relying on as much empirical data as possible.”

Shaun Maguire, a Sequoia Capital partner on the seed/early team is also supporting Trump, already having donated $300,000 (€277,312.50) to his campaign. In an article on X detailing the reasons for his support, he said: “Speak up. Don’t be silenced. Freedom of speech is worth nothing if you’re afraid to use it. We can’t let cancel culture win. 

“There’s no greater country in the world than America. But America has had a bad decade. America is blessed with a robust constitution, abundant natural resources and diverse people. The way out from here is by focusing on our strengths, which are liberalism and hard work. We need to start building again. 

“Best of luck to President Trump.”

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Other business leaders supporting Trump in this election include Doug Leone, a former managing partner at Sequoia Capital, David Saks, the former PayPal chief operating officer (COO) and Dave Portnoy, the founder of Barstool Sports. The co-founders of Gemini, Tyler and Cameron Winklevoss are also supporting Trump.