I Know What America’s Leading C.E.O.s Really Think of Donald Trump

This article was first published on June 23, 2024, before Joe Biden ended his campaign.

Recent headlines suggest that our nation’s business leaders are embracing the presidential candidate Donald Trump. His campaign would have you believe that our nation’s top chief executives are returning to support Mr. Trump for president, touting declarations of support from some prominent financiers like Steve Schwarzman and David Sacks.

That is far from the truth. They didn’t flock to him before, and they certainly aren’t flocking to him now. Mr. Trump continues to suffer from the lowest level of corporate support in the history of the Republican Party.

I know this because I work with roughly 1,000 chief executives a year, running a school for them, which I started 35 years ago, and I speak with business leaders almost every day. Our surveys show that 60 to 70 percent of them are registered Republicans.

The reality is that the top corporate leaders working today, like many Americans, aren’t entirely comfortable with either Mr. Trump or President Biden. But they largely like — or at least can tolerate — one of them. They truly fear the other.

If you want the most telling data point on corporate America’s lack of enthusiasm for Mr. Trump, look where they are investing their money. Not a single Fortune 100 chief executive has donated to the candidate so far this year, which indicates a major break from overwhelming business and executive support for Republican presidential candidates dating back over a century, to the days of Taft and stretching through Coolidge and the Bushes, all of whom had dozens of major company heads donating to their campaigns.

Mr. Trump secured the White House partly by tapping into the anticorporate, populist messaging of Bernie Sanders, who was then a candidate, a move that Mr. Trump discussed with me when I met him in 2015. The strategy might have won voters but did little to enhance Mr. Trump’s image with the business community. And while a number of chief executives tried to work with Mr. Trump as they would with any incumbent president and many celebrated his move to cut the corporate tax rate, wariness persisted.