Corporate America Flexes Its Political Muscle
The precipitation was quick. After the president admonished his supporters to march on the Capitol, executives used their strongest language yet to disapprove of Mr Trump, and some of his longtime allies left. Ken Langone, the co-founder of Home Depot, a billionaire and ardent supporter of the president, waived Trump and told CNBC, “I feel betrayed.”
Twitter, Facebook, and YouTube have suspended or banned Mr. Trump’s accounts. Amazon, Apple and Google have cut ties with Parler, a messaging app popular with its supporters.
Charles Schwab, the Republican-founded brokerage firm that backed Mr Trump, said it would close its political action committee entirely. And many companies have worked with the U.S. Chamber of Commerce to punish Mr. Trump’s supporters in Congress by depriving them of crucial resources.
“There will be consequences for those members of Congress who were involved in starting and supporting the insurrection, no question about it,” said Ed Bastian, Delta Air Lines chief executive officer.
That’s 147 members, or more than half, of the Republicans in Congress, including Senators Ted Cruz and Josh Hawley, and House minority leader Kevin McCarthy.
Corporate donations make up a small but important part of total campaign contributions. The company’s PACs donated $ 91 million to members of the House of Representatives in the last electoral cycle, representing 8 percent of that chamber’s total raised funds. This is based on figures compiled by the Center for Responsive Politics. In the Senate, the number was lower, accounting for only 3 percent of donations.
Some companies said they were temporarily stopping their donations, but executives sent a clear message that they were fed up with Washington.