WASHINGTON – Democratic presidential candidate Kamala Harris and Republican rival Donald Trump are locked in a tight race ahead of the November presidential election and some on Wall Street are picking sides. Here’s what we know about how some of Wall Street’s top bosses are leaning.
BILL ACKMAN, CEO, PERSHING SQUARE CAPITAL MANAGEMENT
Billionaire hedge fund manager Ackman endorsed Trump last month shortly after the former president was shot in the ear at a rally, a major shift from January 2021 when Ackman called for Trump to resign after his supporters stormed the U.S. Capitol.
Ackman said he had recently spent a few hours with Trump and sat next to him at a recent fundraiser but did not explain the reasoning behind his endorsement. Ackman also gave $1 million to Congressman Dean Phillips’ long-shot primary campaign against President Joe Biden.
A spokesman for Ackman declined to comment.
ROGER ALTMAN, EVERCORE CO-FOUNDER
Speaking to CNBC last month, Democratic donor Altman said he was backing Harris and said both campaigns would have all the money they need. “It won’t be money that decides this race,” he added. An Evercore spokesperson did not respond to a request for comment.
MARC ANDREESSEN, GENERAL PARTNER, ANDREESSEN HOROWITZ
Silicon Valley venture capitalist Marc Andreessen who has previously voiced support for Democrats including Hillary Clinton told employees last month that he was donating to Trump’s Political Action Committees based on the former President’s tech policies, several outlets reported. A spokesperson for Andreessen declined to comment further.
SCOTT BESSENT, CEO KEY SQUARE CAPITAL MANAGEMENT
Hedge fund manager Bessent is acting as an unofficial adviser to Trump’s campaign and is seen as a possible Treasury secretary if Trump wins. Bessent told Bloomberg this month that he has advised Trump on how to get a grip on U.S. debt. “This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt,” he said. A representative for Bessent did not immediately respond to a request for comment.
BLACKSTONE BOSSES
Long-time Trump donor and CEO of private equity giant Blackstone Stephen Schwarzman announced in May that he was supporting Trump, citing economic, immigration, and foreign policy concerns, despite saying in 2022 that he would not back Trump in 2024. He plans to donate to him in this cycle, according to a person familiar with the matter.
Meanwhile, Blackstone president and Schwarzman’s deputy Jonathan Gray, has contributed to Harris, according to a second source.
A Blackstone representative declined to comment.
JAMIE DIMON, JPMORGAN CEO
In an unusual move, the Wall Street bank CEO who generally leans Democrat called in a Washington Post column this month for the next president to “restore our faith in America” and for the next administration to draw from both political parties. But he stopped short of endorsing either candidate.
A JPMorgan spokesperson declined to comment.
BLAIR EFFRON, CO-FOUNDER, CENTERVIEW PARTNERS
A longtime Democratic backer, Effron is supporting Harris, according to several reports. Effron previously backed Harris when she ran in 2020, praising her “great leadership” and personal qualities in a 2020 interview with Bloomberg.
KEN GRIFFIN, CEO, CITADEL
The hedge fund billionaire and Republican mega-donor who has expressed skepticism about Trump in the past said in May that he had not donated to Trump’s election campaign. So far, Griffin is focused on supporting Congressional Republican races, a source familiar with the matter said.
MARC LASRY, CEO, AVENUE CAPITAL GROUP
Lasry, a longtime Democratic fundraiser who supported Harris during her first presidential bid, is backing her again for 2024. Lasry and his wife are planning to host fundraisers for Harris, the Journal reported this month. Representatives for Avenue Capital did not immediately respond to a request for comment.
HOWARD LUTNICK, CEO, CANTOR FITZGERALD
The investment banking chief, who says he has known Trump for decades, hosted a fundraiser for Trump in the Hamptons this month and co-hosted a fundraiser in Palm Beach, Florida, earlier this year with hedge fund billionaire John Paulson, Bloomberg reported.
Lutnick told Bloomberg Television that the Hamptons guests would pay $25,000 to attend, $50,000 for a photo with Trump, and $250,000 to sit at a table and chat with Trump.
“It’s a hot race now … and I’m trying to help every way I can,” he said.
A Cantor spokesperson declined to comment.
LAZARD CEO PETER ORSZAG AND LAZARD PRESIDENT RAY MCGUIRE
The two executives have said that they are both personally supportive of Harris as a candidate. Orszag previously held government roles under the Democratic Clinton and Obama administrations. A spokesperson declined to comment further.
JOHN PAULSON, BILLIONAIRE INVESTOR
Paulson has long been a Trump backer and fundraiser, supporting and advising the former president during his 2016 election campaign. Paulson, who has also been floated as a possible Treasury secretary pick if Trump wins, has cited energy policy and the U.S. trade deficit as key issues. A spokesperson for Paulson declined to comment.
PAUL SINGER, FOUNDER, ELLIOTT INVESTMENT MANAGEMENT
A Republican mega-donor, Singer vigorously opposed Trump in 2016 arguing his trade policies would be disastrous, and backed Nikki Haley’s rival bid for the Republican presidential nomination. However, Bloomberg reported last month that Singer met with Trump to discuss donating to his campaign. Singer declined to comment.
TOM STEYER, FINANCIER AND BILLIONAIRE
The billionaire climate activist, who ran for the Democratic nomination in 2020, endorsed Harris on X last month. “I’ve known Vice President Harris for over 15 years and have watched as she defended the rule of law, advanced real freedom, and delivered hard-fought results.”
Steyer could not be reached for comment.
ALEX AND GEORGE SOROS, INVESTORS
Alex Soros, son of Democratic mega-donor George Soros, quickly came out in support of Harris shortly after Joe Biden exited the race, saying on X it was time to unite around Harris and beat Trump. His father also supports Harris, a spokesperson said.
(Source: ReutersReuters)
