Wall Street bigs are holding a fundraising call Wednesday to support presumptive Democrat presidential candidate Kamala Harris, sources tell the New York Post.
Major financial players joining the 3 p.m. EST call include Avenue Capital CEO Marc Lasry, Lazard President Ray McGuire, Centerview co-founder Blair Effron, Paul Weiss Chairman Brad Karp, and C Street co-founder Brian Mathis. In all, 45 heavyweights will be on the call.
The Real Fight Begins
Since President Joe Biden announced Sunday he will not seek re-election in November, deep-pocketed Biden/Harris supporters have pledged $100 million.
“It’s a real race now with Harris — a lot of people on the sidelines are getting in,” says one of the organizers of the Zoom call.
This banker plans to donate seven figures once the “fight” between Harris and former President and Republican candidate Donald Trump begins.
Since the seismic news broke of Biden dropping out of the race, LinkedIn co-founder Reid Hoffman and Hollywood producer have been vocal about switching their support from Biden to Harris. Other key Democrat fundraisers, however, have been quiet while questions swirled around the viability of Biden serving out another term.
They include Lasry, who runs a hedge fund and is a part owner of NBA team the Milwaukee Bucks.
Roger Altman, founder of investment bank Evercore, pledged his support for Vice President Harris Monday, vowing her campaign will be “very well financed,” Quartz reports.
Democrat mega-donors George and Alex Soros are also throwing their support behind Harris.
Silicon Valley Supports Trump
Silicon Valley billionaires, meanwhile, are endorsing and bankrolling Trump.
Tesla and SpaceX CEO Elon Musk has personally pledged more than $100 million to the Republican presidential candidate. Big Tech CEOs like Trump’s lower corporate taxes, tariffs, and support for entrepreneurs and big business.
Some investment bankers, however, prefer Harris’s support for more regulation, higher taxes — and, most importantly, the status quo.
“Wall Street doesn’t like Trump’s impetuous nature and lack of predictability,” says one fund manager. “They like moderate, predictable things, and if she [Harris] wins and the House and Senate goes to the COP, it’s business as usual.”
Musk said Tuesday he has created a super PAC to support Trump and the Republicans that he is calling the America Pac.
“It’s not meant to be a hyper partisan PAC,” Musk said. “The intent is to promote the principles that made America great in the first place. I wouldn't say that I’m, for example, MAGA, ‘Make America Great Again.’ I think America is great. I’m more M-A-G, ‘Make America Greater.’”
As of the end of June, Biden had $281 million on hand, while Trump had $336.2 million.
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