Some billionaires, CEOs hedge bets as Trump vows retribution

The gathering of the Business Council — an invitation-only association of chief executives — at the Waldorf Astoria Monarch Beach in Dana Point was not supposed to be about the election, but some attendees wound up discussing how to protect themselves and their companies if Trump wins the presidency next week and tries to use the power of the Oval Office against his perceived enemies, said the people, speaking on the condition of anonymity to describe private conversations.

At one event, former president Bill Clinton warned about the dangers Trump poses to democracy and the nation’s rule of law, while former president George W. Bush expressed concern about high tariff rates, which some attendees heard as a rebuke of Trump’s tariff plans, two of the people said.

With the White House appearing increasingly up for grabs, and especially as polls have tightened, numerous billionaires and other leading executives have taken steps in recent months to stay out of the race — even if they had criticized Trump after the Capitol insurrection of Jan. 6, 2021, calling his encouragement of the riot a threat to American democracy. Others who previously backed Democrats have stayed silent this election, which some critics and Trump supporters alike have interpreted as a peace offering to the GOP presidential nominee.

During his first term as president, Trump exploited the power of the federal government to try to punish a wide range of perceived enemies in the business community who he thought were defying him in various ways. He has also told some corporate figures that he would help them if he returns to the Oval Office — while urging them to donate to his campaign, as he did with oil executives during a private April meeting at Mar-a-Lago. And he has frequently talked about retribution during the campaign, telling TV host Dr. Phil in June that “sometimes revenge can be justified.”

“Trump has had no issue calling out political enemies by name and threatening to use the force of government for retribution, and apparently that is intimidating a lot of wealthy targets,” said Brian Riedl, a senior fellow at the Manhattan Institute, a center-right think tank. “It is a very scary sign that government intimidation works.”

Some Republican business elites who balked at the Jan. 6 insurrection have come back into the fold, as well. For instance, Blackstone CEO Stephen Schwarzman called the attack on the Capitol “appalling” and “an affront to the democratic values we hold dear,” after Trump rallied supporters on the Ellipse and then refused to call for an end to the insurrection. Schwarzman backed GOP rivals for the nomination this year but endorsed Trump this summer. And Gary Cohn, who had expressed skepticism of Trump after leaving his White House role, was spotted at the Republican National Convention this summer, mingling with Trump advisers.

As president, Trump used the government to target companies and executives.

In 2019, Amazon protested a $10 billion Pentagon contract with Microsoft, alleging that Trump had influenced the outcome of the bidding process to retaliate against Bezos. After years of legal wrangling, the government wound up canceling the contract and starting a whole new bidding process. Trump called on his supporters to boycott AT&T over news coverage of his administration by CNN, which the telecom company owns, and told people to cancel Comcast cable service, noting that the company owns MSNBC.

Further compounding the incentive for some executives to stay out of the race is Democrats’ policy agenda. Harris has backed a plan to raise taxes on many of the country’s highest earners. President Joe Biden appointed numerous federal regulators viewed critically by corporate America, although Harris has suggested a more business-friendly approach.

“If you’re a rich person who says ‘Trump sucks’ in public, the effect on the national election would be extremely small, if it existed at all. But it could be extremely impactful for your organization,” said Noah Smith, an economist. “So the incentive is just not to say anything at all.”

But businesses also face risks from a Trump presidency. In addition to Trump’s tariff plans, which could upend the global trade order and hurt the stock market, some economists have characterized Trump’s impulsive attacks on businesses he does not like as a threat to the rule of law that underpins the U.S. economy. High-profile executives have started expressing real concerns about the potential Trump administration and whether they will be punished for publicly coming out in favor of Harris, according to two people who have been contacted by some business leaders seeking advice on the matter.

Others emphasize there are no guarantees of Trump’s loyalty — even for those who have extended olive branches to his campaign.

“Public company CEOs want to have it both ways: They want to be viewed as the thought leaders of the country but when it comes to this highly contentious election, they want to hide behind their titles,” said Robert Wolf, a former chairman and CEO of UBS, who also served as an economic adviser to President Barack Obama. “Many are nervous that if Trump wins, he’s going to respond or even retaliate.”

Naomi Nix and Trisha Thadani contributed to this report.