Companies closely aligned with President Donald Trump are reportedly seeking stronger ties with Democrats ahead of the midterm elections, preparing for a possible shift in House control.
Companies such as Meta Platforms Inc. (NASDAQ:META) are making substantial donations to Democrats, according to a report by The Wall Street Journal, as they seek to hedge against a potential change in congressional power after previously backing Trump and Republican initiatives.
Other companies, including Paramount Skydance (NASDAQ:PSKY) and Kalshi, are hiring former Democratic aides to bolster their government relations strategies, the report added.
Big tech companies, especially those that played a major role in Trump’s political campaign in 2024 and signature projects like the ballroom, are reportedly forming internal task forces to prepare for potential congressional and criminal investigations.
Companies like Meta and Palantir Technologies Inc. (NASDAQ:PLTR) are bracing for information requests, future congressional hearings, and potential subpoenas. Congress is expected to shift its scrutiny toward businesses if the Trump administration resists congressional information requests, as companies have less flexibility to refuse lawmakers’ demands, according to the report.
Meta Platforms, Paramount, Kalshi and Palantir did not immediately respond to Benzinga’s request for comments.
Midterm Jitters for GOP
The report comes as Republicans face a challenging midterm election, with current forecasts giving Democrats an edge in the House. The Senate race is also considered highly competitive.
President Trump said MAGA Inc. plans to deploy a large share of its roughly $850 million war chest to support Republican candidates ahead of the midterms. Trump said he would use much of the money, along with some of his own funds, to support strong Republican candidates, adding that the party is in a strong position.
Meanwhile, House Minority Leader Hakeem Jeffries vowed to “hold every single member of the Trump cartel accountable” if Democrats win the House in November. This includes companies that have made large donations to Trump or his projects, and those connected to Trump’s family members or the children of the president’s senior aides.
Coinbase Defends Trump Ballroom Donation
In November, Coinbase Global Inc. (NASDAQ: COIN) COO Emilie Choi defended the company’s donation to Trump’s ballroom project, acknowledging it was partly intended to maintain good relations with the White House. She saw no issue with the contribution, arguing that private industry funding upgrades to government buildings is simply a reality.
The list of donors for the Ballroom project released by the White House included major corporations such as Amazon.com, Inc. (NASDAQ:AMZN), Apple, Inc. (NASDAQ:AAPL) and Palantir. Coinbase, along with Tether (CRYPTO: USDT) and Ripple (CRYPTO: XRP), were among the donors from the crypto industry.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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