Wall Street Opposition to Trump Dropping, Investors Say

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Multiple Wall Street investors appear to be conceding that former President Donald Trump will likely win the GOP primary.

Multiple Wall Street investors appear to be conceding that former President Donald Trump will likely win the GOP primary for the 2024 presidential race.

Charles Myers, a former vice chairman at investment bank Evercore and a Biden fundraiser, said that many investors โ€œhave resigned themselves to a Trump primary win and donโ€™t want to throw good money after bad trying to stop him,โ€ reported CNBC.

That claim was made just before the former president won the New Hampshire primary against former South Carolina Gov. Nikki Haley. He also secured the first win of the primary season earlier this month in Iowa.

Meanwhile, multiple outlets, citing anonymous sources, reported Wednesday that billionaire LinkedIn co-founder Reid Hoffman paused funding to Ms. Haley after her loss in the state. Neither Mr. Hoffman nor Ms. Haley have publicly commented on the reports.

โ€œI think unless there is some catastrophic crisis like the [Jan. 6, 2021] insurrection, they think of themselves as stewards of other peopleโ€™s money and they donโ€™t want to take a position that divides their workforce, their investors, and their customers. They are mindful of their different constituencies,โ€ Jeffrey Sonnenfeld, a senior associate dean at the Yale School of Management, told the outlet.

โ€œThey are not out there to be political ward heelers. They are not out there doing door-to-door campaign solicitations. They are there to run their companies,โ€ he added.

โ€œThere is not a conversation you have here, where I am not asked to handicap the election,โ€ Atlantic Council CEO Fred Kempe told CNBC.  โ€œPeople are calling it the โ€˜Trump put.โ€™ Theyโ€™re hedging Trump.โ€

A longtime investor and multi-billionaire, Ken Langone, is slated to host a fundraiser for former South Carolina Gov. Nikki Haley, the outlet reported.

But he told the Financial Times in an interview that he is willing to hand her โ€œa nice sum of moneyโ€ but it may only come after the New Hampshire primary, which she lost. โ€œIf she doesnโ€™t get traction in New Hampshire, you donโ€™t throw money down a rat hole,โ€ Mr. Langone said.

Byย Jack Phillips

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