Nearly three dozen individuals appointed to serve in Donald Trump’s incoming administration have contributed financially to his campaign or supporting groups, according to an analysis of federal campaign records conducted by CNN. This highlights the significant role of wealthy donors in shaping the new government.
Notable among these donors is tech mogul Elon Musk, recognized as the largest disclosed political contributor in the 2024 election cycle. Although not officially part of Trump’s Cabinet, Musk has taken a central role in the administration’s transition process. He has been instrumental in developing the Department of Government Efficiency initiative, advising on personnel decisions, interacting with global leaders, and meeting lawmakers to discuss federal downsizing.
The analysis reveals that eight Cabinet appointees and their spouses have collectively donated over $37 million to Trump’s efforts. Linda McMahon, the billionaire wrestling executive selected to head the Education Department, has led these contributions. In addition, two other Cabinet picks, New York Rep. Elise Stefanik and Florida Rep. Mike Waltz, transferred campaign funds to pro-Trump efforts.
Musk alone has donated more than $277 million during this election cycle, with over $262 million directed to Trump’s campaign. Most of Musk’s contributions flowed to a super PAC he created to mobilize Republican voters in swing states. Brendan Glavin, research director at OpenSecrets, remarked, “No individual outside of self-funded candidates has spent as much to shape federal elections in a single cycle.”
Glavin further noted that Trump’s donors are being appointed to positions directly influencing policy, unlike the traditional trend of appointing donors to ceremonial roles.
The CNN review, covering over 90 high-level appointees announced in the five weeks since Trump’s victory, identified more than 30 donors who supported his campaign or affiliated groups. Trump transition team spokesman Brian Hughes defended these appointments, stating, “Millions of Americans joined President Trump in the movement to restore our nation’s greatness. Some of those who supported the campaign and helped deliver this decisive victory will now work with the president to fulfill his vision.”
This surge in donor involvement is a marked contrast from Trump’s first term, when five Cabinet members donated nearly $8 million combined, mostly driven by McMahon’s contributions in 2016. For the 2024 election, donations by Trump’s Cabinet far exceed those of President Joe Biden’s appointees, who collectively gave less than $100,000 during the 2020 election.
Billionaires Driving Policy
Elon Musk’s financial contributions tower over other donors. McMahon follows closely, donating $21.2 million, primarily to Make America Great Again, Inc., Trump’s leading super PAC. Additional seven-figure contributors include Howard Lutnick, CEO of Cantor Fitzgerald, selected for Commerce Secretary; hedge fund executive Scott Bessent, chosen for Treasury Secretary; and former Georgia Senator Kelly Loeffler, tapped for the Small Business Administration.
Loeffler’s husband, Jeff Sprecher, also made substantial contributions, exceeding $2 million to pro-Trump efforts. Sprecher, CEO of the Intercontinental Exchange and owner of the New York Stock Exchange, appeared alongside Trump at the exchange’s opening bell ceremony. Loeffler’s spokesperson, Caitlin O’Dea, stated, “Senator Loeffler is proud to support President Trump for the same reasons millions of Americans gave him a historic victory: to restore prosperity, security, and opportunity.”
Trump’s renewed support from billionaires and corporate leaders represents a stark turnaround from the backlash he faced following the January 6 Capitol riot in 2021. Wealthy tech leaders are now backing Trump, seeking regulatory rollbacks and business-friendly policies.
Musk’s unprecedented donations helped Trump close the financial gap against Democratic rival Kamala Harris, who raised $1 billion after securing her party’s nomination in July. Super PACs, which face no donation limits but are prohibited from direct coordination with campaigns, became pivotal in the race. However, a 2024 Federal Election Commission ruling allowed Musk to align his ground game efforts with Trump’s campaign, further amplifying their impact.
Critics argue that such immense spending highlights flaws in the campaign finance system. Fred Wertheimer, head of Democracy 21, commented, “Musk exemplifies how campaign finance laws have failed. I fear for departments run by billionaires uninterested in their agency’s purpose.”
Still, defenders see value in wealthy appointees. Former Virginia congressman Tom Davis explained, “There’s nothing wrong with successful individuals giving back through government service. Their contributions reflect loyalty.”
Friends, Family, and High-Profile Appointments
Presidents traditionally reward donors with ambassadorships or honorary roles. Trump’s picks for such posts follow this pattern, with billionaires among his donors assuming diplomatic assignments. For instance, Arkansas investor Warren Stephens is Trump’s choice for ambassador to the United Kingdom, while Charles Kushner, named ambassador to France, is a close family member and donor.
Kushner, who donated $2 million to pro-Trump causes and received a presidential pardon in 2020, is Ivanka Trump’s father-in-law. Real estate tycoon Tom Barrack, another major donor, is Trump’s selection as ambassador to Turkey. Longtime Trump associate Steve Witkoff, who contributed $250,000 to a pro-Trump super PAC, will serve as a special envoy to the Middle East.
These appointments illustrate Trump’s preference for rewarding loyalty while consolidating power within a trusted network of allies and donors.
As the new administration takes shape, critics and supporters alike will closely monitor how these financially influential appointees influence policy and governance in Trump’s second term.