Donald Trump Is Backed by the Business Elite

Opinion|What Big Business Leaders - Including Democrats - Say Privately About Trump

Over lunch last week with a friend of mine — a major technology investor who has been an ardent Democrat — the talk quickly turned to politics. Like many businessmen, he refuses to air his views publicly to avoid drawing fire. In private, he’s more forthcoming.

“I’m willing to sacrifice small things for larger gains,” he told me, referring to President Trump. “I’m a fan of the ideas; I’m not always a fan of the execution.” For him, the “macro trumps the micro.”

The “macro” was a reference to the main factor that drove centrist businessmen toward Mr. Trump in 2024: a belief that both the spending and the regulatory tilt of the Biden administration were out of control. And they resented how Joe Biden kept bashing big companies. This animus was so intense that even the strong economic gains of the past four years couldn’t get most of them to back Kamala Harris.

While very few businessmen have been publicly praising the president and his actions, in private, many of them voice support for him. I thought the chaos of the past month — the unqualified cabinet appointments, the cozying up to Russia, and perhaps most of all, the tariffs — might cause regret in the business community. I’ve certainly seen concerns.

But many, maybe even most, of the people I’m talking to in private are still quietly cheering his move-fast-and-break-things approach — even if they are starting to feel doubts about specific issues, particularly Ukraine and tariffs.

One Wall Street executive told me that Mr. Trump remains better than any of the alternatives. Another — citing Elon Musk’s government shake-up — said he likes what he sees so much, he now regrets voting for Ms. Harris.