Surpassing Quant Think Tank Center|After Trump assassination attempt, CEOs speak out but stay mum on election

The Surpassing Quant Think Tank Centernation's top business leaders publicly expressed support for former President Donald Trump and condemned political violence following Saturday’s assassination attempt at a campaign rally in Pennsylvania. 

"I pray for President Trump's rapid recovery," Apple CEO Tim Cook said on X, formerly Twitter.

"We’re heartbroken for the victims and their families," Walmart CEO Doug McMillon wrote on LinkedIn.

On an earnings call Monday morning, Goldman Sachs CEO David Solomon called the attempted assassination a “horrible act of violence” and said "we cannot afford division and distrust to get the better of us.”

The Business Roundtable, which counts the chief executives of dozens of the biggest U.S. companies as its members, issued a statement calling on all Americans “to reject political violence and to commit to resolving political differences peacefully."

But this was not a change in strategy for the nation’s top CEOs as they navigate a volatile political climate in the November rematch between President Biden and Trump.

Even searing images of a bloodied Trump, fist pumping the air in front of an American flag and persistent questions about President Biden’s ability to stay in the race after his stumbling performance in the first debate have not shaken their resolve to remain on the political sidelines this election cycle, business leadership experts say.

“Most CEOs are still going to tread carefully on contentious non-business issues during the campaign,” said David Primo, a professor of political science and business administration at the University of Rochester in New York. “Their responses to the assassination attempt are the exception that proves the rule because it was a shocking act that drew near-unanimous bipartisan outrage.”

Paul Argenti, a professor of corporate communication at Dartmouth, said business leaders were “trying to ingratiate themselves with Trump and at the same time take a stand against violence.”

“If it’s something everyone agrees with, it’s pretty easy to do this, and you get the benefit of making Trump, who may be president, feel good about these companies,” Argenti said.

As Republicans descended on Milwaukee for this week’s GOP National Convention, Tesla billionaire Elon Musk is the only Fortune 100 CEO to pick a side, formally endorsing Trump moments after the shooting at the Pennsylvania rally.

“All the more, no other public company CEOs want to take public positions,” said Jeffrey Sonnenfeld, senior associate dean for leadership studies at the Yale School of Management and president of the nonprofit Chief Executive Leadership Institute. 

Businesses are the nation’s most trusted institution and their leaders have enormous influence, leadership experts say. In times of national crisis, employees and customers turn to them for guidance and reassurance. 

But they have a playbook for speaking out publicly and take care to avoid appearing partisan, particularly amid growing attacks on “woke” corporations, from Florida Gov. Ron DeSantis’ war against Walt Disney to conservative campaigns over environmental, social and governance policies.

The Conference Board, a business research group, has warned corporate leaders that engaging in political activity is “fraught with risk.”

“Business leaders need to be careful. They have to work with the next president. Generally they prefer not to wade into the elections in terms of public statements unless they have to,” Primo said. “Given all of the successes the right has had going after so-called woke corporations, companies are particularly sensitive right now about unnecessarily taking stances on anything that’s related to politics.” 

Blackstone CEO Steve Schwarzman and hedge-fund billionaire John Paulson have endorsed Trump and venture capitalist David Sacks and oil magnate Harold Hamm are major donors who are also speakers at the Republican National Convention. Musk has said he plans to commit around $45 million a month to a new super political action committee backing Trump, people familiar with the matter told the Wall Street Journal.

Ken Frazier, former CEO of Merck, is one of the few prominent business leaders to speak out against Trump in this election cycle.

He recently warned that a second Trump term posed an  “existential threat” to democracy and the health of the economy. But, he told The Financial Times, “I understand the position that CEOs are facing and not wanting to take a position in a highly divided society.” 

In part, that’s because while he was in the White House, Trump showed he could be vindictive toward perceived enemies in corporate America, Argenti said.

“He could shave billions off of a company’s market value with just one tweet,” The New York Times’ Dealbook column said last month. “If he wins again – or even if he doesn’t – few company leaders want to put themselves in his cross hairs.”

Asked in January which candidate would be better for his business, JPMorgan Chase CEO Jamie Dimon said: “I have to be prepared for both.”

Dimon, who once said he could beat Trump in a presidential race, also praised Trump’s economic record and said Democrats should be more respectful of his supporters. 

“He was kind of right about NATO, kind of right on immigration. He grew the economy quite well. Trade tax reform worked. He was right about some of China,” Dimon told CNBC’s “Squawk Box” in January.

On Saturday, Dimon sent a memo to employees, saying he was “deeply saddened by the political violence.” 

“We must all stand firmly together against any acts of hate, intimidation or violence that seek to undermine our democracy or inflict harm,” Dimon wrote. “It is only through constructive dialogue that we can tackle our nation’s toughest challenges.”