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US President Donald Trump's 2025 inauguration cost the most in American history as a total of $239 million was raised from corporations and ultra-high net-worth individuals, many of whom have received nominations or appointments within his administration. The amount almost doubles Trump's record in 2017 and exceeds the amounts raised for all other presidential swearing-in ceremonies, the Washington Post.

The staggering sum, revealed in a US Federal Election Commission filing, has reignited worries about the role of money in politics. The big donors comprised cryptocurrency firms, tech titans, old-school corporate giants, and a few billionaires who are now set to hold ambassadorial or cabinet-level posts.

Money and appointments: A disturbing intersection

Among the largest single contributors were Warren Stephens, a nominee to be ambassador to the UK, who contributed $4 million, and Jared Isaacman, tapped to head NASA after contributing $2 million. Appointees or their spouses contributed at least $16 million total, critics claim. The overlapping donations create ethical questions and fan suspicions of pay-to-play politics, critics claim.

Crypto and tech sectors head the list

Crypto firms dominated the fundraising this year, donating tens of millions of dollars after years of regulatory issues. Ripple Labs ($4.9M), Robinhood ($2M), and Coinbase ($1M) were some of the largest crypto donors, as many of their legal fights with the SEC had been abandoned or put on hold under Trump's new regime. Circle, Kraken, and Solana Labs also donated $1 million.

Tech companies also flexed their financial muscle. Uber, OpenAI, Apple, and Amazon executives each pledged $1 million of their own money, while Meta, Google, Nvidia, Adobe, and Broadcom all wrote seven-figure checks. Several of the companies have pending regulatory matters or ongoing antitrust lawsuits.

Scaled-back events, flexible spending

Even with the record haul, icy weather conditions prompted the committee to postpone several events that are a tradition, such as the parade, and bring the swearing-in ceremony indoors. The committee has broad latitude to decide how unused funds can be spent, including on presidential library building or other events such as the White House Easter Egg Roll.

Repeat donors and changing loyalties

At least a dozen organisations and donors who provided $1 million or more to Trump's inauguration contributed to former President Joe Biden's in 2021, too, such as Google, General Motors, and Comcast. Their giving shows an extended policy of hedging political wagers and keeping close to the centre of power, independent of party.

Record money, rising doubts

While Trump's team has presented the inauguration as a celebration of democracy, the event also makes clear how deeply money is intertwined with access and power in Washington. As Trump's second term begins amidst dramatic regulatory and foreign policy realignments, the role of big donors — and the rewards they gain — will also come under continuing scrutiny.

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