It was always a marriage of convenience; now they see him as a loser
Still, being shunned by Wall Street may not have a decisive impact on the former president’s bid for re-election in 2024. Many financiers favour Democratic presidential candidates anyway, in part because their industry is concentrated in deep-blue cities, primarily New York. And Mr Trump has triumphed without financiers’ cash before. During the Republican primary in 2016 he got no cash from Mr Griffin or Mr Schwarzman, nor from most other big GOP donors.
Mr Trump has already amassed a warchest of around $100m to fight the 2024 primary. He is still hugely popular with the Republican base. His chosen candidates won 91% of open primary races for the midterms, and four out of ten Trump-backed challengers toppled incumbent Republicans. Though donors may be getting cold feet after the midterms, his popularity will make some reluctant to endorse another candidate. Despite Wall Street’s reservations, it is still Mr Trump’s primary election to lose.
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