Jamie Dimon and Bill Gates won't publicly criticize Trump as they need leverage in next political firestorm, says 'CEO Whisperer': 'They need to keep their powder dry'

But the magnates' quiet support for Harris doesn't mean they're willing to publicly criticize former President Donald Trump as he seeks to reclaim the White House. Dimon and Gates have been remarkably silent on their criticism of the former president, even as Trump was ahead of Harris in the polls just weeks before the election.

Dimon and Gates join other high-profile executives — including most Fortune 100 CEOs — who have plenty of negative things to say about the former president, but only behind closed doors.

Jeffrey Sonnenfeld, professor at the Yale School of Management and president of the Chief Executive Leadership Institute, said: fate Dimon and Gates are keeping quiet to protect power and authority, in case they need to use it later.

“They have to keep their powder dry,” said Sonnenfeld, whose close ties to American executives have earned him the nickname “CEO Whisperer.” “If they talk about every single issue and every twist and turn, they don't have the strength of voice when they need it.”

An example of when business juggernauts mobilized in a high-stakes political moment was days after the 2020 election. That's when more than two dozen CEOs met on Zoom to respond to Trump's denial of election results confirming Joe Biden as the next US president.

The Business Roundtable, which represents companies including Walmart, Apple, Starbucks and General Electric, released a statement congratulating Biden.

In addition to preserving their political capital, another part of Trump's 2024 campaign and platform strategy of not speaking out is fear that his comments will be bad for business.

“They don't oppose Trump because…they don't want to alienate customers and employees and investors who think differently about the election if they don't have to,” Sonnenfeld said. “There's no reason to turn a blind eye and antagonize part of their own workforce, part of their own customer base, part of their own investor base.”

Previous theory

Sonnenfeld's theory differs from that of former American Express CEO Ken Chenault, who said the CEOs' silence on Trump was out of concern for retaliation. Trump told Dr. Phil in June that he would consider retaliating against his political opponents.

“The fear is real,” Chenault said Bloomberg In July “people stay on the sidelines because they are too afraid that there will be retaliation.”

JPMorgan Chase Managing Director Joe Evangelisti said this fate, “We do not fear retaliation. We simply believe that we can be more influential in talking about important policy issues rather than discussing politics and politicians, which can often be misrepresented or weaponized by the left or the right.”

Gates did not respond fateRequest for comments.

JPMorgan Chase's philosophy is consistent with Sonnenfeld's assumptions. The open secret of Dimon and Gates' support for Harris – which they are likely aware is now public knowledge – is precisely why they are not worried about retaliation.

“They're not afraid of Trump,” he said. “Trump is already mad at them.”

When and why CEOs speak up

Dimon and Gates continue to develop a century-long narrative about the relationship between business leaders and American politicians by remaining strategically silent about their electoral views.

Today, the general consensus among US CEOs is that Trump's policies will not serve their businesses, according to Sonnenfeld. This is primarily because they do not believe in isolationism and rely heavily on the global financial and technology system, which is in direct conflict with Trump's steep tariff plan.

Sonnenfeld cited a decision to move some of its production from the United States to a factory in Thailand in 2019 to pass a step-up tax imposed by the European Union in retaliation for Trump's increased tariffs on steel and aluminum.

“[CEOs] Appalled by Trump's ridiculous claim that tariffs are a source of revenue,” Sonnenfeld said.

Trump did not respond fateRequest for comments.

Executives' overwhelming sentiment against Trump breaks from the tradition of the Union League, formed in the mid-1800s for business leaders to support Republican Abraham Lincoln. The practice of executives vocally supporting Republican presidents continued into 2016, when CEOs' optimism about a pro-business Trump presidency quickly waned. With the exception of Elon Musk and some tech moguls, Sonnenfeld said, few CEOs are willing to support Trump.

But many of Trump's CEOs are unlikely to make dissenting headlines. Until Trump—or Harris—ignites a raging political firestorm that requires their intervention.

“They don't see that they are elected public officials,” Sonnenfeld said. “They are CEOs and stewards of other people's money as public corporations.”