Why don't Jamie Dimon and Bill Gates comment on Donald Trump even though they support Harris?

But the tycoons' quiet support for Harris doesn't mean they're willing to publicly criticize former President Donald Trump as he tries to retake the White House. Dimon and Gates have been remarkably restrained in their criticism of the former president, even though Trump is ahead of Harris in polls just weeks before the election.

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

Jeffrey Sonnenfeld, a professor at the Yale School of Management and president of the Chief Executive Leadership Institute, said Assets that Dimon and Gates remain silent to preserve power and authority in case they need to use it later.

“They have to keep their powder dry,” said Sonnenfeld, whose close relationships with American executives earned him the title “CEO Whisperer.” “If they speak out on every single topic and every phrase, then they don’t have the power of their voice when they need it.”

An example of business giants organizing at an important political moment came days after the 2020 election. At that point, more than two dozen CEOs met via Zoom to respond to Trump's denial of the election results that selected Joe Biden as the next U.S. President. Presidents confirmed.

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

In addition to preserving their political capital, another part of the strategy for not commenting on Trump's 2024 campaign and agenda is fear that their comments could negatively impact business.

“They're not angering Trump because they don't want to alienate customers, employees and investors who think differently about the election when they don't have to,” Sonnenfeld said. “No reason to stick your finger in your eyes and antagonize parts of your own workforce, parts of your own customer base, parts of your own investor base.”

Previous theories

Sonnenfeld's theory differs from that of former American Express CEO Ken Chenault, who posited that CEOs' silence on Trump was due to fears of retaliation. Trump said Dr. Phil in June said he would consider taking revenge on his political opponents.

“The fear is real,” Chenault said Bloomberg in July. “People stay aloof because they are very afraid of retaliation.”

Joe Evangelisti, managing director of communications at JPMorgan Chase, said Assets, “We are not afraid of retaliation. We simply believe we can take a more effective stand on important political issues rather than discussing politics and politicians, which can often be misrepresented or weaponized by the left or right.”

Gates did not respond AssetsPlease comment.

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

“They are not afraid of Trump,” he said. “Trump is already angry with them.”

When and why CEOs speak out

By strategically concealing their views on the election campaign, Dimon and Gates are furthering a centuries-old narrative about the relationship between business leaders and American politicians.

According to Sonnenfeld, the general consensus among U.S. CEOs today is that Trump's policies will not benefit their companies. This is primarily because they do not believe in isolationism and rely heavily on global financial and technology systems, which is in direct contradiction to Trump's plan for high tariffs.

Sonnenfeld pointed to Harley-Davidson's decision to move some of its production from the United States to a factory in Thailand in 2019 to avoid taxes imposed by the European Union in retaliation for Trump's increased tariffs on steel and aluminum.

“(CEOs) are appalled by Trump’s ridiculous claims that tariffs are a source of revenue,” Sonnenfeld said.

Trump did not respond AssetsPlease comment.

The executives' overwhelming sentiment against Trump breaks with the tradition of the Union Leagues, which were founded in the mid-19th century to give business leaders a chance to support Republican Abraham Lincoln. The practice of executives vocally supporting Republican presidents continued until 2016, when CEO optimism about a pro-business Trump presidency quickly faded. With the exception of Elon Musk and some tech moguls, Sonnenfeld said few CEOs are willing to vehemently support Trump.

But Trump's many dissenters as CEO are also unlikely to make headlines. Unless Trump – or Harris – triggers a radical political firestorm that requires their intervention.

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