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By Monica Sager
Live News Reporter
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Several tech titans have praised President-elect Donald Trump since he won the election and now, they or their companies have gone a step further and donated to his inaugural fund.
According to media reports, Amazon, Meta, and OpenAI's chief Sam Altman have all made donations to the fund in recent days.
What Is an Inaugural Fund?
An inaugural fund is a fundraising effort that supports the inauguration of the new president as well as its related events.
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The Presidential Transition Enhancement Act, which Trump signed into law in 2020, requires presidential candidates to "create and release an ethics plan for their transition team prior to the election," according to the nonpartisan Center for Presidential Transition.
The law governs the process between Election Day and Inauguration Day.
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The President-elect and his team, however, missed the deadlines for signing the agreement by two months. The funding included in the agreement would have gone to supporting Trump's inauguration and other events.
It also requires that the president-elect and transition team disclose conflicts of interest and follows a code of ethics.
The funding in the agreement would have provided about $7.2 million for Trump's transition process, if Trump and his team had signed that part of it.
The agreement also caps individual donations to the transition at $5,000 and would require public disclosure of who the donors are. By refusing to sign the agreement, Trump's team is able to forgo some of the requirements, such as limits on donation sizes.
The New York Times reported in November that Trump is "keeping secret" the names of donors to his transition efforts.
Donors to the Trump-Vance Inaugural Committee will reportedly have access to a reception with Cabinet picks as well as an invitation to the inaugural ball, according to reporting by The Hill. There are also different levels of packages that can include time with "high-profile speakers" as well as access to a candlelight dinner with the Trumps.
How Much Did Amazon, Meta and Altman Donate?
Senator Elizabeth Warren, who co-wrote the Presidential Transition Act, called Trump's "reliance on private donors to fund the transition" as "nothing more than a ploy for well-connected Trump insiders to line their pockets while pretending to save taxpayers money," The Independent reported.
Trump's campaign, however, claimed that it was saving taxpayers' money by turning down federal support.
OpenAI CEO Sam Altman and Jeff Bezos' Amazon are both reportedly planning to donate $1 million each to the inaugural fund, the Wall Street Journal reported. Bezos is also expected to visit Trump at Mar-a-Lago next week.
Facebook owner Meta has also donated $1 million to Trump's inauguration committee. The donation was first reported on Wednesday, and Meta, which is run by billionaire Mark Zuckerberg, confirmed it.
When is Donald Trump's inauguration?
Trump will officially be sworn into office for his second term at the White House on January 20, 2025.
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Inauguration Day is always planned by the Joint Congressional Committee on Inaugural Ceremonies (JCCIC), and it takes place on January 20, or January 21 if January 20 falls on a Sunday.
At around noon, the president-elect will recite the following oath: "I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my ability, preserve, protect and defend the Constitution of the United States."
The vice president-elect, in this case JD Vance, is sworn in just before the president.
The event will take place at the U.S. Capitol in Washington, D.C.
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