Meta, Palantir Among Companies Courting Democrats to Hedge Midterm House Control Shift Risk

Companies with close ties to President Donald Trump are reportedly seeking to strengthen their connections with Democrats ahead of the midterm elections, preparing for a potential shift in control of the House of Representatives.

According to The Wall Street Journal, companies such as Meta Platforms Inc. are making substantial donations to Democrats, attempting to hedge against the risk of a change in congressional power after previously supporting Trump and Republican initiatives.

The report added that other companies, including Paramount Skydance and Kalshi, are hiring former Democratic aides to bolster their government relations strategies.

Large technology companies, particularly those that played significant roles in Trump's 2024 political campaign and iconic projects like his ballroom, are reportedly forming internal task forces to prepare for potential congressional and criminal investigations, according to the report.

The report said companies like Meta and Palantir Technologies Inc. are preparing for information requests, future congressional hearings, and possible subpoenas. If the Trump administration resists congressional information requests, Congress is expected to shift its scrutiny focus toward corporations, as companies have less flexibility in refusing lawmakers' demands.

Meta Platforms, Paramount, Kalshi, and Palantir did not immediately respond to requests for comment.

Republicans Face Midterm Anxiety

The report comes as Republicans face a challenging midterm election, with current forecasts showing Democrats holding an advantage in the House. Senate seat races are also considered highly competitive.

President Trump said that MAGA Inc. plans to use a significant portion of its approximately $850 million war chest to support Republican candidates ahead of the midterms. Trump stated he would use most of those funds, along with some of his own money, to back strong Republican candidates, adding that the party is in a favorable position.

Meanwhile, House Minority Leader Hakeem Jeffries has vowed to "hold every member of the Trump organization accountable" if Democrats win the House in November. This includes companies that have made large donations to Trump or his projects, as well as companies linked to children of Trump family members or senior presidential aides.

Coinbase Defends Trump Ballroom Donation

In November, Coinbase Global Inc. Chief Operating Officer Emilie Choi defended the company's donation to Trump's ballroom project, acknowledging that it was partly aimed at maintaining good relations with the White House. She saw no issue with the donation, arguing that it is simply a reality for private enterprises to fund government building upgrades.

The White House-released list of ballroom project donors includes major corporations such as Amazon.com, Inc., Apple, Inc., and Palantir. Coinbase, along with Tether and Ripple, was among the donors from the cryptocurrency industry.