High-Stakes Lunch: CEOs Join Trump in Saudi Arabia

On Tuesday, a gathering of over 30 prominent business leaders convened with President Donald Trump for a luncheon in Saudi Arabia, as part of his significant tour of the Middle East.

The list of attendees shared by the White House included executives from major financial institutions, artificial intelligence firms, defense contractors, and retail corporations. This collective representation highlights the relationships cultivated between these executives and the Trump administration.

The allure of such an invitation is undeniable; events hosted by the U.S. president abroad rank among the most esteemed occasions in both political and business circles. Such gatherings provide a unique opportunity for executives to cultivate ties with Saudi investors while demonstrating their commitment to supporting American industries.

This year, the stakes appear elevated, with numerous companies grappling with the economic ramifications of Trump’s tariff and trade measures.

Corporate leaders are seizing every opportunity to align their interests with those of the president, who is known for his transactional approach to business.

The luncheon was a highlight in a busy itinerary for Trump, who, in his address on Tuesday, lauded Saudi Arabia following the announcement of $600 billion in investments from the kingdom.

Hosted by Saudi Crown Prince Mohammed bin Salman at the royal court in Riyadh, the luncheon also featured many companies that had significantly contributed to Trump’s inauguration fund, which amassed a record $239 million, a substantial portion of which is earmarked for his presidential library project.

Several of the executives present have already disclosed agreements reached during this trip.

Highlighted below are some of the key attendees.

Elon Musk, the chief of Tesla and SpaceX, has maintained a close working relationship with Trump during his second term, overseeing the Department of Government Efficiency (DOGE) that has streamlined the federal workforce by tens of thousands. Since Trump’s inauguration, regulatory challenges faced by Musk’s companies have eased. Most notably, the Justice Department dismissed a legal case against SpaceX in February, and a Department of Agriculture inspector general was removed after initiating an investigation into Musk’s other venture, Neuralink.

During the investment forum on Tuesday, Musk announced that Saudi authorities had approved the use of Starlink satellites, produced by SpaceX, for aviation and maritime activities within the region.

Palantir’s stock, heavily influenced by defense contracts, has surged 45% this year, a stark contrast to its tech peers facing decline. This increase is attributed in part to Trump’s restructuring efforts in federal departments, which have ushered in new opportunities for the company’s AI solutions to fill vacancies left by reduced staff.

Karp also made a significant contribution of $1 million to Trump’s inauguration fund.

Boeing’s Ortberg participated in the luncheon just a day before the White House revealed that the company had secured its largest-ever aircraft contract with Qatar Airways.

Following a challenging year, Boeing announced on Wednesday that it had nearly doubled its deliveries in April, signaling a comeback.

Jensen Huang of Nvidia revealed on Tuesday that the company is set to sell over 18,000 of its latest AI chips to Saudi Arabian firm Humain.

“It is an incredible vision, indeed, that Saudi Arabia should build the AI infrastructure of your nation so that you could participate and help shape the future of this incredibly transformative technology,” Huang stated. Like many of his counterparts making the journey this week, Nvidia donated $1 million to Trump’s inauguration fund.

Sam Altman, representing OpenAI, also contributed $1 million to the Trump inauguration fund and has expressed a renewed appreciation for the president’s policies in recent months. He is currently engaged in the Stargate Project—a partnership with the government aimed at developing artificial intelligence infrastructure.

Andy Jassy of Amazon has previously commented on the repercussions of Trump’s tariffs on the retail landscape, noting in an April Finance Newso interview that the company is still analyzing the effects and acknowledging that sellers might need to pass these costs onto consumers.

Larry Fink of BlackRock was spotted greeting the Saudi Crown Prince alongside Trump on Tuesday. The investment firm also contributed $1 million to Trump’s inaugural efforts and secured favor with the administration after agreeing to acquire ports around the Panama Canal from a Hong Kong company, a deal currently stalled due to ongoing global trade tensions.

Ruth Porat represented Google at the luncheon, during which it was revealed that the tech giant is involved in a significant investment initiative alongside Saudi Arabia, with Google committing a portion of $80 billion intended for projects in both nations.

Google, similar to other firms, has also contributed $1 million to Trump’s inauguration fund.

Recently, IBM has prioritized enhancing its domestic job creation, with Arvind Krishna announcing a $150 billion investment in the U.S. over the next five years, a move following Trump’s announcement of substantial tariffs. The company contributed $750,000 to the Trump inauguration fund.

James Quincey from Coca-Cola represents a consumer-oriented giant navigating Trump’s tariff implications. During a February earnings call, Quincey indicated a potential transition from aluminum to plastic packaging due to the economic impact of aluminum tariffs. Coca-Cola made a $250,000 donation to the inauguration fund as well as providing refreshments for attendees.

Dara Khosrowshahi donated $1 million to the inauguration fundraising effort. Despite facing economic challenges, Uber reported robust first-quarter earnings that exceeded market expectations.

William Oplinger represented Alcoa at the luncheon amid ongoing challenges posed by Trump’s aluminum tariffs, with the company anticipating a $90 million financial hit in the second quarter due to these measures.