Just two weeks ago, Trump was considered the Republican Party's “kingmaker” whose influence would loom for the foreseeable future. But last Wednesday, everything changed.
Some of Trump’s prominent business supporters have begun forcefully backing away from the president.
"I feel betrayed. OK?" billionaire businessman Ken Langone, co-founder of Home Depot and a major GOP donor, told CNBC on Wednesday morning. “Last Wednesday, if it doesn't break every American's heart, something's wrong. I didn't sign up for that."
"I’m going to do everything I can from Day One to make sure I do my part to make Joe Biden the most successful president in the history of this country,” Langone said.
Stephen Schwarzman, the billionaire CEO of Blackstone and one of Trump's biggest donors in the financial sector, has also thrown his support behind Biden. After the Capitol riot on Jan. 6, Schwarzman said he was "shocked and horrified by this mob’s attempt to undermine our constitution. As I said in November, the outcome of the election is very clear and there must be a peaceful transition of power.”
Close Trump business allies told NBC News that the shift away from the president is real and unlike anything seen in his history.
Now they’re worried what the increasingly cornered and desperate Trump might do in his remaining days in office.
The implosion of support represents the self-inflicted diminishment of the Trump brand from an imprimatur of glitz, luxury and excess to a piece of hard-flint political extremism, and will severely undermine his ability to capitalize on his name in the traditional business sense after he departs the White House.
Trump's ability to raise money could now be reduced to leveraging his claims of election fraud — but even here, some donors are suing to get their money back and payment processors are severing ties. Potential foreign backers for Trump, his son-in-law, Jared Kushner, and extended family may be wary of tainted ties and diminished access.
Meanwhile, the business backlash against the president for his role in the deadly attacks on the Capitol continues to grow.
After Deutsche Bank and Signature Bank, two of Trump's preferred lenders, said they would no longer do business with the president,Professional Bank, a lending entity based in Florida that has lent Trump’s company millions of dollars, said on Tuesday that it, too, was cutting ties.
“Professional Bank has decided not to engage in any further business with the Trump Organization and its affiliates, and will be winding down the relationship,” Todd Templin, a public relations representative for the company, told NBC News in an emailed statement.