In a recent development, it has been revealed that while some billionaires on Wall Street openly support Donald Trump's bid to return to the White House, most top executives at publicly traded companies are distancing themselves from the former president. This comes in the wake of Trump's conviction on 34 felony counts by a New York jury. The conviction is expected to have a "measurable but small drip, drip, drip" effect on Trump's overall electorate, as mentioned by Pangaea Policy founder Terry Haines.

Haines further added that Trump's conviction will also make it harder for him to attract serious financial and political backing from Wall Street. Despite some prominent billionaires such as Blackstone CEO Stephen Schwarzman and Miriam Adelson supporting Trump, the heads of most other large, public companies are likely to remain cautious. Haines emphasized that these CEOs, who answer to shareholders, are wary of risking public blowback for supporting Trump.

Meanwhile, the conviction has ignited a surge in fundraising for the Republican Party. The party's WinRed platform briefly collapsed under the weight of grassroots donors after the verdict was announced. On Friday evening, the Trump campaign proudly declared that it had received nearly $53 million in the 24 hours following the verdict. This extraordinary figure sets a new Republican record and narrows the fundraising gap with President Joe Biden.

Looking ahead, Trump is scheduled to be sentenced on July 11, just days prior to the Republican National Convention, which is set to commence on July 14 in Milwaukee. Regardless of the sentence Trump receives, Haines expects the convention to be presented in a highly charged manner, potentially energizing the Republican base. However, Haines also believes that this high-pitched approach may turn off a significant portion of the independent voters that Trump needs to secure victory in the general election.

As the legal proceedings progress, Wall Street's response to Trump's conviction becomes more apparent. While some billionaires offer their support, the heads of most large, public companies appear hesitant to align themselves with the former president. The fundraising surge witnessed by the Republican Party indicates that grassroots support for Trump remains strong. However, the true impact of the conviction on Trump's electoral prospects will only become clear as the 2024 presidential campaign unfolds.