Michael Bloomberg participates in a discussion at the Climate Action 2016 conference in Washington, DC, on May 5, 2016.
Nicholas Kamm—AFP/Getty Images
By Sam Frizell
May 12, 2016

Businessman and former New York City mayor Michael Bloomberg said on Wednesday that the Republican Party has turned away from corporate America.

“The Republican Party is no longer the party of business,” Bloomberg said at the SALT hedge fund conference on Wednesday in Las Vegas, Fortune reports.

The rise of Donald Trump, whose strongly protectionist stances on trade are far off from the positions taken by the U.S. Chamber of Commerce and major corporations, has largely bucked the Republican business community.

The GOP has instead sought to appeal to union members and white middle class workers, Bloomberg said. Bloomberg went on to say that Republicans believe that corporate leaders will always back a GOP candidate, and have not taken pains to court the business community as they have in the past. But the well may run dry for Republican candidates.

“The Republican calculus is that they will hate Hillary so much they’ll give to us,” says Bloomberg. “Why on earth would you give money unless you thought you could influence the policy.”

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