Top CEOs are considering cutting off funding to Republicans who have supported Trump's election challenge, according to Yale's Jeffrey Sonnenfeld

  • CEOs of major companies have said they may stop giving money to Republicans who have backed President Donald Trump's challenge to the presidential election results, according to Yale's Jeffrey Sonnenfeld.
  • Sonnenfeld, founder of Yale's Chief Executive Leadership Institute, hosted a call on Tuesday with 33 chief executives across sectors including finance, pharmacy, transportation, and manufacturing, he told CNBC's "Closing Bell."
  • About nine in 10 were "talking about cutting off support," he said. "We haven't seen them put the money where their mouth is previously, and that's a big change," he said.
  • Congress is scheduled to formally certify the election result on Wednesday, confirming President-elect Joe Biden's victory. President Donald Trump has refused to recognize the result.
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Top CEOs may withdraw financial support from Republicans who have backed President Donald Trump's challenge to the election results, Jeffrey Sonnenfeld, founder of Yale's Chief Executive Leadership Institute, said Tuesday.

More than two dozen CEOs are considering the move, he told CNBC's "Closing Bell."

Sonnenfeld, a senior associate dean at the Yale School of Management, hosted a call earlier that day with 33 chief executives across sectors including finance, pharmacy, transportation, and manufacturing, he said. About nine in 10 on the call were "talking about cutting off support," he said.

"We haven't seen them put the money where their mouth is previously, and that's a big change," Sonnenfeld said.

Sonnenfeld declined to name the CEOs, but said they included previous Business Roundtable and Chamber of Commerce leaders.

Congress is scheduled to formally certify the election result on Wednesday, confirming President-elect Joe Biden's Electoral College victory. Trump is still refusing to concede, and on Monday told supporters at a rally that he hoped Vice President Mike Pence would help him overturn the results.

Read more: Joe Biden is hiring about 4,000 political staffers to work in his administration. Here's how 3 experts say you can boost your chances of getting one of those jobs.

The CEOs had contacted Sonnenfeld to arrange a meeting, after he organized a similar one in November when Trump first disputed the election result.

During Tuesday's call, the CEOs said that they wanted to move beyond making statements and "put our money where our mouth is," Sonnenfeld said. Nearly nine in 10 of the CEOs said Trump was trying to overturn democratically run elections to stay in office, Sonnenfeld said.

The current situation was causing "divided communities, angry workforces, and hostile workplaces," the CEOs told him during the call.

"This is not business as usual," the CEOs added, according to Sonnenfeld.

"The GOP acting this way, these GOP members, are certainly not the voice of American business large or small, so they're talking about cutting off support," Sonnenfeld told CNBC. 

Separately, more than 170 American business executives signed a letter Monday urging Congress to certify the electoral vote on Wednesday and confirm Biden's victory.

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