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Stephens served as President and CEO of Stephens Inc., a Little Rock-based investment banking business, until January.

According to Federal Election Commission records, Stephens donated $1 million to “Our Principles PAC,” a nonprofit that opposed Trump’s first presidential campaign.

However, he donated to Trump-aligned entities in 2019 and 2020, and in 2024, he gave $3 million to MAGA Inc., the primary Super PAC that supported Trump, according to FEC records.