Bloomberg had earlier reported that the executive chairman of the 102-year-old Nathan's Famous Inc., Howard Lorber, would host a Friday fundraising event for Trump in the Hamptons, a high-rent region of eastern Long Island's South Fork.
Proceeds from the big-ticket dinner would be funneled into a Super PAC to benefit Trump Victory, the organization handling Trump's 2020 reelection campaign, as well as the Republican National Committee, according to Bloomberg.
Lorber, an economic adviser for Trump's 2016 presidential campaign, was described by the US president as being one of his two best friends.
In 1996, Lorber and Trump traveled together to Moscow in search of business opportunities, according to Bloomberg. In 2017, Trump appointed Lorber chairman of the board of trustees for the US Holocaust Memorial Museum in Washington DC.
News of the fundraiser saw widespread backlash and threats of a possible boycott against Nathan's Hot Dogs, a deeply-established brand name that hawks one of America's most culturally-cherished foodstuffs.
The response on social media to the alliance between the owner of the popular hot dog chain and the deeply-unpopular US president was swift and emphatic.
Questlove, a musician who has made no secret of his dislike for Trump, tweeted Wednesday: "welp. Goodbye Nathan's."
Nathan's was founded on New York's famed Coney Island in 1916 by Ukrainian Jewish immigrant Nathan Handwerker. In 1987, Handwerker's descendants sold the thriving business to a private investment group that includes Lorber.