
Stephen A. Schwarzman, the billionaire chairman, CEO, and co-founder of private equity giant Blackstone, has announced his support for former President Donald Trump’s 2024 presidential bid, reversing his previous stance. Schwarzman, one of the world’s wealthiest individuals with a net worth close to $40 billion, cited the “dramatic rise of antisemitism” as a key factor in his decision.
Billionaire GOP donor Stephen Schwarzman backs Trump in ‘vote for change’ #DonaldTrump #Presidentialelectionhttps://t.co/UiPP5QWI9N
— Suzi (@Sandy5Suzi) May 26, 2024
In a statement released on Friday, Schwarzman expressed his concerns over the direction of the country’s economic, immigration, and foreign policies under the Biden administration. “I share the concern of most Americans that our economic, immigration and foreign policies are taking the country in the wrong direction,” he said. “For these reasons, I am planning to vote for change and support Donald Trump for President.”
Schwarzman, a lifelong Republican, had previously broken ties with Trump following the January 6 Capitol Hill insurrection and supported Trump critic Chris Christie in the Republican primary. He donated $2 million to a super PAC supporting the former New Jersey governor and gave a smaller amount to Republican Senator Tim Scott.
Scoop: Blackstone's Steve Schwarzman backs Trump https://t.co/odGF7I0soX
— Ernesto (@Ernest25374807) May 26, 2024
The billionaire’s endorsement is seen as a significant boost for Trump’s campaign, as it could signal the start of a flow of more Wall Street money to the former president. Trump has been actively seeking financial support from finance, technology, and energy billionaires as he trails behind President Joe Biden in the fundraising race.
Blackstone's Steve Schwarzman is backing all the major GOP candidates due to rising antisemitism https://t.co/9bp2VoZBjS
— Shai Goldman (@shaig) May 26, 2024
Schwarzman’s announcement comes on the heels of Trump’s fundraising sweep through Texas, where he sought support from oil tycoons displeased with Biden’s environmental and climate agenda. Last month, hedge fund billionaire John Paulson hosted a fundraiser for Trump in Florida that reportedly brought in over $50 million.