President Donald Trump with Blackstone Group CEO Stephen Schwarzman at the White House. (Photo: Getty Images)
Stephen A. Schwarzman, the formidable billionaire CEO of Blackstone, has declared his unflinching support and substantial financial backing for Donald Trump in the 2024 Presidential Election.
This monumental endorsement reinvigorates Trump’s campaign with not only a flush of funds but also a powerful endorsement from one of the most influential figures in the financial world.
Speaking to Axios, Schwarzman expressed his intention to channel funds not only towards Trump’s campaign but also to a slew of Republican Senate candidates, aiming to fortify GOP positions across the board.
This move is poised to unlock a significant network of Republican donors that Schwarzman has meticulously nurtured over the years, potentially repositioning Trump in the favorable light among skeptical business magnates.
“The dramatic rise of antisemitism has led me to focus on the consequences of upcoming elections with greater urgency,” Schwarzman told Axios.
“I share the concern of most Americans that our economic, immigration and foreign policies are taking the country in the wrong direction. For these reasons, I am planning to vote for change and support Donald Trump for President. In addition, I will be supporting Republican Senate candidates and other Republicans up and down the ticket, he added.
NEW: @blackstone CEO Steve Schwarzman tells @Axios tells Axios he’ll support Donald Trump as a “vote for change”
• Will donate to Trump, Senate GOP candidates
• Rising antisemitism sped his decision
• He earlier wanted a next-gen leader in ’24 https://t.co/JkSzjRmmMr
Between the lines: In November 2020, Schwarzman called on Trump to move on from his defeat as supporters scrambled to try to overturn the election.
After Republicans’ disastrous midterm performance, Axios broke the news that Schwarzman was searching for a next-generation candidate in 2024.
“America does better when its leaders are rooted in today and tomorrow, not today and yesterday,” Schwarzman said in November 2022. “It is time for the Republican Party to turn to a new generation of leaders and I intend to support one of them in the presidential primaries.”
Zoom in: Trump and Republicans have sought to exploit Democratic divisions over Israel and cast Biden as weak on antisemitism, especially as pro-Palestinian protests have roiled college campuses.
“If Jewish people are going to vote for Joe Biden, they have to have their head examined,” Trump said earlier this month, while also claiming that Jewish Democrats “hate Israel and “their religion.”
What we’re watching: As some business leaders begin returning to Trump’s camp, Blackstone remains highly bipartisan.
Jon Gray — Blackstone’s president and COO, and heir apparent to Schwarzman — backs Biden and is a big Democratic donor.
Tom Nides, formerly Biden’s ambassador to Israel, joined Blackstone in January as vice chairman for strategy and client relations.
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