Blackstone CEO Stephen Schwarzman Backs Trump In 2024 Race Marking Shift In GOP Donor Landscape

Stephen Schwarzman, the billionaire chief executive of private equity firm Blackstone, has endorsed former President Donald Trump for the 2024 presidential race, signaling a significant shift in the Republican megadonor landscape. Schwarzman, who had been critical of Trump following the January 6 Capitol Hill insurrection, cited the “dramatic rise of antisemitism” and his concerns over the country’s direction under President Joe Biden as the primary reasons for his change of heart.

“I share the concern of most Americans that our economic, immigration and foreign policies are taking the country in the wrong direction,” Schwarzman said in a statement on Friday. “For these reasons, I am planning to vote for change and support Donald Trump for president.”

Schwarzman’s endorsement comes as Trump lags behind Biden in the fundraising race and has been actively seeking financial support from billionaires in various sectors. The Blackstone CEO’s backing could potentially lead to more Wall Street money flowing into Trump’s campaign coffers.

In the Republican primary, Schwarzman had supported Trump critic Chris Christie, donating $2 million to a super PAC supporting the former New Jersey governor. He also gave a smaller amount to Republican Senator Tim Scott. However, with Schwarzman now on board, questions arise about the future moves of other Republican Wall Street megadonors, such as Ken Griffin and Paul Singer, who had supported Nikki Haley’s presidential bid.

Schwarzman, once a Trump ally, had chaired an advisory board to the then-president in 2017 and traveled with him to Saudi Arabia, where Riyadh pledged to match up to $20 billion in contributions from other investors to a Blackstone infrastructure fund. The advisory panel disbanded soon after Trump’s controversial remarks following the deadly white nationalist rally in Charlottesville, Virginia.