The chairman, CEO, and co-founder of Blackstone, the US private equity and real estate giant, has announced support for Donald Trump as a “vote for change” in the upcoming presidential election in September. Stephen A. Schwarzman on Friday said that he plans to donate to Trump and various Republican Senate candidates, according to US-based outlet Axios.
Schwarzman’s backing of Trump grants the former US president access to a formidable network of Republican donors cultivated by the billionaire. Schwarzman, a lifelong moderate Republican and billionaire, had been one of Trump’s most visible business supporters during his tenure in the White House.
However, in the lead-up to this year’s GOP primaries, Schwarzman advocated for a shift towards “a new generation of leaders,” refraining from endorsing any primary candidate. However, concerns over rising antisemitism, coupled with apprehensions regarding President Joe Biden’s policies, prompted Schwarzman to re-embrace Trump.
Ahead of the elections, while some business leaders are gravitating back toward Trump, Blackstone, under Schwarzman’s leadership, has maintained a bipartisan stance. In a statement to Axios, Schwarzman underlined the urgency of the upcoming elections, citing the “dramatic rise of antisemitism” and expressing shared concerns over economic, immigration, and foreign policies veering off course.
He then pledged his support for Trump’s presidential bid, alongside backing Republican Senate candidates and other party members across the electoral spectrum. After Trump’s defeat in November 2020, Schwarzman urged the former president to acknowledge the outcome. Later, in light of the Republican Party’s underwhelming midterm performance, reports surfaced of Schwarzman exploring alternative candidates for the 2024 presidential race.
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