Billionaire businessman and lifelong Republican Stephen Schwarzman has announced his support for the candidacy of Donald Trump in the upcoming presidential election. Schwarzman, the CEO of private equity firm Blackstone, cited concerns over the rise of antisemitism and the direction of the country's economic, immigration, and foreign policies as reasons for his decision.
In a statement released on Friday, Schwarzman expressed his belief that the country is heading in the wrong direction and emphasized the need for change. He also pledged his support for Republican Senate candidates and other Republicans on the ballot.
This move marks a significant shift for Schwarzman, who had previously been critical of Trump following the 2020 election and had called for a new generation of leaders within the Republican Party. Despite meeting with Florida Gov. Ron DeSantis, Schwarzman ultimately decided not to back him as a presidential hopeful.
Schwarzman had previously supported Trump in the 2016 election and served as a trusted adviser during Trump's presidency. However, he distanced himself from the former president after Trump's controversial comments about the Charlottesville white nationalist rally, leading to the dissolution of a prominent business advisory council chaired by Schwarzman.
While Schwarzman has aligned himself with Trump, other top executives at Blackstone, including Chief Operating Officer Jon Gray, have supported Democratic candidates in past elections. Gray, who is seen as Schwarzman's heir apparent, backed Hillary Clinton in 2016 and Joe Biden in 2020, and has hosted fundraisers for President Biden in the current election cycle.
As the election season unfolds, Schwarzman's endorsement of Trump adds another layer of complexity to the political landscape, highlighting the diverse range of perspectives within the business community.
