Blackstone’s Chairman, CEO, and Co-Founder Steve Schwarzman has made a significant decision to endorse the Republican presidential candidate Donald Trump, according to reports from US media outlets.
In a statement to Axios on Friday, Schwarzman expressed his support for former President Trump as a “vote for change.” He pointed out the increasing rise of anti-Semitism as a major concern leading up to the upcoming elections.
Schwarzman stated, “The sharp rise in anti-Semitism has made me more urgently concerned about the consequences of the upcoming elections. Like most Americans, I worry that our economic, immigration, and foreign policies are leading the country in the wrong direction. For these reasons, I plan to vote for change and support Trump’s presidential campaign. Additionally, I will support Republican candidates for Senate and other levels of government positions.”
Schwarzman’s endorsement holds significant weight as it can help Trump access the strong Republican donor network cultivated by Schwarzman. Furthermore, Trump may also receive reconsideration from some business leaders who previously hesitated to support him.
As a billionaire and a moderate Republican, Schwarzman was one of the most prominent business figures to support Trump’s entry into the White House in 2016. However, leading up to the 2024 Republican primaries, Schwarzman had called for the establishment of “a new generation of leaders,” although he ultimately did not endorse any major candidate.
Concerns about the rise of anti-Semitism and dissatisfaction with President Biden’s policies prompted Schwarzman to embrace Trump once again. The return of some business leaders to Trump’s camp highlights the continued high level of cross-party political spectrum within the Blackstone Group.
Jon Gray, the President and COO of Blackstone and Schwarzman’s designated successor, supports Biden and is a major Democratic donor. Former Biden Ambassador to Israel Tom Nides joined Blackstone in January as the Vice Chairman for Strategic and Client Relations.