Billionaire Blackstone CEO Steve Schwarzman announced on Friday that he will be supporting former President Donald Trump in the upcoming presidential election, marking a reversal from his previous stance of pushing the GOP to nominate another candidate. Schwarzman cited concerns about the country’s current economic, immigration, and foreign policies as reasons for his decision to support Trump, stating that he believes these policies are taking the country in the wrong direction. He also expressed urgency in addressing the rise of antisemitism, further motivating his decision to back Trump.
In addition to his vocal support for Trump, Schwarzman has been a major donor to the former president, contributing $3 million to a super PAC associated with Trump in 2020. This marked a change from his lack of financial support in the 2016 election. Schwarzman’s endorsement of Trump puts him in line with other billionaires who have backed the former president, including Steve Wynn, Phil Ruffin, Kelcy Warren, Geoffrey Palmer, J. Joe Ricketts, Ike Perlmutter, and John Paulson, who have all donated significant amounts to Trump’s fundraising efforts.
With an estimated net worth of $38.3 billion, Schwarzman is currently the 38th wealthiest person in the world, according to Forbes. He previously served as an adviser to Trump on business policy and trade during the former president’s time in the White House. Reports have indicated that Schwarzman’s advice sometimes benefited his company, Blackstone, particularly in relation to China policy. Despite this, he announced in 2020 that he would support a non-Trump candidate for the Republican nominee, though he never publicly endorsed an alternative candidate.
One key aspect to monitor going forward is how Schwarzman’s support will impact Trump’s fundraising efforts. Last month, the Republican National Committee and Trump’s campaign reported raising over $65.6 million in fundraising in March, with wealthy donors continuing to contribute. In April, Trump’s campaign and Republicans outpaced President Joe Biden and Democrats in fundraising for the first time in the current campaign season. Much of the spending by pro-Trump groups is going towards legal expenses, as Trump faces civil and criminal trials. The Save America PAC reported spending about two-thirds of its total expenditures, totaling $51.5 million, on legal fees from the beginning of 2023 until April.
Schwarzman’s endorsement of Trump highlights the ongoing support for the former president among wealthy donors and signals a potential boost for Trump’s fundraising efforts. Despite Schwarzman’s previous statements about supporting a different Republican candidate, he has now aligned himself with Trump ahead of the upcoming election. Schwarzman’s decision to back Trump is fueled by concerns about the current state of the country’s policies and a sense of urgency regarding issues like antisemitism. As the campaign season unfolds, the impact of Schwarzman’s support on Trump’s fundraising and overall strategy will be closely watched.
