Blackstone CEO Steve Schwarzman is throwing his support behind former President Donald Trump, opening up access to a fresh network of big donors.
Blackstone is one of the largest private equity firms, managing a total of over $1 trillion in assets. Schwarzman has been a longtime major Republican donor and friend of Trump, but turned against him after the 2022 midterm elections, saying in a November 2022 statement that the Republican Party should move on. He changed course on Friday, once again throwing his full backing behind Trump, Axios reported.
“I share the concern of most Americans that our economic, immigration, and foreign policies are taking the country in the wrong direction,” he told Axios in a statement. “For these reasons, I am planning to vote for change and support Donald Trump for President. In addition, I will be supporting Republican Senate candidates and other Republicans up and down the ticket.”
He cited rising antisemitism around pro-Palestinian college campus protests as one of his primary reasons for throwing his support behind Trump.
“The dramatic rise of antisemitism has led me to focus on the consequences of upcoming elections with greater urgency,” he said.
The change spells well for Trump, whose campaign has struggled with finances amid skyrocketing legal costs from his four indictments and New York civil trial. Aside from the backing of one of the wealthiest men on Earth, with an estimated $39 billion net worth, Trump can also tap into his extensive network of donors.
The support could also help Trump eschew some stigma that has made other major businessmen reluctant to support him.
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Schwarzman’s change of course comes a year and a half following his last sudden turnaround when he spoke against Trump following disappointing results in the 2022 midterm elections, which many initially blamed on the former president.
“America does better when its leaders are rooted in today and tomorrow, not today and yesterday,” he told the outlet shortly after the midterm elections. “It is time for the Republican Party to turn to a new generation of leaders, and I intend to support one of them in the presidential primaries.”