Steve Schwarzman, the CEO of Blackstone Group, declared on Friday that he will support Donald Trump in the 2024 presidential race, providing the former president with the backing of one of Wall Street’s most powerful figures.
The GOP megadonor and billionaire co-founder of the largest private equity firm in the world, Steve Schwarzman, stated in a statement that he is now more focused on the ramifications of the forthcoming elections due to the “dramatic rise of antisemitism.”
Following the 2020 election and attempts to reverse the results, Schwarzman, like many other prominent Wall Street donors to Trump, severed his ties with the former president.
However, Schwarzman claims that he now concurs with “the majority of Americans’ concern that our immigration, economic, and foreign policies are taking the country in the wrong direction.”
His choice to support Trump coincides with indications that several significant backers of the previous president are coming back to the fold. Additionally, Trump is receiving new backing from influential figures in the finance and technology sectors.
Other billionaires who have previously released statements denouncing the former president’s behaviour in the wake of the Capitol riot on January 6, 2021, include Wall Street investor Nelson Peltz, hotel tycoon Robert Bigelow, and oil and natural gas entrepreneur Harold Hamm.
The rise in Trump’s popularity among large donors coincides with a decline in President Joe Biden’s fundraising efforts. The Biden team revealed earlier this week that its April fundraising total was lower than what Trump’s campaign claims it raised in conjunction with the Republican National Committee.
Nonetheless, Biden continues to enjoy support from the investor class that gave him a boost in 2020. Even at Blackstone, one of the president’s most generous donors is Jon Gray, president and chief operating officer of the company. Tom Nides, a former ambassador of the government to Israel, is currently vice chair of the firm.
Senate Democrats, meantime, are looking into any pledges that might have been made at a dinner where the former president asked oil sector executives for $1 billion in campaign contributions. This comes as a result of Trump’s courtship of wealthy donors.
The announcement from Schwarzman was initially covered by Axios.
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