Stephen A. Schwarzman, the billionaire chairman and chief executive of the Blackstone Group, has announced his support for former President Donald J. Trump in the upcoming 2024 election. This marks a change from his previous stance calling for a “new generation of leaders” following the midterm elections.
In a statement released on Friday, Mr. Schwarzman, who is Jewish, cited the rise of antisemitism as a key factor influencing his decision to focus on the upcoming elections more urgently. He also expressed his belief that the country’s economic, immigration, and foreign policies are heading in the wrong direction under the current administration.
Despite being a lifelong Republican and a significant donor to the party, Mr. Schwarzman had initially supported Mr. Trump even after his defeat in 2020 and the events of January 6, 2021. However, he began to distance himself from the former president after many of the candidates endorsed by Mr. Trump suffered losses in the 2022 midterm races.
Following the Republican Party’s disappointing performance in the midterms, Mr. Schwarzman had initially pledged to support a new candidate in the presidential primaries. However, he ultimately refrained from getting involved in the primaries and instead focused on supporting Republican House and Senate candidates, along with the political committees that back them, as indicated in filings with the Federal Election Commission.
Mr. Schwarzman emphasized on Friday that he will continue to back Republican Senate candidates and other Republicans running for various positions. Over the years, he has donated tens of millions of dollars to Republican political committees, including those that supported Mr. Trump during the 2020 election.
