Stephen Schwarzman, a key figure in the Republican donor community, has voiced his support for Donald Trump.
Schwarzman, co-founder and chairman of the major private equity firm Blackstone, Statement to Axios’ Dan Primack and Mike Allen.
Schwarzman announced his plans to donate to Trump’s campaign and several Republican Senate races in an exclusive statement to Axios on Friday.
The endorsement could be a major financial asset for Trump, unlocking the vast network of Republican donors that Schwarzman has built — and it could prompt previously hesitant business leaders to reassess Trump.
Schwarzman, a billionaire known as a moderate Republican, was a supporter of Trump during his presidency and at times served as an informal adviser on trade and economic issues. But ahead of this year’s Republican primaries, he called for a “new generation of leaders” and did not endorse any candidate.
Schwarzman was a controversial figure during the Trump administration, earning the nickname “China whisperer” for his close ties to Chinese government and business leaders. During Trump’s time in the White House, Schwarzman was often seen as urging the president to soften his stance on trade with China.
His best seller Red-handed: How America’s elites are helping China win and getting richPeter Schweitzer has noted that Schwarzman jokingly claims to have served as both the “unofficial U.S. ambassador to China” and the “unofficial Chinese ambassador to the U.S.”
In his book, Schweitzer reports that Schwarzman has launched a $100 million plan to create a Global Education Scholarship Program in China to rival the Rhodes Scholarships offered by Oxford University. “The free market system allows Wall Street financiers with billions of dollars to fund courses in Marxism-Leninism and programs preaching the superiority of Chinese Communism over American capitalism,” Schweitzer writes.
Unlike some of Trump’s allies in US business and finance, Schwarzman supported the president after the 2017 Charlottesville riots and denied reports that he was infuriated by Trump’s comments about the incident.
Axios reported that people close to Schwarzman believe his return to the Trump campaign is due to growing concerns about anti-Semitism and dissatisfaction with President Biden’s policies.
“The dramatic rise in anti-Semitism has made me focus with much more urgency on the outcome of the upcoming election,” Schwarzman told Axios. “I share the concerns of most Americans that our economy, immigration and foreign policy are leading the country in the wrong direction. For these reasons, I intend to vote for change and support Donald Trump for president, as well as the Republican Senate nominee and other Republican candidates.”
This marks a shift from Schwarzman’s previous positions: In November 2020, he urged Trump to concede the election. After the Republican Party’s poor performance in the midterm elections, Schwarzman told Axios that he was looking for a new generation of candidates for the 2024 election.
“America is better when our leaders are rooted in today and tomorrow, not today and yesterday,” Schwarzman said in November 2022. “It’s time for the Republican Party to turn to a new generation of leaders, and I intend to endorse one of them in the presidential primary.”
Schwarzman joins a growing number of Republican officials and supporters who have recently endorsed Trump as the November election approaches. Former United Nations Ambassador Nikki Haley, a one-time rival for the Republican presidential nomination, said in a speech at the Hudson Institute on Wednesday that she plans to vote for former President Donald Trump in the next election.
