Blackstone’s billionaire CEO, Steve Schwarzman, announced his support for Donald Trump in the upcoming presidential election and pledged to contribute funds to his campaign. This unexpected turn contrasts sharply with his position in 2022 when he openly expressed his opposition to the former president’s candidacy.

This Friday, the president and co-founder of one of the largest investment firms in the world explained that, after carefully analyzing the direction the country is taking on crucial issues such as the economy, immigration, foreign relations and the alarming rise in antisemitism, felt the urgent need to consider the importance of the upcoming elections and take a defined position.

“I share the concern of most Americans that our economic, immigration and foreign policies are taking the country in the wrong direction. For these reasons, I am planning to vote for change and support Donald Trump for President,” he said.

Schwarzman announced that in addition to financially supporting Trump, he will also contribute donations to several Republican Senate candidates. This gesture not only financially strengthens Trump’s campaign and other party members but also gives the former president access to an influential network of Republican donors cultivated by the billionaire over the years. Therefore, it could significantly strengthen Trump’s political and financial position heading into the elections.

A significant change in position

In November 2020, Schwarzman urged Trump to accept his electoral defeat while his followers made efforts to challenge the results. Later, in 2022, the billionaire further distanced himself from the former president by declaring that he would not support him as a presidential candidate and advocating for the renewal of political leadership in the party.

“America does better when its leaders are rooted in today and tomorrow, not today and yesterday,” he said. In fact, during the recent Republican primary, Schwarzman chose not to endorse any candidate. However, circumstances and the proximity of the elections have caused a drastic change in his position.

Schwarzman’s major shift comes at a crucial time in the American political landscape, as the election quickly approaches.