PanamaTimes

Monday, Jul 14, 2025

Blackstone's Schwarzman says he won't back Trump in 2024

Blackstone's Schwarzman says he won't back Trump in 2024

Blackstone Inc (BX.N) Chief Executive Stephen Schwarzman, who has been one of Wall Street's biggest donors to Donald Trump's election campaigns, said on Wednesday he will not back the former president in 2024.
Trump announced he would run in the 2024 U.S. presidential election on Tuesday, launching an early bid to become the Republican nominee in an effort to pre-empt potential rivals.

Schwarzman said it was time for new party leadership and that he would back a different Republican in the presidential contest. "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," he said in a statement, which was first reported by Axios.

Schwarzman, 75, is a prominent Republican donor. He spent $35.5 million to support Republicans ahead of last week's midterm election. Republicans are still one seat short of capturing control of the U.S. House of Representatives and have failed to take over the U.S. Senate. Most of the candidates endorsed by Trump lost their races.

"America does better when its leaders are rooted in today and tomorrow, not today and yesterday," Schwarzman said.

The vast bulk of Trump's fundraising comes from small donors. Since he left office, about 90% of the people donating to his political groups have given less than $650 per calendar year, according to a Reuters analysis of disclosures filed by WinRed, the dominant Republican donation portal.

Schwarzman is the latest Republican to announce support for other candidates besides Trump. Ken Griffin, billionaire founder of Citadel Securities, has endorsed Florida Governor Ron DeSantis, who handily won re-election in the Nov. 8 election.
Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
AI Raises Alarms Over Long-Term Job Security
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Brazilian Congress Rejects Lula's Proposed Tax Increase on Financial Transactions
Landslide in Bello, Colombia, Results in Multiple Casualties
Papa Johns pizza surge near the Pentagon tipped off social media before Trump's decisive Iran strike
Juncker Criticizes EU Inaction on Trump Tariffs
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Sole Survivor of Air India Crash Recounts Escape
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
UK and EU Reach Agreement on Gibraltar's Schengen Integration
Israeli Finance Minister Imposes Banking Penalties on Palestinians
U.S. Inflation Rises to 2.4% in May Amid Trade Tensions
Trump's Policies Prompt Decline in Chinese Student Enrollment in U.S.
Global Oceans Near Record Temperatures as CO₂ Levels Climb
Trump Announces U.S.-China Trade Deal Covering Rare Earths
Smuggled U.S. Fuel Funds Mexican Cartels Amid Crackdown
Protests Erupt in Los Angeles with Symbolic Flag Burning
Trump Administration Issues New Travel Ban Targeting 12 Countries
Man Group Mandates Full-Time Office Return for Quantitative Analysts
JPMorgan Warns Analysts Against Accepting Future-Dated Job Offers
Builder.ai Faces Legal Scrutiny Amid Financial Misreporting Allegations
Japan Grapples with Rice Shortage Amid Soaring Prices
Goldman Sachs Reduces Risk Exposure Amid Market Volatility
HSBC Chairman Mark Tucker to Return to AIA as Non-Executive Chair
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Judge Blocks Trump's Ban on International Students at Harvard
Trump Proposes Travel Ban on 'Uncontrolled' Countries
Panama Port Owner Balances US-China Pressures
Trump Administration Accused of Obstructing Deportation Cases
Trump’s China Strategy Remains a Geopolitical Puzzle
Eurozone Inflation Falls Below ECB Target to 1.9%
Call for a New Chapter in Globalisation Emerges
Blackstone and Rivals Diverge on Private Equity Strategy
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Bangkok Ranked World's Top City for Remote Work in 2025
Denmark Increases Retirement Age to 70, Setting a European Precedent
Netanyahu Accuses Western Leaders of 'Emboldening Hamas'
Escalating Trade Tensions and Market Reactions
OnlyFans Reportedly in Talks for $8 Billion Sale
JBS Gains Shareholder Approval for U.S. Stock Listing
Booz Allen Hamilton to Cut 2,500 Jobs Amid Federal Spending Reductions
Trump Signs Executive Orders to Accelerate Nuclear Energy Development
Harvard Temporarily Blocks Trump Administration's International Student Ban
Nippon Steel Forms Partnership with U.S. Steel, Headquarters to Remain in Pittsburgh
Trump Expands Tariff Threats to Apple and Samsung Devices
×