Another Billionaire Megadonor Defects From Trump After 2024 Launch—As Party Heavyweights Stray From Former President

Topline

Blackstone CEO Stephen Schwarzman will not support former President Donald Trump in the 2024 GOP presidential primary, Schwarzman told Axios, making him at least the second Republican megadonor and one-time Trump ally to defect from the former president as he launches his 2024 campaign amid a weakened standing within the GOP.

Key Facts

Schwarzman, who also serves as chairman and founder of the private-equity firm, said he plans to support a 2024 Republican presidential candidate who is part of a “new generation of leaders,” he said in a statement to Axios.

Schwarzman, who advised Trump on issues including trade during his time in the White House, did not give to Trump’s 2016 presidential campaign, but donated at least $3 million to the Trump-aligned super PAC America First Action Inc. during the 2020 campaign cycle, among more than $27 million he spent supporting Republican-linked PACs that year, Reuters reported.

Ken Griffin, the founder of the Citadel hedge fund–who publicly cheered Trump’s White House policies and donated more than $100 million to GOP 2022 midterm candidates, including millions to Florida Gov. Ron DeSantis (R), CNBC reported–endorsed DeSantis last week for the 2024 GOP presidential nomination, though DeSantis has yet to formally declare his candidacy.

Hours before Trump’s Tuesday announcement that he will run for president for a third time, Griffin called him a “three-time loser” at a Bloomberg’s New Economy Forum in Singapore, referring to Trump’s 2020 presidential loss, Republican midterm losses in 2018 and the string of Trump-backed candidates defeated in consequential midterm races last week.

Rupert Murdoch and his media empire, which boosted Trump as he launched his political career, have also turned on the former president: the Murdoch-owned New York Post covered his 2024 announcement with a headline on the tabloid’s front page that read “Florida Man Makes Announcement” and the Murdoch-owned Wall Street Journal called him the GOP’s “biggest loser” in an editorial published the day after the midterm election.

Key Background

Trump launched his 2024 candidacy at Mar-A-Lago in a speech on Tuesday, where he assailed President Joe Biden’s policies and claimed America was at its best when he led the country. The speech came as many prominent Republicans and Trump allies have blamed him for the party’s worse-than-expected midterm performance, refused to endorse his 2024 candidacy and/or urged him to delay his announcement. The speech appeared to lack the typical vigor and energy Trump is known for, many politicos observed, indicating a level of self-awareness about his current standing within the party and possible disappointment with the midterm results (Trump has denied reports that he was “furious” over many of his chosen candidates’ losses).

Tangent

Trump’s daughter, Ivanka Trump, who, along with her husband Jared Kushner, served as senior advisers to Trump in the White House, said Tuesday she will not be involved in his candidacy. “I love my father very much. This time around, I am choosing to prioritize my young children and the private life we are creating as a family,” she told Fox News Digital. “I do not plan to be involved in politics.”

Forbes Valuation

We estimate Schwarzman to be worth $30 billion, Griffin’s net worth at $32 billion and the Murdoch family’s at $17.1 billion.

Further Reading

Trump Launches 2024 Presidential Bid (Forbes)

Trump-Backed Candidates Have Mixed Showing In Midterms—And Trump Is Reportedly Furious (Forbes)

Chris Christie Applauded For Trump Digs—Here Are The Other GOP Leaders Who Have Strayed From Trump After Midterm Losses (Forbes)

Source: https://www.forbes.com/sites/saradorn/2022/11/16/another-billionaire-megadonor-defects-from-trump-after-2024-launch-as-party-heavyweights-stray-from-former-president/