Blackstone CEO’s Trump Bet Pays Off as His No. 2 Plays Powerful Hedge

Schwarzman backed Trump after previously splitting with him
CEO now well-positioned to influence business, tax policies

Stephen Schwarzman, right, speaks while Donald Trump listens Tuesday, April 11, 2017. Photographer: Olivier Douliery/Pool via Bloomberg

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By Dawn Lim, Ben Bartenstein, and Amanda L. Gordon

November 11, 2024 at 4:28 PM UTC

This article is for subscribers only.

Steve Schwarzman’s early endorsement of Donald Trump is proving to be a canny wager.

The Blackstone Inc. chief’s pledge in May to “vote for change” and root for Trump marked a turning point for Schwarzman, who had previously distanced himself from the former president.