CNN
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Stephen Schwarzman, the CEO of the private equity firm Blackstone and a once-close ally of Donald Trump, said Wednesday that he will not support the former president’s 2024 bid.
“America does better when its leaders are rooted in today and tomorrow, not today and yesterday,” Schwarzman said in a statement sent to CNN. “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.”
Axios first reported Schwarzman’s decision.
It’s significant that one of the biggest donors in Republican politics is moving on from Trump – as the former president seeks to rally support for a third White House bid. Schwarzman’s statement comes a day after Trump announced his 2024 campaign at his Mar-a-Lago residence in Palm Beach, Florida.
In the midterms alone, Schwarzman donated more than $35 million to Republican candidates and groups active in federal elections, according to OpenSecrets, a nonprofit group that tracks political money.
Another Republican megadonor, Citadel’s Ken Griffin, recently indicated he would back Ron DeSantis in 2024, should the Florida governor seek the GOP nomination.
Griffin is among the midterm’s top three donors, contributing more than $68.5 million, according to OpenSecrets’ tally.