Donald Trump gets backing from Blackstone owner in US presidential race

The self-professed friend of the crypto industry is getting more powerful with Blackstone Group’s boss now in his corner

Donald Trump assault on the presidency in November has already stirred the spirits in the United States. The 2024 United States presidential election is set to be one of the most fraught, polarized, and contested races on record.

Trump, a controversial figure, has secured the backing of Stephen Schwarzman, Blackstone Group’s billionaire founder, chairman and CEO, which signals that the Republican candidate has a strong chance at taking the presidency for a second term, and away from Joe Biden, the incumbent.

Trump has been making a series of announcement over the past weeks, including a commitment to help the crypto industry thrive under his rule, a welcome relief for an industry grappling with red tape and regulatory obfuscations under the current administration.

Schwarzman’s support for Trump is based on the qualities of the presidential hopeful, with the billionaire arguing that Joe Biden had failed in office, and that a change is due. He noted that he was worried about the economy, foreign policy, and immigration, much like the rest of America was, and argued that Trump is a way forward to overcome all of these problems.

Schwarzman’s net worth, estimated at $38 billion, makes him one of the most influential backers of the GOP’s nominee and he closes ranks with other prominent donors and backers, such as the Koch network and Dr. Miriam Adelson, the widow of late Sheldon Adelson, Las Vegas Sands founder.

Blackstone has its hands in many pies, including the gambling industry, with investments in Australia’s Crown Resorts, and properties closer to home, such as the Bellagio, Aria, Vdara, and The Cosmopolitan.

Trump’s crypto posturing is not very likely to have swayed Schwarzman to back him, as his motives are most likely rooted in embrace of the candidate and what he stands for as a whole, as well as his chances to actually supplant Biden in the upcoming race.

Although Trump may seem a little too keen on the crypto industry, including promises to pass more liberal – surprisingly – legislation, and he himself owning a hefty bit of crypto, 60% of which is in the $MAGA (Trump) token, the former president has not demonstrated any deeper relation with the industry.

Granted, Trump became the first official presidential candidate nominated by his party to actually say that he will accept crypto donations, not least because of mounting financial pressure to fight off legal challenges.

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Written by Barney


Barney is co-founder of When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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