Two GOP megadonors break from Trump for 2024

Two of the Republican Party’s most generous backers recently announced that they would not be supporting former President Donald Trump’s third bid for America’s highest office, according to reports.

Stephen Schwarzman, chairman, CEO and co-founder of private equity firm Blackstone, told Axios in a statement that he is defecting from Trump after boosting him in 2020.

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

"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."

Once the chair of Trump’s economic advisory forum, Schwarzman donated about $33.5 million to groups supporting Republicans in the 2020 election cycle, including $3 million to Trump’s America First Action PAC. Schwarzman later acknowledged that Joe Biden won over his longtime friend.

Blackstone’s total assets under management were about $951 billion as of Q3 2022.

Schwarzman’s announcement come just days after Ken Griffin, founder and CEO of the Citadel hedge fund, said publicly that he would support Florida Gov. Ron DeSantis if he decided to run for president in 2024.

"He has a tremendous record as governor of Florida, and our country would be well-served by him as president," Griffin said in a Politico interview published Sunday

Regarding Trump, Griffin explained, "He did a lot of things really well and missed the mark on some important areas. And for a litany of reasons, I think it’s time to move on to the next generation."

Griffin gave over $57 million to Republican candidates and campaigns in the leadup to 2022 midterm elections.

Axios wrote that Trump may not need the money, but the statements by Scharzman and Griffin are likely to give cover and backbone to the Republican elected officials who are ready to move on form Trump.