Former President Trump’s bid for the 2024 presidential campaign is receiving a financial boost from a group of billionaires as he seeks to close the fundraising gap with President Joe Biden. According to Fox Business Network, billionaire Stephen Schwarzman, CEO and co-founder of Blackstone, announced his support for former President Trump in the 2024 race. Schwarzman had previously called for the Republican Party to embrace a “new generation of leaders.”
With an estimated net worth of $39 billion, Schwarzman expressed his concerns about the country’s economic, immigration, and foreign policies, stating that they are heading in the wrong direction. He also highlighted the alarming rise of antisemitism, which has led him to prioritize the upcoming elections.
Schwarzman’s endorsement comes as other billionaires rally behind the Trump campaign, helping to close the fundraising gap with Biden. Until April, the Biden campaign had been outpacing Trump in monthly fundraising. However, in that month, Trump’s campaign took the lead for the first time this cycle. Additionally, mounting legal expenses have strained the Trump campaign’s finances. In April, the New York Times reported that Biden’s campaign had approximately $84.5 million in net cash, while Trump’s had $48 million. Although the Biden campaign’s funds remained relatively stable from the previous month, the Trump campaign’s funds increased by around $3 million.
The support from Schwarzman and other billionaire backers could significantly assist the Trump campaign in narrowing the fundraising gap with Biden. In early April, billionaire hedge fund founder John Paulson hosted a fundraiser at his Palm Beach, Florida, residence. Attendees were asked to contribute $814,600 per person to become a “chairman” contributor, which included sitting at Trump’s table, or $250,000 to be part of the “host committee.”
Robert Mercer and his daughter, Rebekah Mercer, who are billionaires, served as co-chairs for the Paulson fundraiser. They were significant supporters of Trump in 2016 but did not actively participate in his 2020 re-election campaign, as reported by Fox Business. Harold Hamm, an oil magnate and the founder and chairman of Continental Resources, who played a key role in pioneering fracking techniques for shale oil extraction, was also listed as the chair of the event. Steve Wynn, a casino mogul, and Todd Ricketts, co-owner of the Chicago Cubs and a member of the TD Ameritrade board of directors, were listed as co-chairs of the event. Ricketts had previously served as the RNC’s finance chair.
The April event proved to be highly successful for Trump’s campaign, raising over $50 million. This amount was approximately twice the funds raised by Biden during a recent event attended by former Presidents Barack Obama and Bill Clinton, which also featured some Hollywood stars.
“In a campaign swing through Texas last week, Trump attended a fundraiser in Houston hosted by Hamm and other billionaires, including Jeff Hildebrand, founder of Hilcorp Energy, which is the largest closely held oil firm in the U.S.; George Bishop, founder of GeoSouthern Energy; and Kelcy Warren, head of pipeline firm Energy Transfer Partners,” Fox Business reported. “The Houston luncheon fundraiser was followed by a roundtable with a group of about 45 executives. A second fundraiser was held in Dallas on Wednesday evening.”
