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GOP's billionaire megadonors distance themselves from Trump's 2024 run

 1 year ago
source link: https://finance.yahoo.com/news/gop-billionaire-mega-donors-distance-themselves-from-trumps-2024-run-161556665.html
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GOP billionaire mega-donors distance themselves from Trump's 2024 run

Sat, November 19, 2022, 1:15 AM·3 min read

Former President Donald Trump is pressing on with another bid for the White House.

But Trump can't yet count on the financial support of some wealthy backers who once stood in his corner.

At least three billionaire mega-donors to the Republican party have already distanced themselves from his 2024 campaign, with one prominent benefactor not even waiting for Trump's announcement to throw cold water on the former president's prospects.

At the start of the week, Trump drew the ire of hedge fund Citadel’s billionaire founder and CEO Ken Griffin, a prominent GOP donor.

Griffin called Trump a "three-time loser" at the Bloomberg New Economy Forum in Singapore on Tuesday, just hours before Trump officially entered the presidential race in a Tuesday evening announcement. The Citadel chief executive said the former president should step aside for fresh faces like Florida Governor Ron DeSantis, who has yet to announce a formal run but is widely expected to enter the race.

While Griffin’s only donation to Trump was a $100,000 check to his inaugural committee in 2017, the hedge funder has previously embraced some Trump policies, including public praise of the administration's economic efforts and its less restrictive regulatory approach.

A day later, Trump's Wall Street ally Stephen Schwarzman, the founder and CEO of private equity giant Blackstone, said he will not back the former president.

WASHINGTON, DC - APRIL 11: Stephen A. Schwarzman,  Chairman, CEO and Co-Founder of Blackstone speaks as US President Donald Trump looks on  during a strategic and policy discussion with CEOs in the State Department Library in the Eisenhower Executive Office Building (EEOB) on April 11, 2017 in Washington, DC. (Photo by Olivier Douliery-Pool/Getty Images)
Stephen A. Schwarzman, Chairman, CEO and Co-Founder of Blackstone sits near former U.S. President Donald Trump on April 11, 2017 in Washington, DC. (Photo by Olivier Douliery-Pool/Getty Images)

“America does better when its leaders are rooted in today and tomorrow, not today and yesterday,” Schwarzman said in a statement Wednesday, first reported by Axios. “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.”

Longtime Trump pal Ronald Lauder, the son of Estée Lauder and heir to the cosmetic fortune, also said he will not back Trump's White House run, CNBC reported Wednesday.

Defections from from the three billionaires deal a symbolic blow to Trump’s early re-election efforts given their public influence as two of the GOP’s biggest political donors.


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