Stephen Schwarzman, a prominent figure in the Republican donor community, has announced his support for Donald Trump. Schwarzman, the co-founder and leader of Blackstone, a major private equity firm, revealed his endorsement of Trump in a statement to Axios’ Dan Primack and Mike Allen. He will be contributing to the former president’s campaign as well as several GOP Senate races.

This endorsement could be a significant financial boon for Trump, tapping into a vast network of Republican donors that Schwarzman has cultivated. It may also prompt a reassessment of Trump by previously hesitant business leaders.

Schwarzman, a billionaire known for his moderate Republican stance, supported Trump during his presidency and occasionally served as an informal advisor on trade and economics. However, ahead of this year’s GOP primaries, he advocated for a “new generation of leaders” and refrained from endorsing any candidate, Breitbart News reported.

Schwarzman was a sometimes polarizing figure during the Trump presidency, often referred to as the “China whisperer” due to his close connections with the Chinese government and business leaders. During Trump’s time in the White House, Schwarzman was frequently seen as advocating for a softer stance on trade with China.

Special Offer for Trump supporters: GET YOUR FREE DONALD COMMEMORATIVE $100 GOLD BAR NOW!

Unlike some of Trump’s allies from the business community and financial sector, Schwarzman remained loyal to the president following the 2017 violence in Charlottesville. He denied reports that he was outraged by Trump’s remarks about the incident, insisting they were not true.

Axios reports that sources close to Schwarzman say his return to the Trump camp is due to increasing concerns about antisemitism and dissatisfaction with President Biden’s policies.

“The dramatic rise of antisemitism has led me to focus on the consequences of upcoming elections with greater urgency,” Schwarzman told Axios. “I share the concern of most Americans that our economic, immigration, and foreign policies are taking the country in the wrong direction. For these reasons, I am planning to vote for change and support Donald Trump for President. Additionally, I will be supporting Republican Senate candidates and other Republicans across the ticket.”

This stance represents a shift from Schwarzman’s previous position. In November 2020, he urged Trump to concede his election defeat. Following the Republicans’ poor performance in the midterm elections, Schwarzman told Axios he was looking for a new-generation candidate for the 2024 elections.

“America does better when its leaders are rooted in today and tomorrow, not today and yesterday,” Schwarzman remarked in November 2022. “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.”

Schwarzman joins a growing number of GOP officials and supporters who have recently come around to backing Trump as the November election approaches. Former U.N. Ambassador Nikki Haley, once a rival for the GOP presidential nomination, announced during a speech at the Hudson Institute on Wednesday that she plans to vote for former President Donald Trump in the upcoming election, Breitbart noted.

Disclaimer: This article may contain commentary which reflects the author’s opinion.