Wall Street execs at FII meeting in Saudi Arabia say ‘We expect Trump to win’

Wall Street executives, Ken Griffin and Steve Schwarzman, signaled support for Trump’s 2024 campaign after previously distancing themselves from the former president.

Ken Griffin, the CEO of Citadel, and Steve Schwarzman, the CEO of the Blackstone Group, are part of the contingent of Wall Street executives in Saudi Arabia for the Future Investment Initiative Conference. During their speech, they shared their thoughts about the likely outcomes of the United States elections.

Both executives shared that a return to the White House for the former president, Donald Trump is the more likely outcome. 

Wall Street execs show support for Trump’s candidacy

Griffin acknowledged that it would be a close race, stating, “We are at that moment of peak uncertainty. It is a race that Trump is favored to win but it is almost a coin toss.”

Griffin’s vocal support for Trump comes as a surprise as the financier previously publicly criticized Donald Trump in 2022 when he called him a “three-time loser.” At the time, he was speaking about Trump’s loss during the 2020 election and poor Republican performances in subsequent elections. 

Griffin previously expressed a preference for new leadership and supported alternative candidates earlier in the campaign season, urging the Republican Party to move on from Trump.

Speaking at the same event in Saudi Arabia, the CEO of Blackstone, Steve Schwarzman, also publicly expressed his thoughts on Trump’s 2024 campaign. 

In his words, “He is in a much stronger base of knowledge on how that job works and how to be efficient and effective in doing it than certainly compared to 2016.”

Schwarzman and Griffin’s comments appear to be Trump endorsements from Wall Street. 

Like Griffin, Schwarzman distanced himself from Trump after the 2020 election. He also criticized the direction of the Republican Party following the 2022 midterm elections.

Prior to that, Schwarzman was one of Trump’s notable supporters. He was the former president’s largest Wall Street investor during his run for a second term in 2020. Schwarzman also functioned as a liaison for foreign trade talks during Trump’s first administration.

What could this mean for the 2024 presidential election? 

This public show of support could benefit the Trump campaign as Schwarzman is known to put his financial weight behind his words. He previously donated more than $35 million to entities supporting Trump and other Republican parties in 2020. 

Griffin has also donated $100 million to pro-Republican political action committees. His endorsement of Trump could lead to financial backing or even provide Trump’s campaign access to significant financial networks. 

The support of these high-profile figures may also rally market-oriented voters around Trump, which would improve his chances at the polls. 

So far, Vice President Kamala Harris and former President Donald Trump are in a deadlock. While Griffin and Schwarzman are financial elites with significant influence, it’s unclear whether their backing will be enough to tip the scales in Trump’s favor.