Schwarzman's first business was a lawn-mowing operation when he was 14 years old,employing his younger twin brothers,Mark and Warren,to mow while Stephen brought in clients.[6]
When Blackstone went public in June 2007,it revealed in a securities filing that Schwarzman had earned about $398.3 million in fiscal 2006.[17][18] He ultimately received $684 million for the part of his Blackstone stake he sold in the IPO,keeping a stake then worth $9.1 billion.[19] In the following years,his compensations increased even more:he received $350 million in 2007[20] and $702.4 million in 2008[21]—partly due to stock awards. His salary was $734.2 million in 2015,$425 US million in 2016 and $786 US million in 2017.[22] In 2022,he was paid $253 million,making him the highest paid CEO in the US that year.[23][24]
In June 2007,Schwarzman described his view on financial markets with the statement:"I want war,not a series of skirmishes ... I always think about what will kill off the other bidder."[25]
In August 2010,Schwarzman compared the Obama administration's plan to raise the tax rate on carried interest to a war and Hitler's invasion of Poland in 1939,stating,"It's a war. It's like when Hitler invaded Poland in 1939."[29][30] Schwarzman later apologized for the analogy.[31][32] In 2012,Obama called Schwarzman and requested his assistance in brokering a budget agreement with Republicans in congress to avoid a fiscal cliff.[33] Eventually a deal was brokered with Schwarzman's help. The new tax plan added $1 trillion of additional revenue by raising taxes,closing tax loopholes,and ending deductions. Obama later drafted a formal message of support for Schwarzman Scholars,an education initiative undertaken by Schwarzman.[34]
He endorsed and fundraised for Mitt Romney in 2012.[35] During the 2016 Republican primary,he declined to support any one particular candidate. He identified as center-right and said the eventual GOP nominee should appeal to independent voters,not the right wing of the Republican Party. At the same time,he had positive things to say about Hillary Clinton.[35]
In early 2016,he said that in a two-candidate race he would prefer Donald Trump to Ted Cruz,saying that the nation needed a "cohesive,healing presidency,not one that's lurching either to the right or to the left."[36] He had previously made a donation to Marco Rubio in 2014.[35]
In late 2016,Schwarzman "helped put together" a team of corporate executives to advise Trump on jobs and the economy. The group,which includes JPMorgan ChaseCEOJamie Dimon,Walt Disney boss Bob Iger and former General Electric leader Jack Welch,became Trump's Strategic and Policy Forum.[37][38] In February,Schwarzman was named as chair of the 16-member President's Strategic and Policy Forum,which brought together "CEOs of America's biggest corporations,banks and investment firms" to consult with the president on "how to create jobs and improve growth for the U.S. economy."[39] On August 16,2017,following five members' resignations,President Trump announced via Twitter he was disbanding the forum.[40]
He is a longtime friend of former president Donald Trump and provides outside counsel,and served as chair of Trump's Strategic and Policy Forum.[1][41] In response to criticism for his involvement with the Trump administration,[42] Schwarzman penned a letter to current Schwarzman Scholars,arguing that "having influence and providing sound advice is a good thing,even if it attracts criticism or requires some sacrifice”.[1]
In private,Schwarzman called the January 6 United States Capitol attack an "insurrection" and "an affront to the democratic values we hold dear". However,he stopped short of criticizing Trump over the riot.[27]
In December 2018,non-profit consumer advocacy organisation Public Citizen published a report titled:"'Self-Funded' Trump Now Propped Up By Super PAC Megadonors." The report disclosed that Schwarzman donated $344,000 in support of Trump's re-election campaign. Following his election,Trump appointed Schwarzman as the chairman of the White House Strategic and Policy Forum.[43]
In 2020,Schwarzman donated $15 million to the Senate Leadership Fund,[44] a super-PAC tied to Mitch McConnell,[45] $3 million to Donald Trump's America First Action PAC,and a combined total for the election cycle of $33.5 million to Republican candidates. Several of the Republicans he funded voted against certifying the 2020 Presidential Election.[46]
In 2022,Schwarzman indicated that he would not support the Donald Trump 2024 presidential campaign,providing in a statement to Axios that it was "time for the Republican Party to turn to a new generation of leaders."[47] In 2024,Schwarzman announced that he would support Donald Trump as a "vote for change".[48]
Wealth
Plaque at the New York Public Library central reference building honoring Schwarzman's contributions
In 2014,Schwarzman was named as one of Bloomberg's 50 Most Influential people of the year.[50] In 2016,he was again named as one of Bloomberg's 50 Most Influential people of the year.[51]
On April 21,2013,Schwarzman announced a $100 million personal gift to establish and endow a scholarship program in China,Schwarzman Scholars,modeled after the Rhodes Scholarship program.[56] Schwarzman simultaneously announced a fundraising campaign with a goal of $200 million. The Schwarzman Scholars program is housed at Tsinghua University.[57]:108 Since its inception,the program has maintained ties to the United Front Work Department as well as other organizations and personnel affiliated with the Chinese Communist Party.[58][59][60] Schwarzman has also worked on developing a network of scholars who understand China.[57]:108
In spring 2015,Peter Salovey,the president of Yale University,announced that Schwarzman contributed $150 million to fund a campus center in the university's historic "Commons" dining facility.[61][62] Additionally,Schwarzman is also a member of the Berggruen Institute's 21st Century Council.[63]
In early 2018,it was announced that Schwarzman gave $25 million to Abington High School,his alma mater. However,this donation was contingent on several conditions,including naming rights to the school. After the public learned about the deal,a new agreement was made and Schwarzman removed several of the conditions for his donation,including renaming the school.[65]
Schwarzman announced in February 2020 that he had signed The Giving Pledge,committing to give the majority of his wealth to philanthropic causes.[69][70]
In December 2021,Schwarzman and his wife Christine gave $25 million to the Animal Medical Center of New York in New York City. The hospital was renamed The Stephen and Christine Schwarzman Animal Medical Center.
In 2011,The Wall Street Journal reported on the vast water consumption of wealthy Palm Beach residents during exceptional drought conditions.[79] Schwarzman was listed as a top-five water user,having consumed 7,409,688 gallons between June 2010 and May 2011. The average Palm Beach resident consumes 108,000 gallons per year.[80]
In 2019,Schwarzman wrote his first book titled,What It Takes:Lessons in the Pursuit of Excellence,"which draws from his experiences in business,philanthropy and public service." His book became a New York Times Best Seller.[83] However,the title was included with a dagger next to it,used to indicate that retailers reported receiving bulk purchases.[84]
Michael Rubens Bloomberg is an American businessman and politician. He is the majority owner and co-founder of Bloomberg L.P.,and was its CEO from 1981 to 2001 and again from 2014 to 2023. He served as the mayor of New York City for three terms from 2002 to 2013 and was a candidate for the 2020 Democratic nomination for president of the United States. In 2024,Bloomberg received the Presidential Medal of Freedom from President Joe Biden. He has served as chair of the Defense Innovation Board,an independent advisory board that provides recommendations on artificial intelligence,software,data and digital modernization to the United States Department of Defense,since June 2022.
Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades,while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit,infrastructure,hedge funds,secondaries,growth equity,and insurance solutions. As of May 2024,Blackstone has more than US$1 trillion in total assets under management,making it the largest alternative investment firm globally.
BlackRock,Inc. is an American multinational investment company. Founded in 1988,initially as an enterprise risk management and fixed income institutional asset manager,BlackRock is the world's largest asset manager,with US$11.5trillion in assets under management as of December 31,2023. Headquartered in New York City,BlackRock has 70 offices in 30 countries,and clients in 100 countries.
Stephen Michael Ross is an American real estate developer,philanthropist,and sports team owner. Ross is the chairman of Related Companies,a global real estate development firm he founded in 1972. Related is best known for developing the Deutsche Bank Center,as well as the Hudson Yards Redevelopment Project. Ross has a net worth of $10.1 billion in 2020,ranking him 185 on Forbes Billionaires List in 2020. He is still featured on the list as of 2023. Ross is also the principal owner of the Miami Dolphins and Hard Rock Stadium.
Safra Ada Catz is an Israeli-American billionaire banker and technology executive. She is the CEO of Oracle Corporation. She has been an executive at Oracle since April 1999,and a board member since 2001. In April 2011,she was named co-president and chief financial officer (CFO),reporting to founder Larry Ellison. In September 2014,Oracle announced that Ellison would step down as CEO and that Mark Hurd and Catz had been named as joint CEOs. In September 2019,Catz became the sole CEO after Hurd resigned due to health issues.
Laurene Powell Jobs is an American billionaire businesswoman executive and philanthropist. She is the widow of Steve Jobs,who was the co-founder and former CEO of Apple Inc.,and she manages the Steve Jobs Trust. She is the founder and chair of Emerson Collective and XQ Institute. She is a major donor to Democratic Party politicians.
740 Park Avenue is a luxury cooperative apartment building on the west side of Park Avenue between East 71st and 72nd Streets in the Lenox Hill section of the Upper East Side of Manhattan,New York City,United States. It was described in Business Insider in 2011 as "a legendary address" that was "at one time considered the most luxurious and powerful residential building in New York City". The "pre-war" building's side entrance address is 71 East 71st Street.
Stephen Andrew Feinberg is an American businessman and investor active in hedge fund management and private equity. He is the co-founder and Chief Executive Officer (CEO) of Cerberus Capital Management. As of July 2024,his net worth is US$4.8 billion. In 2017 Cerberus also owned DynCorp,which is a major national security contractor with the US government,charging billions for overseas military and police training. On May 11,2018,U.S. President Donald Trump named Feinberg to head the President's Intelligence Advisory Board.
Thomas Peterffy is a Hungarian-born American billionaire businessman. He is the founder,chairman,and the largest shareholder of Interactive Brokers. Peterffy worked as an architectural draftsman after emigrating to the United States,and later became a computer programmer. In 1977,he purchased a seat on the American Stock Exchange and played a role in developing the first electronic trading platform for securities. As of March 2024,Forbes estimated his net worth at US$34.4 billion,making him the 46th richest man in the world.
Dustin Aaron Moskovitz is an American billionaire internet entrepreneur who co-founded Facebook,Inc. with Mark Zuckerberg,Eduardo Saverin,Andrew McCollum and Chris Hughes. In 2008,he left Facebook to co-found Asana with Justin Rosenstein. In March 2011,Forbes reported Moskovitz to be the youngest self-made billionaire in the world,on the basis of his then 2.34% share in Facebook. As of June 2024,his net worth is estimated at US$23 billion by the Bloomberg Billionaires Index.
Jack Patrick Dorsey is an American Internet entrepreneur,philanthropist,and programmer,who is a co-founder and former CEO of Twitter,Inc. from 2015 until 2021,as well as co-founder,principal executive officer and chairman of Block,Inc.,which is the developer of the Square financial services platform. As of October 2023,Forbes estimated his net worth to be $3.1 billion.
Saul Phillip Steinberg was an American businessman and financier. He became a millionaire before his 30th birthday and a billionaire before his 40th birthday. He started a computer leasing company (Leasco),which he used in an audacious and successful takeover of the much larger Reliance Insurance Company in 1968. He was best known for his unsuccessful attempts to take over Chemical Bank in 1969 and Walt Disney Productions in 1984.
Thomas Fahr Steyer is an American climate investor,businessman,hedge fund manager,philanthropist,environmentalist,and liberal activist. Steyer is the founder and former co-senior-managing-partner of Farallon Capital,and the co-founder of OneCalifornia Bank,which became Beneficial State Bank,an Oakland-based community development bank. Farallon Capital manages $20 billion in capital for institutions and high-net-worth individuals. The firm's institutional investors include college endowments and foundations. Steyer served on the board of trustees at Stanford University from 2007 to 2017. He was formerly a partner and member of the executive committee at Hellman &Friedman,a San Francisco–based private equity firm.
Schwarzman Scholars,founded by American financier and philanthropist Stephen A. Schwarzman,is a one-year fully-funded master's degree leadership program at Tsinghua University in Beijing,China. The program selects 100–200 scholars per year based on their leadership ability,academic achievement,and commitment to advancing mutual cultural understanding and global progress. Selected scholars pursue a one-year master's degree in global affairs at Tsinghua University,residing at Schwarzman College.
Jonathan D. Gray is an American billionaire businessman who is the president and chief operating officer of Blackstone Group,a New York–based asset management firm. He is also the chairman of Hilton Worldwide.
Robert Leroy Mercer is an American hedge fund manager,computer scientist,and political donor. Mercer was an early artificial intelligence researcher and developer and is the former co-CEO of the hedge fund company Renaissance Technologies.
The President's Strategic and Policy Forum was a group operated from February to August 2017 by U.S. President Donald Trump,who sought perspectives from business leaders on how to create jobs and improve growth for the U.S. economy.
The MIT Stephen A. Schwarzman College of Computing is the computing college at the Massachusetts Institute of Technology (MIT),private land-grant research university in Cambridge,Massachusetts. Announced in 2018 to address the growing applications of computing technology,the college is an Institute-wide academic unit that works alongside MIT's five Schools of Architecture and Planning,Engineering,Humanities,Arts,and Social Sciences,Science,and Management. The college emphasizes artificial intelligence research,interdisciplinary applications of computing,and social and ethical responsibilities of computing. It aims to be an interdisciplinary hub for work in artificial intelligence,computer science,data science,and related fields. Its creation was the first significant change to MIT's academic structure since the early 1950s.
Elizabeth "Zibby" Owens is an American writer and podcast host,known for her podcast Moms Don’t Have Time to Read Books. She is based in New York City.
↑ The Blackstone Group Inc. "Our People". www.blackstone.com. Archived from the original on February 2, 2017. Retrieved March 31, 2020.
↑ "NYTimes". The New York Times. Archived from the original on August 21, 2022. Retrieved August 21, 2022.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.
