Blackstone CEO’s Trump Bet Pays Off as His No. 2 Provided Hedge

Steve Schwarzman’s early endorsement of Donald Trump is proving to be a canny wager.

The Blackstone Inc. chief’s pledgein Mayto “vote for change” and root for Trump marked a turning point for Schwarzman, who had previously distanced himself from the former president.

It also set him apart from high-profile business chiefs, including Warren Buffett and Jamie Dimon, who remained publicly neutral as Kamala Harris went up against one of the most divisive presidents in US history.

Now that Trump has pulled off a decisive comeback, Schwarzman’s latest shift gives him a powerful voice in the new ...