Steve Schwarzman Among Wall Street Donors to Christie’s Failed White House Bid
(Bloomberg) -- Blackstone’s Stephen Schwarzman and Pershing Square Capital Management’s Bill Ackman were among the Wall Street donors who underwrote former New Jersey Governor Chris Christie’s unsuccessful campaign against Donald Trump for the Republican nomination.
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The billionaires donated to Tell It Like It Is PAC, the super political action committee that supported Christie’s bid, in the latter half of 2023, according to figures filed with the Federal Election Commission Wednesday. Schwarzman’s $2 million donation was the group’s largest over the final six months of 2023.
Walter W. Buckley Jr., a top Republican donor, gave $1.5 million, Ackman, who normally gives to Democrats, chipped in $250,000. Carolina Panthers owner David Tepper gave $250,000, and Paul Hilal of Mantle Ridge gave $100,000.
Christie entered the Republican primary contest as the most stridently anti-Trump candidate in the field, but failed to gain traction in the polls. When he bowed out of the race earlier this month, he was in fifth place according to the RealClearPolitics average of national GOP polls, drawing support from just 4% of voters.
He polled better in New Hampshire, where he focused his campaign, but lagged behind former South Carolina Governor Nikki Haley and Trump, the frontrunner. Though Haley lost both Iowa and New Hampshire to Trump, many Wall Street donors have backed her, including Citadel’s Ken Griffin, Stanley Druckenmiller, KKR & Co. co-Chairman Henry Kravis, The Home Depot co-founder Ken Langone and AQR Capital Management’s Cliff Asness.
Christie didn’t draw much support, but still had money when he dropped out. Tell It Like It Is PAC raised $6.6 million in the second half of 2023, spent $9.2 million and ended the year with $2.9 million, according to the FEC filings.
--With assistance from Gregory Korte.
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