Trump's closest business ally just admitted that the president lost the election

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Trump Blackstone
Stephen Schwarzman, CEO of Blackstone, and President Donald Trump. Jim Spellman/Getty Images, Tasos Katopodis/Getty Images
  • The outcome of the 2020 election is "very certain," and Joe Biden is the president-elect, Blackstone CEO Stephen Schwarzman told Axios Monday.

  • Schwarzman is a longtime ally of President Donald Trump. He praised the president, but said that "the country should move on," and stated his readiness to help Biden's team.

  • Schwarzman is Trump's closest business ally yet to name Biden as the president-elect. Trump refuses to concede.

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Stephen Schwarzman, the CEO of Blackstone and longtime supporter of President Donald Trump, has said it is "very certain" that Trump lost the election.

Schwarzman is Trump's closest business ally yet to name Joe Biden as president-elect.

Trump has refused to concede the election.

In a statement to Axios, Schwarzman praised Trump but said that "the country should move on."

"I supported President Trump and the strong economic path he built," he said.

"Like many in the business community, I am ready to help President-elect Biden and his team as they confront the significant challenges of rebuilding our post-COVID economy."

He is the latest in a long line of business leaders – including many Republican Party supporters – who have named Biden as the president-elect.

Schwarzman defended Trump's right to legal action at a meeting on November 6, where CEOs of top US firms discussed what to do if Trump's refusal to concede to Biden becomes a threat to democracy.

"In my comments three days after the election, I was trying to be a voice of reason and express why it's in the national interest to have all Americans believe the election is being resolved correctly," Schwarzman told Axios.

"But the outcome is very certain today, and the country should move on."

Read more: Trump's 2024 plans have frozen the field for other likely Republican candidates. Breaking away from him could risk an early campaign-sinking rage tweet, GOP insiders say.

On Thursday, CEO of the Republican-leaning US Chamber of Commerce Tom Donohue urged Trump to start the transition process to Biden without delay.

"While the Trump administration can continue litigating to confirm election outcomes, for the sake of Americans' safety and well-being, it should not delay the transition a moment longer," Donohue, who has worked with many previous Republican presidents, told Axios.

Business leaders ranging from Wall Street banks to Silicon Valley tech giants have congratulated Biden on his win, despite Trump's refusal to concede.

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