Blackstone Chairman and CEO Stephen Schwarzman told Axios that he will not support former President Donald Trump in the race for the 2024 Republican presidential nomination.
Schwarzman was among Wall Street's biggest contributors to Trump's 2020 reelection campaign.
"America does better when its leaders are rooted in today and tomorrow, not today and yesterday," Schwarzman said in a statement to Axios.
"It is time for the Republican Party to turn to a new generation of leaders, and I intend to support one of them in the presidential primaries."
Schwarzman was a top donor leading up to last week's midterm elections, spending $35.5 million to support Republicans. Newsmax has projected the GOP will capture control of the U.S. House of Representatives but failed to take over the U.S. Senate, and most of Trump's endorsed candidates lost their races.
Schwarzman was a Trump confidant, especially concerning trade issues, during the former president's administration. He joins Citadel hedge fund billionaire Ken Griffin as former Trump backers who are rejecting the former president's 2024 campaign.
Griffin earlier this month told Politico the U.S. would be "well-served" with Florida Gov. Ron DeSantis as president, saying "it's time" for Republicans "to move on" from Trump.
"He [Trump] did a lot of things really well and missed the mark on some important areas," Griffin told Politico. "And for a litany of reasons, I think it's time to move on to the next generation."
While Trump doesn't need the financial backing of people such as Schwarzman and Griffin, statements by the business and GOP power brokers could inspire other Republicans to move on from the former president.
Trump officially declared his 2024 presidential campaign Tuesday night.
Another Trump supporter also announced she was stepping back — his daughter Ivanka, who said she would not "be involved in politics."
"I love my father very much. This time around, I am choosing to prioritize my young children and the private life we are creating as a family. I do not plan to be involved in politics," Ivanka said in a statement.
"While I will always love and support my father, going forward I will do so outside the political arena. I am grateful to have had the honor of serving the American people and I will always be proud of many of our Administration's accomplishments."
Reuters contributed to this story.