Blackstone CEO Schwarzman to Shift $48B Fortune to Top-Tier Philanthropy, Prioritizing AI Preparedness

Stephen Schwarzman, Blackstone (BX) CEO and co-founder, plans to channel the majority of his $47.8 billion fortune into a top-10 philanthropic foundation focused on AI readiness and education. The Stephen A. Schwarzman Foundation, with $65 million in assets as of 2024, is expanding under a new executive director to oversee Schwarzman's philanthropic growth vision. Documents reviewed by The Wall Street Journal indicate Schwarzman intends to transfer a "substantial majority" of his wealth to the foundation upon his death, potentially making it one of the world's largest alongside the Gates Foundation and Wellcome Trust. A Giving Pledge signatory, Schwarzman has already committed $350 million to MIT's Schwarzman College of Computing, emphasizing responsible AI development to maintain U.S. competitiveness and societal benefit.