Blackstone mogul warned of ‘urgent need’ for AI preparedness—Now he’s turning his $48 billion fortune into a top philanthropic foundation

Stephen Schwarzman built one of the world’s largest private-equity firms. Now, he’s reportedly focused on building one of the biggest philanthropic foundations. 

Schwarzman in 1985 cofounded Blackstone, which now has more than $1.3 trillion in assets under management, and now reportedly aims to build a top-10 philanthropy focused on AI and education. The private-equity billionaire and his team are planning an expansion of his foundation, which had $65 million in total assets as of 2024.