Blackstone CEO and longtime Trump ally Stephen Schwarzman says he is 'shocked and horrified' by the 'insurrection' that followed the president's speech, calls for a peaceful transition

• Blackstone CEO Stephen Schwarzman slammed the violence in Washington, DC, that followed Trump's speech on Wednesday, calling it an "insurrection."
• "I am shocked and horrified by this mob's attempt to undermine our constitution," he said in a statement to Insider.
• Schwarzman had previously defended Trump's lawsuits challenging the election results during a phone call in November with dozens of Fortune 500 CEOs.

Blackstone CEO, chairman, and co-founder Stephen Schwarzman on Wednesday denounced Trump supporters' violent attacks on the US Capitol after following the president's inciting rhetoric.

"The insurrection that followed the President's remarks today is appalling and an affront to the democratic values we hold dear as Americans," Schwarzman said in a statement to Insider.

"I am shocked and horrified by this mob's attempt to undermine our constitution. As I said in November, the outcome of the election is very clear and there must be a peaceful transition of power," he added.

Schwarzman's criticism is notable given his close ties to Trump and previous defense of his attempts to challenge the US presidential election results.

In late November, Schwarzman admitted that Trump had lost the election. Just weeks earlier, however, when more than 24 CEOs of Fortune 500 firms met to discuss what to do if Trump refused to leave the White House, Schwarzman defended Trump's baseless election lawsuits, according to the Associated Press.

During the call, Schwarzman challenged the suggestion by other executives that there was a possibility of a coup, repeated at least one of the president's unsubstantiated voter fraud claims, and expressed skepticism over the Pennsylvania results, according to the AP.

Schwarzman has been a Trump ally and staunch defender as far back as 2016, when he headed up a group of business leaders to "frequently" advise then-President-elect Trump on economic matters.