Stephen Schwarzman, the co-founder and chief executive of global investment firm Blackstone, is preparing to transfer most of his estimated $48 billion personal fortune into a philanthropic foundation, according to documents reviewed by the Wall Street Journal. If implemented, the plan would significantly expand the Stephen A. Schwarzman Foundation and could place it among the world’s largest charitable organisations. Schwarzman has said his philanthropic focus is centred on artificial intelligence, education and preparing societies for rapid technological change.
