Friday, December 12, 2014

The Most Powerful Private Equity CEO In The World Uses A Cheap Flip Phone

Julia La Roche at Business Insider reports:
Stephen Schwarzman doesn't own an Apple iPhone, a Samsung Galaxy, or any smartphone for that matter.
As I was leaving the Dealbook Conference at One World Trade Center on Thursday, I ended up in an elevator with the CEO of the private equity behemoth Blackstone Group.

Schwarzman, who has an estimated net worth of $10.7 billion, pulled out a gray flip phone from his coat pocket.

I was shocked.

Business Insider has learned that the model of Schwarzman's phone is a Nokia 6350.

He actually prefers just a regular cell phone, according to a representative.

"Steve uses his flip phone to make and get phone calls. It does that better and more easily than any other device. He has an iPad for everything else," Schwarzman's representative told Business Insider.

People who have a lot of money are often very serious about money. That's why they have it. Their focus is there.


  1. I remember when the owner of the New England Patriots, Robert Kraft, was spotted using a flip phone and it caused a huge media stir.

    People don't realize that these guys aren't interested in Candy Crush or Angry Birds. They're interested in accumulating as much wealth as possible. Think about just how "productive" the average smart phone user is despite having all the processing power in their hand. Likely not very.

    1. Yea, and RW have a point...but me for example I use the cheapest smart phone that I can get my e-mail on and txt with...just very occasionally using the browser when I'm on the road.

      E-mail while traveling can be very productive....and I use an $60 smart phone to do that.

      I almost view a flip phone for $30 over a smart phone for $60 as a stupid play, even for a billionaire.

      There is only a $10/month savings via certain providers by dropping the data portion....

      I mean, for $150 total/year it seems a terrible play productivity wise. (not withstanding the idiots that stand around staring at their smart phones all day and/or playing Angry Birds)

    2. There is a value in not having internet access carried with you that goes beyond the distraction of games and nonsense.

      I liked it when it was new to me back in the 1990s (I worked in the industry back then), but now, I'd rather go without.

    3. @B

      "I liked it when it was new to me back in the 1990s (I worked in the industry back then), but now, I'd rather go without. "

      I'll tell you, for me it's critical sometimes..most of my customers reach out to me better via email than direct calls. I control my time better too and it keeps communication concise. Also, when I'm in areas of limited coverage data in spurts seems to work better vs. a dropped call.

    4. @anon I'm not arguing what's best for all, but a billionaire CEO has the power to choose what is best for him and oddly it's what I find best for me. Phones for phone, computers for internet and email. The value is in not having that constant disturbance, that leash to work, being able to decide when to sit down and deal with email. That's why I like email over phone calls too.