Billionaire hedge fund manager John Paulson has threatened to remove his money from the US markets if Vice President Kamala Harris defeats former President Donald Trump in November’s presidential election.
The Paulson & Co. founder — also a Trump megadonor — made the shocking revelation during his appearance on Fox Business’ “The Claman Countdown,” on Tuesday.
“It depends on the policy, if Harris is elected I would pull my money from the market,” Paulson said. “I’d go into cash and I’d go into gold because I think the uncertainty regarding the plans they outlined would create a lot of uncertainty in the markets and likely lower markets.”
Paulson cited the policies Harris’ campaign laid out that would focus on more centralized price controls and new government spending programs.
The future of the American stock market and economy relies on the winner of the Nov. 5 general election, the 64-year-old investor insisted.
“It very much depends on who is in the White House and who controls Congress,” Paulson said. “I’d be very concerned if Harris is elected and pursues the tax plans and other economic plans that she articulated.”
“If they do implement a 25 percent tax on unrealized gains, that would cause mass selling of almost everything — stocks, bonds, homes, art. I think it would cause a crash in the markets and a pretty quick recession.
Economists have estimated the plans would cost over $1.7 trillion. (Read more: The New York Post, 9/18/2024) (Archive)