Billionaire hedge fund manager John Paulson has expressed concerns about the potential market impact of a Kamala Harris victory in the upcoming presidential election.
Speaking on FOX Business’ The Claman Countdown, Paulson, a prominent supporter of former President Donald Trump, said he would pull his investments from the market if Harris were elected, citing her economic policies as a cause for uncertainty.
Paulson, the founder of Paulson & Co. and known for his successful bet against the subprime mortgage market in 2007, highlighted key differences between Harris’ and Trump’s approaches to the economy. He pointed to Harris’ proposed tax increases, including raising the corporate tax rate from 21% to 28% and the capital gains rate from 20% to 28%. He also criticized her plan for a 25% tax on unrealized gains for individuals earning over $100 million.
Paulson predicted that such policies would lead to widespread asset selling and potentially trigger a market crash, warning of a swift recession. He indicated that if Harris wins, he would move his investments into cash and gold to avoid market volatility.
While Paulson’s concerns reflect his personal investment strategy, host Liz Claman noted that similar fears were expressed during past elections, and markets often continued to perform well despite initial concerns. However, Paulson reiterated that his decision would depend on the economic policies pursued by the incoming administration.
FOX Business, the Daily Mail, and Firstpost contributed to this report.
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