Cathie Wood, the CEO of ARK Invest, has expressed her support for former President Donald Trump in the upcoming presidential election, citing his economic policies as the primary reason for her preference in the upcoming 2024 election.
What Happened: Wood, a leading figure in the investment world, made her stance clear in an interview with financial analyst and YouTuber Kevin Paffrath. When asked to choose between Trump and current President Joe Biden, Wood stated that she would vote for the person she believed would best serve the country’s economy.
“Look, I am going to vote for the person who’s going to do the best job for our economy,” Wood told her children, as reported by Fox Business.
“I am a voter when it comes to economics, and on that basis, Trump.”
Wood also referenced the praise given to Trump’s economic policies by Art Laffer, the founder, and chairman of Laffer Associates, who described the first three years of Trump’s presidency as the best in U.S. economic history.
Wood’s endorsement comes at a time when several billionaires are throwing their support behind Trump’s re-election campaign. This includes Stephen Schwarzman, the CEO and co-founder of Blackstone, who has reportedly backed Trump in the 2024 race.
Why It Matters: Trump’s economic policies have been a subject of debate and scrutiny. A poll in May revealed that despite the Biden administration overseeing robust economic growth and a strong job market, 51% of respondents believed they were better off financially during Trump’s presidency.
However, Trump’s economic policies have also faced criticism. Former Treasury Secretary Larry Summers warned that Trump’s fiscal policy could lead to a “mother of all stagflations.” Summers called Trump’s tariff proposals the biggest supply shock that could push up prices of not just imported goods but all goods that compete with those imported.
A recent poll from last week indicated that 32% of Independent voters are less likely to support Trump following his conviction on 34 counts of falsifying business records. This legal trouble could impact his campaign.
Trump has also been vocal about his economic strategies, emphasizing the importance of regulations and taxes. In a recent episode of the All-In podcast, Trump highlighted his focus on “regulation, regulation, and taxes,” pointing out his administration’s significant tax cuts for businesses.
Read Next: Trump Reportedly Makes Decision On VP Pick, Says Running Mate Will Be At Debate
Photo via Ark Invest
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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