Elon Musk, Warren Buffett Say They Have $277 Billion in Cash for Kamala Harris’s Victory, Trump Supporter John Paulson Warns of a Stock Market Pullback

As Vice President Kamala Harris He has a significant lead over his Republican rival in the polls. Donald Trump, She has not received much attention in business and investment circles. hedge fund manager John Paulson, The founder of New York-based investment firm Paulson & Co. said in a media appearance Tuesday that he would pull money out of the markets if Harris wins. Tesla CEO Elon Musk Something much more sinister has emerged.

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Chalk and Cheese: Market timing and investor timing will depend on who is president. Said Paulson in an interview with conservative media outlet Fox News. Paulson is a Trump supporter and Republican donor, and the former president reciprocates. In March, Bloomberg reported that Trump was considering the hedge fund manager for the Treasury secretary position.

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“If Harris had been elected, [I] “They’re going to take money out of the market. They’re going to go into cash, they’re going to go into gold, because the uncertainty about the plan that they’re describing is going to create a lot of uncertainty in the market, and there’s a good chance that the market will go down,” he told Fox News.

Paulson is famous for his profitable bets on the subprime mortgage crisis in 2007.

Trump wants to extend the 2017 tax cuts during his term, while Harris plans to let them expire, he said. Harris added that the tax cuts would raise the corporate tax rate from 21% to 28% and the capital gains tax rate from 20% to 28%.

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The vice president also proposed a 25 percent tax on unrealized gains for people with a net worth of more than $100 million, Paulson said. If implemented, he said, “there would be a massive selloff of stocks, bonds, homes, art, pretty much everything.” “There would be a market crash and an immediate and very rapid recession,” he added.

Musk is involved: When Mario Nawfal, who hosts the show and Twitter Spaces, shared a Fox News clipping of Paulson’s interview, Musk responded, “[Warren] Buffett “I’m already preparing for this outcome.”

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Musk, who publicly pledged his loyalty to Trump following the first assassination attempt on the former president during a campaign rally in Pennsylvania, said: Berkshire HathawayBuffett’s company has sold off a large portion of its major holdings.

Berkshire sold 115 million shares of Apple in the first quarter and another 390 million in the second quarter. As of the end of June, the company still owned 400 million shares of Apple despite the sales. At Berkshire’s annual shareholder meeting in May, the investment expert said the decision to sell Apple, the company’s largest stake, was to raise cash to cover federal taxes and to preserve more cash during uncertain times.

The company’s As of the end of the June quarter, cash holdings stood at a whopping $277 billion.

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Buffett’s investment holding company is also reducing its stake. Bank of America Corporation (NYSE:BAC) is one of our core portfolio stocks.

The Berkshire chairman and CEO is a proponent of value investing, an investment strategy that involves betting on quality stocks that are trading at prices well below their intrinsic value. He rarely invests in technology stocks that are classified as growth stocks. Musk suggested to Berkshire and Buffett in a social media post that they invest in a leading electric car company.

Since Buffett is considered an exemplary investor known for his risk-averse strategy, his decision to reduce his stock holdings could have a negative impact on sentiment toward the stock.

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This article Elon Musk, Warren Buffett Say They Have $277 Billion in Cash for Kamala Harris’s Victory, Trump Supporter John Paulson Warns of a Stock Market Pullback Originally appeared in ~ Benzinga.com

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