Cathie Wood sparks debate after she endorses Trump stating he would ‘do the best job for our economy

WASHINGTON, DC: Ark Invest CEO Cathie Wood has announced her intention to vote for former President Donald Trump over President Joe Biden in the upcoming presidential election, emphasizing her belief in Trump's ability to steer the country's economy.

In an interview with financial analyst Kevin Paffrath on 'Meet Kevin', Wood was asked the popular question, "Trump or Biden?"

"As I’ve said to them, ‘Look, I am going to vote for the person who's going to do the best job for our economy'," she said, adding, "I am a voter when it comes to economics, and on that basis, Trump." Wood referenced Laffer Associates founder and chairman Art Laffer's assessment of Trump's early presidency that "describes the first three years of the Trump presidency as the best in US economic history, not the last one because of COVID, and I would agree."

Billionaire support boosts Donald Trump's 2024 campaign

Wood's endorsement follows recent support from several billionaires toward Trump's 2024 presidential campaign. Billionaires like Stephen Schwarzman of Blackstone and hedge fund founder John Paulson have publicly backed Trump, hosting high-profile fundraisers at his Palm Beach, Florida, home in early April. Attendees were invited to contribute $814,600 each to qualify as "chairman" contributors, granting them the opportunity to sit at Trump's table, or $250,000 to participate as "host committee" contributors.

Billionaire Robert Mercer and his daughter, Rebekah Mercer, served as co-chairs of the Paulson fundraiser, having been prominent supporters of Trump in 2016 but largely inactive during his 2020 re-election campaign. Harold Hamm, the oil magnate and Continental Resources founder known for pioneering shale oil extraction techniques, also chaired the event. Additionally, casino mogul Steve Wynn and Todd Ricketts, Chicago Cubs co-owner and former RNC finance chair, were listed as co-chairs. The fundraiser in early April generated over $50 million for the Trump campaign, according to campaign reports, per MSN.

Trump himself attended another fundraiser in Houston, Texas, hosted by Hamm and other prominent billionaires, including Jeff Hildebrand of Hilcorp Energy, George Bishop of GeoSouthern Energy, and Kelcy Warren of Energy Transfer Partners.

Meanwhile, conservative billionaire Timothy Mellon made a substantial $50 million contribution last month to a leading super PAC supporting Trump's White House bid. The contribution was disclosed in a federal filing the day after Trump's conviction on all 34 felony counts in his criminal trial, marking a historic first for a former or current president.

According to reports, Mellon, an heir to the Pittsburgh-based Mellon banking family, contributed to Make America Great Again (MAGA) Inc., which reported raising over $68 million last month, per The New York Times. The majority of these funds came from Mellon's donation, with an additional $10 million contributed by conservative mega-donors Dick and Liz Uihlein, founders of the Uihlein shipping and packaging company.

Netizens react to Cathie Wood's endorsement of Donald Trump

Ark Invest CEO Wood's endorsement of former President Trump's economic policies has sparked a lively debate across social media platforms.

A social media user tweeted, "Her greatest teacher is Art Laffer from the Reagan Administration and from her Alma Mater, USC. Art Laffer is an advisor to Trump on Economics. Just some context."

Another added, "Of course she voting for the right pro crypto candidate:)"

One said, "But I was told the economy was going to grow 50% annualized irrespective of the president!"

An individual claimed, "Bottom for Biden's polls is in :'("

"Well, she was right about Reagan," read a tweet.

"Funny that she feels the need to ignore 2020, since the pandemic is the only reason her fund did well (for a while)," penned an individual.

"….. do the best to benefit the rich and screw over the middle class," said a user.

"If her political judgement is as good as her investment judgment, I’m voting Biden," chimed another.

"Trump is chaos but hard to argue against his pre-Covid outcomes," stated a user.

"She's voting for Conceptual Trump: Business-minded, pro free markets, reins in federal spending She's forgetting Actual Trump: Started trade wars, failed to invest in infrastructure, doled out $350 billion with no oversight during Covid-19," added an individual.

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