Billionaire investor Paul Tudor Jones revealed Tuesday that he has moved toward predicting a victory by former President Donald Trump in the 2024 election, citing the inflation trades that Trump would bring.
Jones, the founder of the Robin Hood Foundation, cautioned against looking at betting odds as a reliable source for the presidential election, which currently favor Trump against Vice President Kamala Harris by a wide margin. Despite this, and despite not having “great insights,” he revealed he has shifted his portfolio toward a scenario in which Trump wins the election, similar to other investors.
“I have moved in that direction, for sure,” Jones explained on CNBC’s Squawk Box. “It just means more inflation trades, which I’d love to get to, but I think it’s really important that we frame where we are right now, and where we are is an incredible moment in U.S. history.”
Billionaire investor @ptj_official says “I don’t know if I necessarily believe the betting markets,” that predict Donald Trump will win the election, but he has “moved in the direction” of a Trump win through more inflation trades. pic.twitter.com/gocTxLTqcy
— Squawk Box (@SquawkCNBC) October 22, 2024
However, Jones called Trump and Harris “the two people least suited for the job that’s ahead of them.”
When asked who he would vote for, Jones opted to keep his choice private because he is involved with multiple causes and works “with people on both sides.”
“We’re a really divided country right now, and I want to make sure I have great relations with whichever administration goes on cause I want to continue serving the millions of people that I do and the billions of critters that I love,” Jones said.
Later, he addressed “the debt trajectory” the nation is currently facing, which has increased by roughly 60% in just 25 years. He also questioned the tax cuts both candidates are promising, which he said are being passed out “like Mardi Gras beads,” and cautioned that these tax cuts could just be “pipe dreams.”
The billionaire investor delved further into the tax cuts, arguing the country’s next president, regardless of whether it is Trump or Harris, needs to allow them to expire instead of being permanent. He also suggested that both candidates “know” they will be unable to enact their spending programs while contending both are the “least-suited” to address the financial dealings the president will have to face.
“You have to let the tax cuts expire,” says @ptj_official. “We’re going to be broke really quickly unless we get serious about dealing with our spending issues.” pic.twitter.com/Y9tcxiVQ8q
— Squawk Box (@SquawkCNBC) October 22, 2024
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Swing states, such as Georgia and North Carolina, have seen record-breaking turnout from voters ahead of Election Day, which Republican National Committee Co-Chairwoman Lara Trump argued is a good indication for Republicans. In Georgia, which Trump narrowly lost in 2020, the former president is seeking to take back the state with a victory “too big to rig.”
However, Presidential historian Allan Lichtman has suggested that polling data is underestimating Harris’s support, comparing it to data from 2016 that underestimated Trump’s turnout in that election. Lichtman, who has almost a perfect track record in determining presidential election victories, has predicted Harris will win the presidency next month.