ARK Invest CEO and CIO Cathie Wood breaks down the ‘profound’ changes the AI sector has experienced in the last decade.
Ark Invest CEO Cathie Wood said she would vote for former President Trump over President Biden in the November presidential election, basing her decision solely on who she believes would be best for the nation’s economy.
Wood participated in an interview with “Meet Kevin” financial analyst and YouTuber Kevin Paffrath, during which she was asked the popular question, “Trump or Biden?”
Wood told the host that he has three children – two daughters and a son – with whom he has discussed the upcoming election.
“As I’ve told them, ‘Look, I’m going to vote for the person who’s going to do the best job for our economy,'” Wood told Paffrath. “I’m a voter when it comes to the economy, and on that basis, Trump.”
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Cathie Wood said she would vote for Trump over Biden because she votes for who would do the best job for the American economy. (PATRICK T. FALLON/AFP via Getty Images / Getty Images)
She further explained that Laffer Associates founder and chairman Art Laffer “described the first three years of the Trump presidency as the best in US economic history, not the last because of COVID, and I would agree.”
Wood and Trump did not immediately respond to FOX Business’ requests for comment.
The unofficial endorsement comes on the heels of several billionaires funneling money and support to Trump’s presidential campaign.
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Former President Trump holds a rally in Florida. (Reuters)
Billionaire Stephen Schwarzman, CEO and co-founder of Blackstone, announced last month that he will support Trump in the 2024 race, after he previously called for the Republican Party to turn to a “new generation of leaders.”
Billionaire hedge fund founder John Paulson hosted a Trump campaign fundraiser at his Palm Beach, Florida, home in early April. Guests were asked to contribute $814,600 per person to serve as a “chairman” contributor who could sit at Trump’s table, or $250,000 to be a “host committee” contributor.
Billionaire Robert Mercer and his daughter, Rebekah Mercer, were listed as co-chairs of the Paulson fundraiser. Both were Trump’s top boosters in 2016 but have largely stayed out of his 2020 re-election campaign.
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Republican presidential candidate and former President Donald Trump gestures as he speaks during a rally in Laconia, New Hampshire, January 22, 2024. (TIMOTHY A. CLARY/AFP via Getty Images / Getty Images)
Oil magnate Harold Hamm, the founder and chairman of Continental Resources, which helped pioneer fracking techniques to extract shale oil, was also listed as the event’s chairman.
Casino mogul Steve Wynn was another billionaire listed as co-chairman of the event, as was Todd Ricketts, co-owner of the Chicago Cubs and a TD Ameritrade board member who previously served as the RNC’s finance chairman.
Paulson’s fundraiser in early April netted the Trump campaign more than $50 million, the campaign said.
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Former President Donald Trump (R) and former first lady Melania Trump (2-R) arrive at the home of John Paulson (L) with Alina de Almeida (2-L) on April 6, 2024, in Palm Beach, Florida. (Alon Skuy/Getty Images/Getty Images)
Trump attended a fundraiser in Houston, Texas, hosted by Hamm and other billionaires, including Jeff Hildebrand, the founder of Hilcorp Energy, which is the largest oil firm in the US; George Bishop, founder of GeoSouthern Energy; and Kelcy Warren, head of pipeline firm Energy Transfer Partners.
Billionaire conservative donor Timothy Mellon made a massive $50 million contribution last month to a major super PAC supporting Trump’s bid for the White House.
According to a federal discovery filing on Thursday, Mellon made his contribution to Make America Great Again (MAGA) Inc. a day after Trump was convicted of all 34 felony charges in his criminal trial, which is the first involving a former or current president in the nation’s history.
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The New York Times was the first to report the contribution of Mellon, who is heir to the Pittsburgh-based Mellon banking family.
In its fundraising filings, MAGA Inc. revealed it brought in more than $68 million in fundraising last month, with most of the money coming from Mellon, with another $10 million from conservative mega-donors Dick and Liz Uihlein, founders of the Uihlein shipping and packaging company.
FOX Business’ Eric Revell, Andrew Mark Miller, Paul Steinhauser, Bradford Betz and Aislinn Murphy contributed to this report.