Billionaire investor John Paulson said Tuesday that he will not serve in President-elect Trump’s new administration amid speculation that he could be tapped to serve as Treasury secretary.
“Although various media outlets have mentioned me as a candidate for Secretary of the Treasury, my complex financial obligations would prevent me from holding an official position in President Trump’s administration at this time,” Paulson said in a statement, first reported by The Wall Street Journal.
“However, I intend to remain actively involved with the President’s economic team and helping in the implementation of President Trump’s outstanding policy proposals,” he added.
Paulson, a Republican megadonor, has been a vocal supporter of Trump and his economic proposals.
Last month, he spoke to the Journal about his potential role in a Trump administration, pledging to work with tech mogul and key Trump ally Elon Musk on efforts to cut government costs.
“I’m ecstatic that President Trump will be back in office,” Paulson said in Tuesday’s statement. “He is off to a fast start with his appointments, and his policies will have an immensely positive impact on all Americans.”
With Paulson bowing out, fellow investor Scott Bessent is viewed as the most likely candidate for Trump’s Treasury secretary. Bessent reportedly met with the president-elect at Mar-a-Lago on Friday, according to Reuters.
