A millionaire Democrat donor, who was once listed as a billionaire by Forbes, says Democrat presidential candidate Joe Biden will be good for Wall Street in the long run.
Michael Novogratz, the former Goldman Sachs executive and hedge fund manager, told CNBC in an interview that while a Biden win against President Donald Trump may initially drag the market down, Wall Street will stand to benefit.
“I think Biden’s going to win. I hope Biden wins,” said Novogratz, who now runs an investment firm. “But if he wins, I think the market will go down, at least initially because he’s going to raise capital gains tax … he’s going to raise corporate taxes some and he’s going to raise personal income tax.”
“I think it’s probably better for the markets [if Biden wins] because the chaos Trump brings every week, every day just gets tiring,” Novogratz said.
Novogratz donated $200,000 to the