Carl Icahn, Donald Trump’s biggest fan on Wall Street, thought it was pure “insanity” when he saw global markets panicking over the shocking election outcome.
Sensing an opportunity, the billionaire investors left Trump’s party in Manhattan early to go home and buy “a lot of stock” in the overnight markets.
“I’m glad I did that,” Icahn told CNBC on Wednesday, just hours after Trump’s shocking defeat of Hillary Clinton. “I guess that’s what makes me happy today too.”
Of course, the unspecified bet has already paid off for Icahn, an early and vocal Trump supporter who said he’s “thrilled” at the election outcome.
Dow futures had been down nearly 900 points overnight as investors initially freaked out over the inherent uncertainty of a Trump presidency. But calm was soon restored and U.S. stocks are actually in rally mode on Wednesday, with the Dow up almost 300 points.
“I personally don’t believe that Trump is bad for the market necessarily,” Icahn said.
In fact, Icahn said he believes Trump’s anti-establishment mindset and promise to get rid of unneeded regulation could unshackle the U.S. economy. “Now is the first time that I think there is a chance for our economy to come out of this,” he said.
Trump had mentioned Icahn’s name early in his campaign as a potential Treasury secretary. But Icahn said he’s not the “right guy” for the job even though he is enthusiastic about the incoming Trump administration. “I’ve never worked for anyone in my life,” Icahn said, adding that he has a business of his own to focus on.
Icahn, a frequent critic of overregulation, warned against the idea of completely getting rid of new rules placed on Wall Street. For instance, he said he would not support rolling back the post-crisis regulatory framework for banks known as Dodd-Frank.
“You can’t let the regulators start running the country,” Icahn said. “But you can’t have a market that runs amok either. Wall Street ran amok in ’08. You need regulation.”
