The Wall Street Journal first reported Paulson dropped out of consideration.

The tycoon was one of several Wall Street figures to rake in billions of dollars off American citizens who lost their homes in the midst of the 2008 financial collapse under the last Bush administration. There is no relation to former Bush Treasury Secretary Hank Paulson.

“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,” according to Paulson.

The Trump donor was famously known for shorting in 2007 the U.S. subprime mortgage market in 2007 a year before the housing market crashed.

He was an early backer of Trump in his successful 2016 campaign. According to Forbes, Paulson has a net worth of $3.8 billion, which was down from $7.9 billion by 2017.

In 2015, Paulson, a 1980 graduate of Harvard Business School, donated $400 million to Harvard University in Massachusetts, which was the largest gift in the Ivy League school’s history and the biggest ever to a U.S. university at the time.

He also had previously donated $100 million in 2012 to the Central Park Conservancy, the organization that manages the city’s famous Central Park, which was believed to be largest financial gift it ever received

But in September, Paulson claimed the U.S. stock market would crash if Vice President Kamala Harris won the election despite record highs under the Biden administration.

But the hedge fund manager says nonetheless he’s “ecstatic that President Trump will be back in office” and said the president-elect “is off to a fast start with his appointments.”

Among other names for the Treasury post are billionaire investor Scott Bessent, who has played a key role in advising Trump on the economy.