(Reuters) -Billionaire investor John Paulson said on Tuesday he was dropping out of contention for U.S. Treasury secretary in Donald Trump's new cabinet, putting the focus squarely on fellow investor Scott Bessent, the other main candidate in the race.

Veteran investor John Paulson is dropping out of the running to become President-elect Donald Trump’s Treasury secretary, he said in a statement to The Wall Street Journal.“Although various media outlets have mentioned me as a candidate for Secretary of the Treasury,

Hedge fund manager and Trump megadonor John Paulson has withdrawn his name from consideration to serve as the president-elect's next Treasury secretary.