DoubleLine Capital Chief Executive Jeffrey Gundlach, one of the few money managers to predict the election of Donald Trump, says the president probably wouldn’t resign unless his popularity falls much further.

“I think Trump will not resign unless his favorability drops below 20, and that is not a very high odds outcome,” Gundlach, whose Los Angeles-based firm oversees about $111 billion, said Friday in an emailed response to questions.

Trump’s job approval rating is at 39 percent, according to a compilation of recent polls by Real Clear Politics. That’s down from 44 percent when he was inaugurated in January.

Gundlach said early last year that he expected Trump to win the election because the country was ready for a change.