Carl Icahn, billionaire investor and adviser to President Donald Trump, likened the stock market to a “casino on steroids” Tuesday afternoon and issued an ominous warning that the market could implode at any moment.
“The market itself is way over leveraged,” Icahn told CNBC Tuesday. “One day this thing is just going to implode.”
“The market has become a much more dangerous place,” he said. “It’s telling you something, giving you a warning.”
Icahn’s response comes one day after all major U.S. stock market indexes fell significantly. The Dow Jones Industrial Average was down over 1,500 points at its lowest point Monday, incurring its single-largest loss ever in a trading session. The Dow, S&P 500 and NASDAQ indexes lost roughly 8 percent of their respective values Monday, causing many to believe the market was in for a correction.
The billionaire went on to say that the potential market implosion could possibly be “worse than 1929,” referencing the market crash that in no small part led to the Great Depression.
Icahn did hedge his predictions a bit, claiming that the current market climate isn’t necessarily “the beginning of the end.” Icahn said that the market should “bounce back.”
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