Billionaire Bill Ackman says market turbulence stems from election and virus uncertainty, stretched tech valuations but isn't 'the beginning of the end'

• Billionaire investor Bill Ackman told Bloomberg that Thursday's market turbulence isn't a surprise, but also isn't "the beginning of the end."
• The Nasdaq dipped over 5% in intraday trading on Thursday, while the S&P 500 fell roughly 4%.
• Ackman said this market turbulence is due to uncertainty surrounding the election and the coronavirus, and because valuations have reached "extraordinary levels."
• "I would say we're coming upon one of the more uncertain periods in American history," the founder and CEO of Pershing Square Capital said.

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Billionaire investor Bill Ackman told Bloomberg on Thursday that the intraday market uproar isn't surprising given the current uncertain landscape and high valuations the US is facing.

"It's certainly not the beginning of the end but I would say we're coming upon one of the more uncertain periods in American history," the founder and CEO of Pershing Square Capital said. "Markets don't like uncertainty."

The Nasdaq 100 dipped over 5% in intraday trading on Thursday, while the S&P 500 fell roughly 4% in intraday trading.

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Ackman said that the divisive presidential election and what it means for the country, corporate America, and taxation, paired with the ongoing coronavirus pandemic, are creating uncertainty within markets. He added that "valuations particularly in the technology landscape have gotten to some pretty extraordinary levels."

He said markets have been "remarkably strong" since the third week in March, so Thursday's moves downward are not surprising.