Billionaire Paul Tudor Jones warns the stock market could tank 25% if Elizabeth Warren wins the presidency
- Hedge fund billionaire Paul Tudor Jones warned that the stock market could crash 25% if Elizabeth Warren wins the upcoming presidential election, according to a report from Bloomberg.
- Jones issued the warning while speaking at the Robin Hood Investors Conference in New York on Monday.
- The veteran investor joins a chorus of billionaires including Leon Cooperman criticizing Warren over her wealth tax proposal and predicting the stock market would fall if she's elected.
- Visit the Business Insider homepage for more stories.
Another hedge fund titan is sounding the alarm on an Elizabeth Warren presidency.
While speaking at the Robin Hood Investor Conference on Monday, Paul Tudor Jones warned the benchmark S&P 500 could tank 25% if Warren won the upcoming presidential election, according to Bloomberg.
The billionaire investor mostly took issue with Warren's wealth tax proposal, which has received a wave of criticism from other well-known investors such as Leon Cooperman, Rob Citrone, and Jeffrey Vinik.
Warren's proposal includes a 2% tax on families with a net worth of $50 million to $1 billion and a 3% tax on households worth north of that. The tax would help fund new government programs aimed at reducing income inequality and improving healthcare and education.
Jones also said a Bernie Sanders presidency would send the markets plunging 20%, while the election of a more centrist candidate such as Joe Biden, Pete Buttigieg, or Amy Klobuchar would spark a 10% drop, according to Bloomberg.
Further, the founder of the Tudor Investment Corporation also said the re-election of President Trump would raise the S&P 500 to 3,600. That figure represents more than an 18% jump from the index's level of roughly 3,046 on Tuesday morning.
Wall Street has been growing increasingly concerned that a Warren presidency could hit stocks in sectors such as energy and insurance because of the candidates policy proposals.
Warren has also proposed new regulations that would make private equity firms liable for debts and pension promises from the companies they own.