Billionaire Bill Ekman says market turbulence stems from election and virus uncertainty, stacked tech valuations but not ‘beginning of end’


REUTERS / Richard Bryan

Summary list placement

  • Billionaire investor Bill Ekman told Bloomberg that Thursday’s market unrest is no surprise, but it is also not “the beginning of the end”.
  • The Nasdaq dipped more than 5% in intraday trading on Thursday, while the S&P 500 fell nearly 4%.
  • Ekman said this market unrest is due to the uncertainty surrounding the election and the coronovirus, and because the valuation has reached “extraordinary levels”.
  • The founder and CEO of Persia Square Capital said, “I would say that we are going through a period of uncertainties in American history.”

Billionaire investor Bill Ekman told Bloomberg on Thursday that it is no surprise given the current uncertain scenario and high US valuations due to intraday market uproar.

The founder and CEO of Persia Square Capital said, “This is certainly not the beginning of the end, but I would say that we are approaching another uncertain period in American history.” “The market does not like uncertainty.”

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

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Ekman said that divisive presidential elections and what it means for the country, corporate America, and taxation, along with the ongoing coronovirus epidemic, are creating uncertainty within markets. He stated that “assessment has achieved some extraordinary levels, especially in the technology landscape.”

He said markets have been “remarkably strong” since the third week in March, so Thursday’s move downward is not surprising.

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