NBA Owner and billionaire Mark Cuban has decided that since Democratic candidate Hillary Clinton didn’t pick him as her VP choice, he will continue to try to be a thorn in the side of Donald Trump. But if you check out what Cuban is doing now, it could end up hurting a lot of Americans.
Cuban is talking down the stock market in the event Trump is elected. He appeared on Fox Business with Neil Cavuto, throwing around predictions that the stock market would collapse if Trump was elected.
Cuban built up his empire through the dot.com era and bought a NBA franchise with his earnings. It’s a very dangerous business to throw out this type of news publicly as everyone doesn’t think with common sense and all negativity could result in significant sell-offs if his words caught fire.
From Yahoo Finance:
Mark Cuban is bearish on the stock market in the event of a Trump presidency.
In an interview with Fox Business’ Neil Cavuto on Tuesday, the investor and reality-TV star said that the uncertainty from a win by Republican presidential candidate Donald Trump would cause a collapse in the stock market.
Cuban previously expressed this view, but he reiterated it in Tuesday’s interview.
“In the event Donald wins, there is no doubt in my mind the market tanks,” Cuban said.
Cuban has not been a fan of Trump for some time, most recently tangling with both the candidate and his lawyer over whether Trump was trustworthy. Cuban has also endorsed Trump’s opponent, Democratic nominee Hillary Clinton.
In fact, Cuban said that if Trump were to win, he would “put a hedge on” that is worth “more than 100% of my equity position.”
He also expressed concern over the state of the market in general. Cavuto asked Cuban if he was expecting a more tumultuous autumn after the market’s quiet summer.
Cuban said that uncertainty and market dynamics had set the stage for a more volatile end of the year.
“There are so many external global influences on our market,” Cuban said. “You know, what money comes here when there is uncertainty overseas, what money goes into Treasurys, where does money go if rates go higher or lower?”
Part of this is because of uncertainty about the economic outlook, to which a possible Trump presidency contributes significantly, according to Cuban.
So sad! Cuban used to be so smart. He has let his emotions guide him over business principles and he can no longer be a great business partner. I would never do business with Mark Cuban after this.
Cuban needs to deal with his own problems with lawsuits and stop fear mongering. There isn’t any reasonable explanation why a Trump presidency would crash the stock market.
Do you think Cuban’s prediction can be destructive to the markets on Wall Street if he keeps pumping out that grave analysis? Do you think Cuban is jealous of Trump? Share your opinions below and let me know what you think.