Billionaire Thomas Peterffy predicts that the stock market will plunge up to 15 percent should Democrats take the House and Senate in the midterm elections.
The founder and chairman of Interactive Brokers, one of the nation’s leading digital brokers, says the market will surge back to record highs if Republicans retain control and ward off a Blue Wave on Tuesday.
“If the Republicans win, the market is not going go down. The market is going to go up,” he told Newsmax TV in an exclusive interview.
Peterffy, who fled Communist Hungary in 1965 and landed in the United States with a single suitcase, is now No. 22 on the Forbes 400 billionaires list, with a net worth of $18.5 billion.
He outlined three scenarios for market reaction to the midterms: