Tepper Backs Clinton in Election After Turning Against Trump

Updated on
  • Calls Donald Trump’s economic policies ‘high volatility’
  • Manager says S&P 500 would fall to 2040 if Trump wins

David Tepper, who runs Appaloosa Management, says he’s supporting Hillary Clinton for president after initially being open to backing Donald Trump.

"Definitely, Clinton’s my choice," Tepper said in a CNBC interview on Monday.

The hedge fund manager said Clinton, the Democratic nominee, will probably be to the right of her party’s platform on economic policy. He will vote for Republican candidates running for the House and Senate as a check on a possible Democrat in the White House.

Tepper said he had been open to supporting Trump but criticized the Republican’s lack of charitable giving in New Jersey following the 2008 financial crisis and Hurricane Sandy.

He also criticized some of Trump’s plans, including his opposition to free-trade agreements and his proposal to build a wall on the U.S. border with Mexico. If Trump wins the election on Tuesday, Tepper said, the S&P 500 could drop to 2040 after closing at 2085 on Friday.

"He’s a high-volatility candidate," Tepper said.