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Billionaire investor Carl Icahn said on CNBC Tuesday that the stock market is "way over leveraged" and will one day "implode" because of it.
Why it matters: Markets plunged more than 500 points on Tuesday after open, following a massive drop on Monday. Icahn said he doesn't believe "this is the explosive time" for the stock market, however its turbulent state is a sign of "things to come."