In a rare public rebuke, hedge fund billionaire Leon Cooperman voiced his caution against reelecting Donald Trump to the White House, stating that the former president "belongs in jail." Cooperman's critical comments about Trump are a departure from his previous support for Republican candidates. The billionaire, known for his clashes with Sen. Elizabeth Warren over her proposed wealth tax, has previously stated that he reluctantly voted for Joe Biden in 2020.

Speaking in a phone interview with CNN, Cooperman expressed his concern about the prospect of a Biden-Trump rematch in 2024, calling them both "bad choices." He emphasized his preference for centrists rather than radical candidates from the left or right. Cooperman's donation to Republican Chris Christie's 2024 campaign further reinforces his desire for more moderate candidates.

In response, Trump campaign spokesperson Steven Cheung asserted that Trump will be the nominee in 2024 and emphasized that he is the only person capable of stimulating the economy, securing the borders, ensuring community safety, and ending unnecessary wars. The Biden campaign did not provide a comment on Cooperman's statement.

Cooperman also shared his economic concerns regarding the ongoing violence in the Middle East. He expressed worry over potential financial impacts resulting from the conflict. Recent selling on Wall Street, according to Cooperman, reflects the market "catching up with reality now." The World Bank echoed these concerns and warned that a broader war could push global commodity markets, including oil, into uncharted waters.

The World Bank's analysis indicates that even a small disruption, similar to the one during the Libyan civil war, could raise oil prices to as high as $102 a barrel. A medium-level disruption may cause prices to spike to $121 a barrel, while a severe disruption, akin to the 1973 Arab oil embargo, could lead to oil skyrocketing to $157 a barrel.

Given the ongoing risks and concerns, Cooperman argued that the stock market is overvalued in relation to corporate profits. He highlighted the lack of fiscal discipline in Washington, pointing to the considerable increase in national debt from $20 trillion in 2017 when Trump assumed office to over $33 trillion today.

Cooperman's public criticism of Trump, coupled with his economic concerns, adds another layer of complexity to the political landscape. As the 2024 presidential race approaches, the trajectory of the US economy and the stability of global markets remain significant factors that will shape the opinions and decisions of voters and financial experts alike.