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The Tell: The richest man in Florida sees the stock market falling by 15% if Democrats take control of Congress

The stock market could be in for a steep drop come Wednesday, warns Thomas Peterffy, a pioneer of computerized stock trading.

That is, if Democrats are able to gain control of not just the House — as most polls predict — but also the Senate, Peterffy told CNBC on Tuesday, as voting in midterm elections was under way.

LIVE: Follow MarketWatch’s analysis of midterm election results.

The Hungarian-born billionaire, who ranks as the richest person in Florida — with a net worth of $25.7 billion, according to Forbes — predicted that the stock market could see a tumble of as much as 15%, if the so-called blue wave materializes.

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