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Bill Ackman warns of 'casino' stock market as speculative trading grows

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Bill Ackman told CNBC on Tuesday he worries that the stock market is broken, saying the rise of speculative trading is leading to wild price swings thanks to the amount of leverage in the system.

"Every number of days, I feel like markets are broken," Ackman said on CNBC's "Squawk Box." "Stocks trade at prices that make no sense to me. Yes, it's good if you're a long-term investor and you can buy at a stupid price. I don't think it's good for the country generally."

"We're back to the casino-type markets when there was 95% leverage," he added. "I don't think that's inherently good for the economy, for society, and it's leading to these massive moves in stocks."

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