On Wednesday morning, US markets fluctuated until Donald Trump posted on Truth Social, advising it was an optimal time to purchase stocks. Approximately four hours later, he announced a 90-day tariff suspension, resulting in significant market gains.
Criticism poured in after White House aide Margo Martin shared a video where the President referenced substantial financial gains made by executives, specifically mentioning figures of $2.5 billion and $900 million.
A social media user, claiming to be a multi-asset trader on X, criticised what appeared to be market manipulation, highlighting a pattern of presidential tweets followed by policy changes that benefited specific individuals financially.
“Imagine a president tweeting, ‘This is the right time to buy,’ then pausing the tariffs, and later happily saying how his friends made $2.5 billion and $900 million. Real PUMP AND DUMP,” wrote Zubare Khan.
The S&P 500 rose by 9.5%, recovering about $4 trillion in market value. Former White House ethics lawyer Richard Painter expressed concerns to AP about potential violations of securities laws regarding insider trading.
Questions arose about the timing of Trump’s decision on the tariff pause. His response about the timing was imprecise, stating it was made that morning after considering it for several days. The White House spokesperson Kush Desai defended the post as presidential responsibility to provide economic reassurance.
The post’s signature “DJT” coincidentally matched Trump Media and Technology Group’s stock ticker. The company’s shares increased by 22.67%, despite its £400 million loss the previous year. Trump’s 53% stake, managed by Donald Trump Jr., gained £415 million in value.
Tesla shares also experienced significant growth, adding £20 billion to Elon Musk’s worth, following recent endorsements from Trump and his commerce secretary.
