Donald Trump celebrated how his billionaire friends profited massively after his announcement to pause tariff hikes, sparking concerns of potential market manipulation and insider trading.
On April 2, 2025, Trump announced sweeping tariffs targeting various nations, igniting global market turmoil. However, just five days later, Trump reversed course, declaring a 90-day pause on most of the tariffs, with the exception of China.
This sudden shift sparked a sharp rebound in the stock market, with billionaire investors seeing significant gains. Trump's close ties with financial elites like Charles Schwab, whose estimated net worth exceeds $12 billion, and NASCAR team owner Roger Penske, with a $5.6 billion fortune, raised eyebrows.
On the same day he made the announcement, Trump publicly boasted about how much money Schwab and Penske had made, further fueling suspicions.
"He made $2.5 million today, and he made $900 million! That's not bad," Trump said.
Trump's bragging came after a surge in the stock market, which saw the world's wealthiest individuals, including Elon Musk, who gained $36 billion, seeing their fortunes skyrocket.
Critics, especially Democratic leaders, questioned the timing of Trump's TruthSocial post urging followers to "buy now," right before the market rebound, suggesting potential insider trading. Despite these allegations, Trump dismissed any wrongdoing, with White House representatives rejecting the claims of manipulation.
Democrats, led by figures like Senator Adam Schiff and Representative Alexandria Ocasio-Cortez, have called for an independent investigation into the matter, citing the potential for corruption.
The public backlash was swift, with calls from prominent political figures demanding transparency and investigations into Trump's actions. The president's supporters, however, continue to view the stock market's recovery as a win.
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