The President of the United States, Donald Trump, is suspected of manipulating the market regarding the suspension of tariffs. This is because he offered financial advice a few hours before announcing the decision that affected stock exchanges worldwide. An American senator is calling for an investigation.
The American President wrote a message Wednesday morning, while stock exchanges worldwide were still feeling the effects of the announcement regarding the imposition of customs duties on all countries in the world.
"This is a great time to buy!!! DJT," he wrote on his Truth Social social media platform.
Four hours later, Trump announced a 90-day pause on nearly all tariffs. Stocks worldwide surged upon hearing the news. The market, measured by the S&P 500, recovered approximately $4 trillion, or 70%, of the value it had lost in the last four trading days, according to Time.
Analysts wondered if Trump was already thinking about suspending tariffs when he made that post. When asked about the timing of the decision, Trump gave a confusing response saying either that morning or a few days ago.
Another curiosity of the post was the use of initials. DJT is the stock symbol for Trump Media and Technology Group, the parent company of the president's social media platform, Truth Social.
It is not clear whether Trump was referring to buying shares in general or to Trump Media in particular. Usually, Trump includes "DJT" in his posts to emphasize that he personally wrote the message.
But on social media, a recording emerged in which Trump said that several billionaire friends he was filmed talking to made large profits from the suspension of tariffs:
The ambiguity about what Trump meant did not stop people from investing money in stocks.
Trump Media closed up by 22.67%, doubling the general market, an astonishing performance for a company that lost $400 million last year and seems unaffected by the imposition or suspension of tariffs.
Trump's 53% stake in the company, now in a trust controlled by his eldest son, Donald Trump Jr., increased by $415 million during the day.
Trump Media was surpassed by Tesla, Elon Musk's company. Wednesday's rise in Tesla's shares added $20 billion to Musk's wealth.
The White House has not commented on the subject and the accusations, but suspicion has also reached the political world.
Democratic Senator Adam Schiff is calling on Congress to investigate insider trading and market manipulation by Trump regarding the suspension of tariffs.
Subsequently, several politicians have announced their support for the initiative.