Key Democratic lawmakers are demanding investigations into potential insider trading related to President Donald Trump‘s market communications before he announced a 90-day tariff pause that triggered Wall Street’s strongest rally since 2008.
What Happened: Rep. Adam Schiff (D-Calif.) and Sen. Elizabeth Warren (D-Mass.) raised concerns Wednesday about a Truth Social post where Trump wrote in all capital letters, “THIS IS A GREAT TIME TO BUY!!! DJT” just hours before announcing the tariff pause that sent markets soaring.
“Is Donald Trump’s inner circle illegally profiting off of these huge swings in the stock market by insider trading? Congress must find out,” Schiff wrote on X, questioning who knew about the president’s plans before the announcement.
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The Nasdaq climbed nearly 12%, while the S&P 500 tracked by SPDR S&P 500 SPY jumped 9.5% following Trump’s surprising decision to pause country-by-country tariffs for 90 days.
Warren called for “an investigation into whether Trump manipulated the market to benefit his Wall Street donors.” She added, “It sure looks like corruption.”
Why It Matters: Trump Media and Technology Group Corp. DJT, in which the president holds a 52.9% stake, closed 21.7% higher Wednesday at $20.27, adding approximately $410 million to Trump’s net worth before climbing another 5.23% in after-hours trading. The Official Trump (TRUMP) meme coin also gained 7.51%.
Gene Munster of Deepwater Asset Management cautioned investors that “we’re not out of the woods yet,” noting Trump’s efforts to “right-size China… will take time and involve some negative headlines,” despite Goldman Sachs scrapping its recession forecast following the tariff pause announcement.
Trump transferred his entire Trump Media stake to a trust controlled by Donald Trump Jr. before taking office, though he had promised during his campaign not to sell his shares in the company.
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