Stocks were teetering Wednesday morning when Donald Trump posted some market advice on Truth Social.
At 9:37 a.m., Trump wrote: “THIS IS A GREAT TIME TO BUY!!! DJT.”
Just a few hours later, he announced a 90-day pause on nearly all tariffs. The market responded immediately, with stocks surging and the S&P 500 closing up 9.5%. That rebound recovered about $4 trillion in market value—roughly 70% of what had been lost over the previous four sessions.
It appeared to be a remarkably well-timed post from the former president—perhaps too well-timed.
“He enjoys having this kind of influence over the markets, but he’s playing with fire,” said Richard Painter, a former White House ethics attorney and Trump critic. Painter warned that securities laws forbid using or sharing insider information for trading advantage. “Anyone who acted on that post made significant profits.”
Now the question is: Did Trump already know about the tariff pause when he made that post?
Pressed on when he decided to suspend the tariffs, Trump gave a vague response: “I would say this morning. I’ve been thinking about it over the last few days.” He later said, “Fairly early this morning.”
When the White House was asked to clarify the timeline, spokesperson Kush Desai didn’t give a direct answer but defended the post as part of Trump’s duty.
“It’s the president’s job to reassure the public and markets amid constant fear-driven media narratives,” Desai said in an email.
Adding to the intrigue, Trump signed off the post with “DJT”—his initials, but also the ticker symbol for Trump Media & Technology Group, which owns Truth Social.
It’s unclear whether Trump was encouraging people to buy stocks in general or shares of his own company specifically. The White House didn’t respond to that question either. Trump often ends personal posts with “DJT.”
Trump pauses reciprocal tariffs for 90 days, except for China
Investors seemed to take the cue. Trump Media stock surged 22.67%—twice the jump of the broader market—despite the company having posted a $400 million loss last year and being unaffected by tariffs.
Trump’s 53% stake in the company, held in a trust managed by Donald Trump Jr., gained $415 million in value on the day.
Only one other stock slightly outperformed Trump Media—Tesla. Last month, Trump praised the company in a White House press event and his commerce secretary encouraged viewers to invest during a Fox News appearance. Tesla’s rally on Wednesday added $20 billion to Elon Musk’s net worth.
Kathleen Clark, an expert in government ethics at Washington University, said other administrations would likely have launched an investigation into such a post. But in this case, she doubts anything will come of it—except maybe more users for Truth Social.
“He’s signaling that he can move markets at will,” Clark said. “As if to say: Stay tuned for more financial tips.”