'Giant grift': Calls for Trump insider trading probe surge over 'corruption' questions
President Donald Trump’s 9:37 AM call for supporters to buy stocks—followed just hours later by his announcement of a so-called “pause” on his market-crushing tariffs—generated billions in new wealth for those positioned to profit. A few of Trump’s billionaire allies were conveniently at the White House celebrating with him as the markets soared, posting single-day gains not seen in decades. To some, the timing of Trump’s statements—and trading activity that some suggest may indicate insider knowledge—has intensified calls to investigate whether the president used his public office to orchestrate a profitable insider scheme. While no definitive proof of market manipulation or insider trading has been published, questions abound.
“Fun fact,” noted Dean Baker, a senior economist at the Center for Economic and Policy Research. “Trump’s backing down on tariffs generated roughly $5 trillion in stock wealth yesterday. If Trump friends got 10% of that through advance knowledge, that’s $500 billion.”
An official White House account posted video of President Trump celebrating—and bragging—with some of his billionaire friends on Wednesday.
RELATED: ‘Pump and Dump’: Market Manipulation Questions Swirl Over Trump Tariff Pause
Adding to the controversy, the former president openly urged his supporters to buy stocks—some even allege he may have tried to promote shares of his own social media company. Heightening concerns further, Trump’s Treasury Secretary later told the press that the tariff “pause” had always been the plan—directly contradicting Trump and multiple senior officials who had previously insisted it was never under consideration.
“This was his strategy all along,” Secretary Scott Bessent said of Trump’s tariff walk back.
“So,” asked attorney and CNN political commentator Bakari Sellers on Wednesday, “who in the Trump administration shorted the market and profited off the pain of the American people?”
U.S. Senator Chris Murphy (D-CT) shared some thoughts on what he calls Trump’s “brewing” insider trading scandal.
“This entire White House is one giant grift,” declared Senator Murphy, one of the most outspoken Democrats challenging Trump’s policies and actions. “Donald Trump and his friends are in power in order to use their access to government to make money. It stinks, and we should get to the bottom of it.”
Miami Herald award-winning investigative journalist Julie K. Brown observed that the “problem is there is no one to investigate this. DOJ? FBI? SEC? The very agencies that we entrusted with enforcing our laws no longer investigate anything other than what Trump wants them to investigate.”
Others are also asking.
READ MORE: ‘No Plan’: Trump Ripped for ‘Lurching’ Strategy After Surprise Tariff Reversal
Reuters’ White House correspondent Nandita Bose proffered: “Serious question: What are the chances SEC will look into who benefitted from insider info that the pause was about to happen and market manipulation by the admin?”
Attorney Tristan Snell, a former New York State prosecutor who helped lead the investigation and subsequent successful $25 million prosecution of Trump University, says New York Attorney General Letitia James has the authority to investigate and urges her to do so.
“The NY AG has jurisdiction over ANY insider trading that occurs on any NY-based stock exchange,” Snell wrote Thursday morning. “Letitia James should open an IMMEDIATE investigation into whether Trump insiders and Republican members of Congress used advance notice of Trump’s 90-day tariff pause to buy stocks.”
Attorney Richard Painter, the well-known George W. Bush White House chief ethics officer, weighed in.
“If you don’t want to be accused of market manipulation don’t make posts on social media that will make people think you may be involved in market manipulation,” Painter wrote. “Telling people to buy or sell stocks is not illegal. But if you intend to move stock prices and investors trade thinking you have nonpublic information belonging to the government, you could be charged with market manipulation. If you don’t want to be investigated, don’t do it.”
Others, too, are demanding an investigation.
U.S. Senator Elizabeth Warren, a former professor of law who has spent decades focused on protecting consumers, asks, “Was that market manipulation? Was it corruption in plain sight?”
“We need an independent investigation into market manipulation,” Senator Warren said on Wednesday, from the floor of the U.S. Senate, “because Americans need to know whether President Trump or anyone in his administration manipulated the market to benefit their donors all while they are working for the American people and while small businesses and those working families are paying a price.”
CNN anchor and chief White House correspondent Jim Sciutto offered his thoughts on whether Trump’s “great time to buy” message telegraphed his own DJT stock.
“Hours before issuing his stunning reversal of his reciprocal tariffs, Trump urged investors to buy, posting on Truth Social, ‘THIS IS A GREAT TIME TO BUY!!!’,” Sciutto wrote. “He concluded the post with ‘DJT.’ Although those are the president’s initials, it was also potentially a nod to Trump Media & Technology Group Corp, which trades under the ticker ‘DJT.’ At the time, the parent of Truth Social, DJT shares were down nearly 13% this month. After the announcement, shares were up over 20% for Wednesday alone.”
U.S. Senator Adam Schiff (D-CA) is asking the U.S. Office of Government Ethics and the White House for answers “about whether anyone in the Trump family or administration profited off of this tariff chaos through insider trading.”
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