U.S. President Donald Trump reportedly celebrated with billionaire friends in the Oval Office, claiming they made millions from a massive stock market surge triggered by his sudden suspension of most global tariffs.
On Wednesday, markets soared following Trump’s unexpected announcement to pause tariffs for 90 days, a move that fueled one of the biggest single-day rallies in recent years.
“THIS IS A GREAT TIME TO BUY!!!!” Trump posted on Truth Social shortly after markets opened. Just hours later, he halted the tariffs, sending the markets into overdrive.
Stock Surge Enriches the Elite
The market gained over 7% within minutes of the announcement and ultimately closed more than 9% higher for the day.
In the White House, Trump didn’t hold back from bragging about the gains made by visiting billionaire allies. Referring to Charles Schwab and Roger Penske, Trump said:
“He made R38.83.5 million, and he made R17,472.01 million! That’s not bad!”
Schwab, a financial investor, is worth an estimated R232.96.9 billion, while Penske, a NASCAR team owner, has a net worth of R97.07.6 billion. Both were part of a guest delegation largely made up of motorsport figures.
According to Bloomberg, the day marked the “best day ever” for the world’s wealthiest individuals, with billionaires collectively gaining R5,901.66 billion as the stock market skyrocketed.
Insider Trading Allegations Surface
The windfall sparked immediate accusations of insider trading and market manipulation, as critics questioned whether Trump may have tipped off associates before the public announcement.
California Democrat Adam Schiff has called for a congressional investigation into the events surrounding the tariff policy reversal.
Joining the call was Arizona Senator Ruben Gallego, who co-signed a formal letter to the White House. The letter requests an “urgent inquiry into whether President Trump, his family, or other administration members engaged in insider trading or illegal financial transactions based on non-public information.”
A White House spokesperson dismissed the concerns, labeling the calls for investigation as “partisan games.”
What’s Next?
If proven, the incident could have serious legal and political implications, reviving scrutiny over Trump’s financial entanglements and potential abuse of power. Meanwhile, markets remain volatile as investors assess the long-term implications of the temporary tariff suspension.
