Insider trading charges

Trump's video celebrating billionaire friends' profits becomes a case

In a video from the Oval Office, Trump celebrated the profits of his billionaire friends. Democrats call for insider trading investigation

by Silvia Martelli

13 April 2025

Trump celebra i profitti degli amici miliardari dopo lo stop ai dazi: “Hanno fatto una fortuna”

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In a video posted by White House communications adviser Margot Martin and gone viral a smiling Donald Trump points to two of his guests in the Oval Office exclaiming, "He made 2.5 million, and he made 900 million! Not bad!"

The recipients of the comment were financier Charles Schwab, founder of the investment company of the same name (estimated assets: $12.9 billion), and Roger Penske, motor racing magnate and owner of the NASCAR Penske Racing team ($5.6 billion). The two were part of a delegation of guests, mostly connected to the racing world, received by Trump on the same day that the president made the surprise announcement of a 90-day suspension of international tariffs, a move that triggered a rally lightning strike on the financial markets.

Accusations of manipulation

Just four hours before the official announcement, Trump had posted an unequivocal message on Truth Social: 'THIS IS A GREAT TIME TO BUY!!!!'. The markets reacted immediately: within minutes, the main index rose over 7%, closing the day with a gain of over 9%. According to Bloomberg, Wednesday was 'the best day ever' for billionaires, who saw their combined wealth increase by more than $300 billion.

The timing of the message and the content of the video raised suspicions of insider trading and market manipulation. Democrats Adam Schiff and Ruben Gallego signed a letter addressed to the White House calling for an urgent investigation. "We want to know whether the president, his family, or members of the administration shared classified information to profit from it," the text reads.

For many observers, the video - albeit informal - is an implicit confirmation that the market had been informed in advance by people close to the former president.

The White House Defence

A White House spokesman dismissed the accusations, speaking of 'political games' on the part of the opposition. But the controversy stirred up by the video shows no sign of abating: at a time of great instability in international markets, episodes such as this risk undermining investor confidence and fuelling the perception that certain financial elites have access to privileged information.

Trump's words in the video, uttered in a complicit tone in front of the cameras, offer an unusual - and for many, disturbing - insight into the relationship between political power and private finance. At a time when the equality of market rules is under scrutiny, the image of a president publicly celebrating the fortunes of his billionaire friends risks fuelling a widespread sense of injustice.