Senator Chris Murphy is sounding the alarm over what he calls a “massive scam” involving President Donald Trump and a suspicious stock market move that may have helped Trump’s allies cash in.
On Wednesday morning, Trump posted on Truth Social at 9:37 a.m., telling people it was “a great time to buy” stocks. Just a few hours later, he announced a surprise 90-day pause on nearly all tariffs — a move that sent the stock market skyrocketing.
Murphy, a Democrat from Connecticut, says the timing is no coincidence.
“So I have questions about the tariff announcements today,” Murphy said in a video posted to X (formerly Twitter). “Who benefitted, and who made money? This should matter to you, too, because this could be an enormous scam.”
Before Trump’s announcement, the markets had been falling hard for days. But after the tariff pause was revealed, the S&P 500 surged — regaining about $4 trillion in value in just hours.
“Predictably, the market, which had been crashing, shoots up, and anyone who made investments early today likely made a lot of money,” Murphy said. “So the question is, who close to Trump knew that he was going to suspend the tariffs?”
Murphy is asking whether Trump tipped off his inner circle — including wealthy friends at Mar-a-Lago or top advisers — before making the news public.
“Which of his Mar-a-Lago friends or his billionaire advisers were able to capitalize on that inside information?” Murphy said. “Why did Trump send out that post to his supporters earlier in the day?”
Murphy didn’t hold back, accusing Trump of using government power for personal profit.
“This entire White House is one giant grift,” Murphy said. “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.”
Murphy’s warning is clear: If Trump or his allies used inside knowledge to manipulate the market, it could be one of the biggest financial scandals tied to a president in U.S. history.
Watch Murphy’s remarks below:
An insider trading scandal is brewing.
Trump's 9:30am tweet makes it clear he was eager for his people to make money off the private info only he knew. So who knew ahead of time and how much money did they make? pic.twitter.com/AJbtEq372n
— Chris Murphy 🟧 (@ChrisMurphyCT) April 10, 2025
