Who Trump Thinks Is RIGGING the Market... | The Mesh Report

Who Trump Thinks Is RIGGING the Market…

the Mesh Report Staff May 13, 2020 Comments Off on Who Trump Thinks Is RIGGING the Market…

President Donald Trump pointed the finger at wealthy investors for supposedly manipulating the stock market by making strong statements.

In a tweet Wednesday, Trump said to be wary of wealthy investors using their platform to comment negatively about stocks, when they tend to profit from betting against the market.

“When the so-called ‘rich guys’ speak negatively about the market, you must always remember that some are betting big against it, and make a lot of money if it goes down,” Trump tweeted. “Then they go positive, get big publicity, and make it going up. They get you both ways. Barely legal?”

While Trump didn’t specify whom he was referring to, his comments followed billionaire hedge fund manager Stanley Druckenmiller’s remarks Tuesday evening about the stock market being historically overvalued.

“The risk-reward for equity is maybe as bad as I’ve seen it in my career,” Druckemiller told the Economic Club of New York. “The wild card here is the Fed can always step up their (asset) purchases.”

Druckenmiller, chairman and CEO of the Duquesne Family Office, also said he thought the market was overreacting to news of progress on antiviral drugs, such as Gilead’s remdesivir.

Continue Reading at CNBC

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