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Warren Buffett publicly refuted claims circulating on social media after President Donald Trump shared a video on Truth Social. The video suggested that Trump is intentionally orchestrating a downturn in the stock market, allegedly with Buffett’s endorsement.
In the video, which Trump promoted on Friday, the narrative posited that the president purposefully decreased the market by 20% within the month as a strategic effort to lower interest and mortgage rates. This claim was bolstered by a statement from the narrator alleging that Buffett had praised Trump’s economic decisions, asserting that he claimed, “Trump is making the best economic moves he’s seen in over 50 years.”
The president linked to a post from the account @AmericaPapaBear on X, which had also shared a previously aired TikTok video from user @wnnsa11. The content has gained considerable traction, being shared over 2,000 times on Truth Social and almost 10,000 times on X.
In reaction to these assertions, Buffett, who is 94 years old, did not address specific claims but made it clear through his company, Berkshire Hathaway, that all statements attributed to him regarding Trump were false. The company issued a statement on Friday stating, “There are reports currently circulating on social media (including Twitter, Facebook, and TikTok) regarding comments allegedly made by Warren E. Buffett. All such reports are false.”
In an interview with CNBC’s Becky Quick, Buffett expressed concern about the rapid spread of misinformation, emphasizing the importance of clarity in a time when false narratives can circulate swiftly. He noted that he would refrain from making any comments related to market conditions, economic policies, or tariffs until Berkshire’s annual meeting on May 3.
Buffett’s Long-Standing Stance on Tariffs
Although Buffett did not directly comment on the recently imposed tariffs from the Trump administration, his historical perspective on such economic measures has generally been critical. Earlier this year, he described tariffs as “an act of war, to some degree,” highlighting their long-term implications as a burden on consumers.
Buffett remarked, “Over time, they are a tax on goods. I mean, the tooth fairy doesn’t pay ‘em!” He highlighted the need for economic inquiry, urging individuals to consider the consequences of such policies by asking, “And then what?”
During Trump’s first term, Buffett offered deep critiques of the trade conflicts that arose, cautioning that the president’s aggressive tariff strategies could have detrimental global repercussions. He noted in a 2019 CNBC interview, “If we actually have a trade war, it will be bad for the whole world…everything intersects in the world. A world that adjusts to something very close to free trade… more people will live better than in a world with significant tariffs and shifting tariffs over time.”
In recent months, Buffett has taken a more defensive financial posture, liquidating stocks and accumulating an unprecedented cash reserve exceeding $300 billion. Berkshire Hathaway maintains a significant presence in the U.S., with vital operations across various industries including insurance, railroads, manufacturing, energy, and retail.
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