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Attorney General Pam Bondi sold between $1 million and $5 million worth of shares of Trump Media the same day that President Donald Trump unveiled bruising new tariffs that caused the stock market to plummet, according to records obtained Wednesday by ProPublica.
Trump Media, which runs the social media platform Truth Social, fell 13% in the following days, before rebounding.
Trump’s “Liberation Day” press conference from the White House Rose Garden unveiling the tariffs came after the market closed on April 2. Bondi’s disclosure forms showing her Trump Media sales say the transactions were made on April 2 but do not disclose whether they occurred before or after the market closed.
Trades by government officials informed by nonpublic information learned through work could violate the law. But cases against government officials are legally challenging, and in recent years judges have largely narrowed what constitutes illegal insider trading.
It’s unclear from the public record whether Bondi as attorney general would have known in advance any nonpublic details about the tariffs Trump was announcing that day. Trump, of course, publicly announced his plans to institute dramatic tariffs during the election campaign. But during the first weeks of his term, the market seemed to assume his campaign promises were bluster.
The Justice Department did not immediately respond to questions about the trades.
The disclosure forms do not include the specific amount of stocks sold or their worth but instead provide a rough range. The documents do not say exactly what time she sold the shares or at what price. The company’s stock price closed on April 2 at $18.76 and opened the next morning, after the press conference, at $17.92 before falling more in the days ahead. In addition to selling between $1 million and $5 million worth of Trump Media shares, Bondi’s disclosure form shows she also sold between $250,000 and $500,000 worth of warrants in Trump Media, which typically give a holder the right to purchase the shares.
Bondi’s ownership of Trump Media shares has previously been disclosed. Before she became attorney general, Bondi was a consultant for Digital World Acquisition Corp., the special purpose acquisition company that merged with Trump Media to take the president’s social media company public.
As part of her ethics agreement, Bondi had pledged to sell her stake of Trump Media within 90 days of her confirmation, a deadline that would have allowed her until early May to sell the shares.
On April 1, Trump Media filed a disclosure with the Securities and Exchange Commission with details about holdings of various top shareholders, including Trump and Bondi. The purpose of the filing is unclear, as is whether it relates to Bondi’s sales the next day. It appeared to reregister for sale shares held by several of the company’s top shareholders.
Alex Mierjeski contributed research.