The Market gained (then lost) $4 Trillion on a fake social media Post!

Summary

Bulwark Takes: The Market Gained (Then Lost) $4 Trillion on a Fake Social Media Post!

Release Date: April 7, 2025

In this riveting episode of Bulwark Takes, hosts Sam Stein and Will Sommer delve into a dramatic incident where a fabricated social media post caused a seismic shift in the financial markets, temporarily inflating market value by $4 trillion before correcting itself. This detailed summary captures the essence of their discussion, highlighting key moments, insights, and the broader implications of misinformation in today's volatile financial landscape.

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1. Introduction: A Market Roller Coaster

The episode opens with Sam Stein and Will Sommer setting the stage for a tumultuous day in the financial markets. At 00:00, Sam introduces the topic, highlighting the rapid fluctuation of the market's value within a mere ten minutes due to an erroneous social media report.

Sam Stein [00:00]: "Over the past 10 minutes, the market gained and lost something equivalent of $4 trillion in value based on an erroneous social media report."

2. The Catalyst: Walter Bloomberg's Erroneous Tweet

Will Sommer explains the origins of the fake post, attributing it to an individual named Walter Bloomberg, who is known for amplifying Bloomberg headlines but occasionally errs catastrophically.

Will Sommer [00:39]: "Walter Bloomberg apparently is just a guy who rips Bloomberg headlines for the most part and sometimes he gets it catastrophically wrong."

At 02:14, Sommer details the critical tweet that sparked the market frenzy. Walter Bloomberg erroneously reported that Kevin Hassett, Chair of the National Economic Council, announced a 90-day pause on tariffs for all countries except China. This misinformation led to an immediate surge in the market.

Will Sommer [02:14]: "Walter Bloomberg tweets that Kevin Hassett... said that there would be a 90-day pause on tariffs for all companies besides China."

3. Immediate Market Reaction

Sam Stein describes the initial market turmoil, noting that the market plunged by 4.5% before the false announcement caused a sharp rebound.

Sam Stein [02:56]: "It had ledgers, context here. It had gone down at the start, 4.5%. ... and then suddenly we look up and it's green. It's up like 450 points."

This dramatic swing underscores the fragile nature of market sentiments, heavily influenced by real-time information and, in this case, misinformation.

4. Unraveling the Misinformation

As the episode progresses, the hosts explore how quickly the truth emerged. By 03:36, doubts about Walter Bloomberg's credibility surfaced, revealing that Hassett's actual remarks were misinterpreted during a brief moment in a Fox interview.

Will Sommer [03:57]: "That brief moment where he says yep, that's what Walter Bloomberg appears to have jumped on."

Sam emphasizes the absurdity of $4 trillion being influenced by a fleeting comment, highlighting the volatility introduced by social media.

Sam Stein [04:19]: "$4 trillion in market value moved on that. And it was a two-hour interview."

5. White House Intervention and Market Correction

By 05:34, the White House steps in to debunk the false report, labeling it as fake news. This prompt clarification caused the market to dip once again, illustrating the rapid tug-of-war between misinformation and official statements.

Sam Stein [05:44]: "The White House account says in response to a breaking news post about Trump considering that day tariff pause. Wrong fake news."

6. The Role of Influencers and Media Missteps

The discussion shifts to the role of influencers like Benny Johnson, whose delayed reactions further complicated the situation. At 06:02, Sam notes Johnson's incorrect tweet aligning with the misreported news, exacerbating the $4 trillion fluctuation.

Sam Stein [06:02]: "Benny... just tweeted, breaking: The S&P 500 gains $4 trillion following EU announcement of interest in zero for zero tariffs with the United States."

Will points out the irony of Johnson's previous dismissal of market concerns, only to chase gains once misinformation takes hold.

Will Sommer [06:51]: "The irony here, of course, is that last week when the market was plunging, Benny was saying, you have money. You don't even need money anymore."

7. Tariffs, Political Panic, and Market Stability

Sam and Will delve into the political underpinnings of the situation. Trump refers to the sudden market shifts as "panic," reflecting the broader Republican anxiety over economic stability.

Sam Stein [07:25]: "What did Trump call it this morning? Panic."

Will contemplates the sustainability of such panic-induced market movements.

Will Sommer [07:34]: "The combination of Republicans and panic. What do we think? Does this one have staying power?"

8. Bill Ackman's Involvement and Market Manipulation

A significant portion of the discussion focuses on Bill Ackman, a prominent financier whose actions added another layer of complexity. Ackman's fluctuating stance on tariffs and his subsequent Twitter outbursts are dissected.

Sam Stein [07:37]: "Bill is a big finance guy, a conspiracist of the worst variety and he loves Trump but seems to be souring on him."

Will explains Ackman's erratic tweets, blaming Commerce Secretary Howard Lutnick for market manipulation, only to retract his comments shortly after.

Will Sommer [08:18]: "He started saying, you know, Howard Lutnick... has some bond investments. And then he said this morning, oh, you know, never mind."

9. The Aftermath: Reflecting on Market Realities

As the episode wraps up, Sam reflects on the precariousness of modern financial systems, where misinformation can sway trillions in value within minutes.

Sam Stein [09:00]: "We don't know what's coming on social media. We live in reality where these posts can move markets in ways that are unreal, frankly."

He underscores the need for caution and awareness in navigating financial information, especially in real-time scenarios influenced by social media.

10. Conclusion: Lessons Learned

The hosts conclude by emphasizing the importance of verifying information before making financial decisions. The incident serves as a stark reminder of the pervasive influence of social media on global markets and the critical need for reliable information sources.

Sam Stein [09:38]: "As we finish up this video, the Dow is down. After shooting up and getting our hopes up. Now down again after the White House says no pause doesn't mean it can't go back up."

Will Sommer [09:40]: "Thanks for having me."

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Key Takeaways

• Misinformation's Impact: A single erroneous social media post can cause unprecedented market volatility, affecting trillions in value within minutes.

• Role of Influencers: Figures like Walter Bloomberg and Benny Johnson, despite their limited credibility, can influence market sentiments significantly.

• Political and Financial Interplay: Politicians and major financial players like Bill Ackman play pivotal roles in shaping market dynamics, sometimes leading to increased instability.

• Need for Verification: The episode underscores the necessity for investors and the public to critically assess information sources to mitigate the risks of misinformation.

Notable Quotes

• Sam Stein [00:00]: "Over the past 10 minutes, the market gained and lost something equivalent of $4 trillion in value based on an erroneous social media report."

• Will Sommer [00:39]: "Walter Bloomberg apparently is just a guy who rips Bloomberg headlines for the most part and sometimes he gets it catastrophically wrong."

• Sam Stein [02:56]: "It had ledgers, context here. It had gone down at the start, 4.5%. ... and then suddenly we look up and it's green. It's up like 450 points."

• Will Sommer [02:14]: "Walter Bloomberg tweets that Kevin Hassett... said that there would be a 90-day pause on tariffs for all companies besides China."

• Sam Stein [07:25]: "What did Trump call it this morning? Panic."

• Will Sommer [06:51]: "The irony here, of course, is that last week when the market was plunging, Benny was saying, you have money. You don't even need money anymore."

• Sam Stein [09:00]: "We don't know what's coming on social media. We live in reality where these posts can move markets in ways that are unreal, frankly."

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This episode of Bulwark Takes serves as a compelling exploration of the intricate and often fragile relationship between social media, political rhetoric, and financial markets. It highlights the urgent need for vigilance against misinformation and the profound effects it can have on global economies.

Transcript

[Sam Stein]

Hey folks, it's me, Sam Stein, managing editor at the Bulwark. I'm here with Will Sommer, author of False Flag. We are here on Monday. I'm going to give you the specific timestamp because it's a real roller coaster out there and I want you to know when we're Speaking, it is 10:37am on Monday and we just witnessed something really incredible. Before we get into that. Subscribe to the feed. All right, 10:37am on Monday. Over the past 10 minutes, the market gained and lost something equivalent of $4 trillion in value based I think, on a erroneous social media report.

[Will Sommer]

We're rich, we're broke.

[Sam Stein]

I felt elated and then totally dejected. I was just about to do some purchasing and selling. My mind got confused as to which one I should be doing. Do you want to try to explain this one or should I try to explain this one?

[Will Sommer]

Yeah, I can try. So obviously, you know, today's a big day of uncertainty, as so many days are. You know, the market's coming back from Liberation Day last week.

[Sam Stein]

The patient. The patient survived the operation. As Trump said, it's stabilized, it doesn't feel stable.

[Will Sommer]

You know, over the weekend, Howard Lutnick was saying, we're going to. We're all going to be screwing the. Putting the screws in iPhones. So the market was plunging right at the open. And then this very well followed financial account called Walter Bloomberg. That has nothing to do with Bloomberg News.

[Sam Stein]

Wait, really?

[Will Sommer]

Yeah, yeah, no, it's just a guy. So apparently Walter.

[Sam Stein]

I thought it was an automated Bloomberg.

[Will Sommer]

Well, this is what's tricky and this is a great way to run the financial markets or people make bets on is Walter Bloomberg apparently is just a guy who rips Bloomberg headlines for the most part and sometimes he gets it catastrophically wrong. I was just reading that 5 years ago someone was saying, well, you know, the thing with Walter Bloomberg is most 95% of the time it's just news from Bloomberg. 5% of the time, Walter's wrong. And unfortunately you've made it like a trillion billion dollar bet on it and it's disaster.

[Sam Stein]

Wait, hold on. Is his actual last name Bloomberg or is that.

[Will Sommer]

No, he's just, I think a Bloomberg enthusiast.

[Sam Stein]

Okay, gotcha. Okay. Okay. So anyways, go on. So.

[Will Sommer]

So yeah, so this morning around 10:00am or so, Walter Bloomberg.

[Sam Stein]

10:13 to be precise.

[Will Sommer]

10:13. Thank you. Eastern Walter tweets that Kevin Hassett, who I believe is. He's the chair of the nec.

[Sam Stein]

Yeah. National Economic Council.

[Will Sommer]

So he so Walter says that Hassett said that there would be a 90 day pause on tariffs for all companies besides. Or excuse me, for all countries besides China.

[Sam Stein]

China.

[Will Sommer]

And so the market surges on this announcement and then Walter doesn't provide any source. No one knows exactly where this came.

[Sam Stein]

From, but the presumption is that he said it somewhere on tv. Walter was watching and he blasted it out, okay.

[Will Sommer]

And so the market just zips up.

[Sam Stein]

And so it was, it had ledgers, context here. It had gone down at the start, 4.5%. Everyone was just sort of waiting for how bad it was going to be today. And then suddenly we look up and it's green. It's up like 450 points. And we're like, whoa, what happened? I mean we're talking vertical, like just complete. I saw mag accounts saying art of the deal. Art of the deal. They were, they thought it was, they thought it was because the, the, the, the finance person in the EU said they were ready to negotiate zero tariff agreements. Charlie Kirk was out there being like, this is how it works. We got it. But that's not it.

[Will Sommer]

Not quite. Yes. It turns out then people started saying, wait, where's Walter getting this from? Where is this all coming from? You look back at a Fox interview he did this morning where Kevin Hassett is asked, they say, what about a 90 day pause? And he goes briefly, yep, well about that idea. Then he kind of throws water on it, but he said, yep.

[Sam Stein]

Will you do a 90 day pause.

[Will Sommer]

Or would you consider that, er. Bill? Yeah. You know, I think that the President is going to decide what the President's going to decide. That moment where he says yep or like a yep, they say, oh, he's considering it. And everything else he says after that is like, well, probably not going to do that. But that brief moment where he says yep, that that's what Walter Bloomberg appears to have jumped on. And that's what appeared to.

[Sam Stein]

So $4 trillion in market value were tied to a. Yep, yep. A two hour old Yep.

[Will Sommer]

We just got to get him back on tv. Just saying that over and over and over. You know, we can get the markets back.

[Sam Stein]

You have to. I, I can't, I can't really underscore how totally nuts this whole thing is. Like, what are we doing? $4 trillion in market value. Moved on that. And it was a two hour interview. Let me just, I want to, I want to put reveal a little bit behind the curtain here for the, for the viewers because that's what we do on the YouTube channel. We've had an internal discussion about whether to do videos around the stock market while the market's open. And my position is don't do videos around the stock market while the stock market is open because things go up, things go down. You don't know. You wait. Then this happened. I was like, I can't. You have to do a video. Because it just shows how out of kilter we are in terms of our finances here, where we're moving markets. Based on a two hour old interpretation of a Fox and Friends interview involving Kevin Hassett, of all people. Now, since then, the White House has clarified. Right?

[Will Sommer]

Yeah. So the White House has said that this is fake news. There is, you know, that it, this, certainly this interpretation of Hassett's remarks is wrong. And now the markets are dipping once again.

[Sam Stein]

But, you know, I'm staring right now. Rapid response. 47. The. The White House account says in response to a breaking news post about Trump considering that day tariff pause. Wrong fake news. They're very adamant that they are not considering this.

[Will Sommer]

I mean, I can't imagine how much. I mean, this has caused some turmoil in our office as we've been running around doing this. Can you imagine if we had anything to do with money? People who are on banks who are just saying, we got to make a big bet on this Walter Bloomberg tweet, and suddenly they're watching all this money evaporate.

[Sam Stein]

I mean, this is how fast it's going. I'm staring up because my Twitter pages up. Benny Johnson, another mag account. This is 1043. Okay, so this is just a minute ago. This is, you know, 10, 15 minutes after the correction of the fake tweet. But Benny just tweeted, breaking colon, The S&P 500 gains $4 trillion following EU announcement of interest in zero for zero tariffs with the United States. He's. He's on the wrong story. And 20 minutes behind the news cycle and $4 trillion off. And I don't blame him because this is so nutty.

[Will Sommer]

Well, and the irony here, of course, is that last week when the market was plunging, Benny was saying, you have money. You don't even need money anymore. You still care about that money stuff like, get over it.

[Sam Stein]

Why does he care about this? Why are you dreaming about.

[Will Sommer]

As soon as it goes in the green, he goes, we did it.

[Sam Stein]

Why is he tweeting about this? Penny, get off. Come on now. All right, so we're so, let's try to like, get this back into the world of reality. Here we have tariffs. The White House Is saying on the record, we're not lifting them. What did Trump call it this morning? Panic.

[Will Sommer]

Panicans. He said. He said, you know, the panic in party. So this is the combination of Republicans and panic. What do we think? Does this one have staying power?

[Sam Stein]

You know things are bad when his nicknames are that bad.

[Will Sommer]

He's like, I got to think something quick.

[Sam Stein]

I got to come now. The last thing I want to say is Bill Ackman.

[Will Sommer]

Yes.

[Sam Stein]

Okay. I don't know how much of an acknowledge you are.

[Will Sommer]

I'm a big time Ackman head. Yeah.

[Sam Stein]

Okay. So what happened last night?

[Will Sommer]

Sure. So Bill Ackman, you know, obviously I.

[Sam Stein]

Just set it up because I think the 90 day pause idea was floated by Bill last night. So that's why Hassett was asked about it. And for those who know, Bill is big finance guy, a conspiracist of the worst variety and he loves Trump but seems to be souring on him. That's the bad. Okay, now you take it from here.

[Will Sommer]

Yeah. So Bill Ackman, yes. He became increasingly sort of Trump pilled last year. But as his holdings I would imagine are getting worse and worse as the market collapses, he's getting sort of like okay, Trump like good gambit, but maybe it's time to, you know, as you said, put a 90 day hold on the tariffs.

[Sam Stein]

Right.

[Will Sommer]

Like somehow pull us out of this. And so then, and then he sort of sort of started just shooting wildly on Twitter, started saying, you know, Howard Lutnick, the commerce secretary is deliberately tanking the market because he has some bond investments. And then he said this morning, oh, you know, oh, never mind. I. Sorry about insulting you, Howard. I mean, so, so he's, he's panicking live. I mean, he may be the chairman of the panicking party and he.

[Sam Stein]

But he was the one who wants the pause. And now he almost got the pause by a fake social media post from Walter Bloomberg. I feel a little bit bad for Bill. You almost got what you wanted. Looks like you didn't. As we finish up this video, the Dow is down. After shooting up and getting our hopes up. Now down again after the White House says no pause doesn't mean it can't go back up. We don't know what's coming on social media. We live in reality where these posts can move markets in ways that are unreal, frankly. Will, thank you for unpacking this. Appreciate you jumping on. You have a future as a stock advisor.

[Will Sommer]

Thanks for having me.

[Sam Stein]

Okay, take care. Subscribe to the feed. Talk to you later.