On April 2, 2025, Attorney General Pam Bondi offloaded at least $1 million worth of shares in Trump Media and Technology Group (TMTG). This transaction occurred on the same day President Donald Trump announced global tariffs, an event he termed "Liberation Day." The timing of Bondi's sale, as reported in official filings, has led to public scrutiny and discussions around potential conflicts of interest.
TMTG's stock experienced a noticeable drop from over $20 per share on April 1 to $16.66 by April 8, though it later rebounded. Bondi's financial involvement with TMTG was significant; her stake was valued between $1 million and $5.5 million at the time of the sale. According to her agreement, she was expected to divest all TMTG shares within 90 days of her confirmation as Attorney General, an action that would have been due by early May.
The sell-off took place just before the market responded to Trump's tariff announcement, leading to speculation that Bondi may have had advance knowledge of the policy change. Democratic lawmakers have taken note of the situation. Texas Representative Greg Casar called for an investigation, suggesting that Bondi's sale might have been driven by non-public information.
While there is no direct evidence linking Bondi's actions to prior knowledge of the tariffs, the proximity of the sale to the policy announcement has intensified conjecture. Critics of the Trump administration's tariff policy argue that its erratic nature could give rise to market manipulation opportunities, as reported by CBS News. Senator Adam Schiff of California has pointed out the inherent risks, noting that those with early access to policy changes could unfairly benefit.
The Justice Department has yet to comment on this issue. The details surrounding Bondi's financial transactions have been a matter of public interest since her appointment. In December 2024, it was disclosed that her TMTG holdings were in excess of $3.9 million, compensation she received for consultancy services. Her involvement in the merger between TMTG and Digital World Acquisition Corp. brought her under further scrutiny, as she was named a consultant in the deal, which led to her obtaining TMTG shares.
The market's reaction to the tariff announcement was part of a broader trend, and despite the initial decline, TMTG's stock has since recovered, closing at $26 per share. The company has had a tumultuous financial performance, reporting a loss of $400.9 million in 2024 and a 12% drop in annual revenue to $3.6 million. The decline in revenue was attributed to changes in a revenue-sharing agreement with an advertising partner; however, the specifics have not been disclosed.
President Trump transferred all his TMTG shares, estimated at around $4 billion, to the Donald J. Trump Revocable Trust in December 2024. His son, Donald Trump Jr., has been given full control over the trust's assets. Trump founded Truth Social after being banned from other social media platforms following the January 6, 2021, Capitol protests, from which he has since been reinstated.
The controversy over Bondi's stock sale underscores the ongoing concerns about potential conflicts of interest within the Trump administration. Critics argue that such transactions, particularly when they coincide with significant policy announcements, can erode public trust in government officials and their financial activities.
