- Berkshire Hathaway rebuffed claims made about Chairman and CEO Warren Buffett on social media Friday. A video shared by President Donald Trump on Truth Social claimed Trump was intentionally trying to tank the stock market to force the Fed to cut interest and mortgage rates. The video—falsely, according to Berkshire Hathaway—said Buffett cheered the president’s economic policies.
Berkshire Hathaway denied reports circulating on social media after President Donald Trump shared a video that claimed Warren Buffett said Trump was making the “best economic moves” in more than 50 years.
On Friday, Trump shared the video to Truth Social from an X account titled, AmericanPapaBear, that alleged the president is purposefully cratering the stock market to force Federal Reserve chair Jerome Powell to cut interest and mortgage rates. Since Wednesday, some $6 trillion has evaporated from the market following Trump’s Rose Garden announcement on global tariffs, leading to a spike in recession fears.
“Trump is crashing the stock market by 20% this month, but he’s doing it on purpose,” the video said.
The video voiceover falsely claimed Buffett supported Trump’s actions by saying, “And this is why Warren Buffett just said, ‘Trump is making the best economic moves he’s seen in over 50 years.’”
After Trump shared the video, Berkshire Hathaway released a statement rejecting the comments circulating on Facebook, TikTok, and X, which Berkshire’s statement called Twitter. While Berkshire didn’t single out a claim to specifically debunk, a Berkshire Hathaway representative told Fortune the release was also directed at Trump’s Truth Social post.
Additionally, Warren Buffett told CNBC Friday that he wanted to swiftly correct these claims as false rumors can be spread quickly. Buffett affirmed that he won’t be making any commentary on the market, economy, or tariffs until Berkshire Hathaway’s annual meeting on May 3, in Omaha, Nebraska.
False attributions have dogged Buffett. In October prior to the presidential election, Berkshire released a statement emphasizing that Buffett would not endorse political candidates or investment products.
“In light of the increased usage of social media, there have been numerous fraudulent claims regarding Mr. Buffett’s endorsement of investment products as well as his endorsement and support of political candidates,” the release said. “Mr Buffett does not currently and will not prospectively endorse investment products or endorse and support political candidates.”