During the weekend, analysts in the market worried about a potential recurrence of the notorious “Black Monday” crash from 1987, as economic instability loomed and President Trump’s ongoing tariffs continued to unsettle Wall Street. However, despite the heightened concern, a full-blown collapse never manifested.
Interestingly, one of the primary factors that kept the market from facing calamity may have been an erroneous report circulated by an obscure account on Elon Musk’s social media site, X.
A Sudden Market Upswing
When trading commenced on Monday morning, it seemed the markets were on track for a sharp downturn. Then, in a surprising turn of events, stocks jumped by 10%, leaving analysts and investors in disbelief. This unexpected upswing was primarily linked to reports suggesting that the White House was contemplating a 90-day halt on tariffs—excluding those on China.
The assertion was initially associated with Kevin Hassett, President Trump’s economic advisor and Director of the National Economic Council. However, no official comment or reliable source could validate that Hassett had actually made such a statement.
Instead, the rumor appeared to have originated from a post on X by an account named Walter Bloomberg, which has more than 850,000 followers. The post, written in uppercase and accompanied by an alarm emoji, declared: “TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA.”
The post rapidly gained traction and seemed to sway investor attitudes—despite being untrue. The White House subsequently refuted the assertion, branding it as “fake news.”
Who Is Walter Bloomberg?
Despite the name, Walter Bloomberg has no connection to Bloomberg News. The account, @DeItaone (with a capital “I” replacing an “L”), is recognized for sharing fast-paced, Bloomberg Terminal-style headlines. The presence of a paid blue checkmark and a growing follower count led many users to mistakenly view the account as a legitimate financial news outlet.
It is unclear where Walter Bloomberg sourced the information. In a response to another user, the account claimed the news was derived from Reuters. However, as Guardian reporter Robert Mackey noted, Reuters published its article after the post had already gone viral.
The Role of Hammer Capital
While the post from Walter Bloomberg garnered the most attention, CNN and various other platforms traced the initial reference of the false tariff pause to a smaller X account: @yourfavorito, which is known as Hammer Capital. This account has under 1,000 followers but also possesses a paid blue checkmark, which lends it an air of credibility to some users.
Hammer Capital stated that the information originated from CNBC, yet once again, the timing did not align—CNBC’s report came after the prior posts had already gained traction.
Where Did the Confusion Start?
The most probable source of the misinformation seems to stem from a misunderstanding of a Fox News interview featuring Kevin Hassett. Journalist Aaron Rupar shared a clip of the interview on X, and users may have misconstrued Hassett’s statements in their eagerness to report news. The complete interview, however, did not support the assertion of a tariff suspension.
There’s also the chance that the posts were entirely concocted. Since Elon Musk’s acquisition of Twitter—now X—the platform’s verification system has been altered, allowing anyone to obtain a blue checkmark for $8 a month. This change has facilitated the spread of misinformation under the pretense of authenticity.
Market Impact
No matter how the rumor originated, its repercussions were substantial. The false report regarding a tariff suspension contributed to reversing what could have been a catastrophic day on Wall Street. While the market eventually found its footing, the incident underscores the increasing influence of unverified social media accounts on global financial markets—and the associated risks.