By Isabella Torregiani
3:34pm PDT, Jun 24, 2025
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Marketing professor
Scott Galloway has criticized President
Donald Trump's tariffs, calling them a "weapon of insider trading." Galloway warns that those close to Trump could be profiting by trading stocks ahead of upcoming policy announcements.
Keep reading for more on his take… MORE:
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Speaking on his "
Pivot" podcast with
Kara Swisher, Scott Galloway argued that corruption in the stock market could sway investors and undermine their trust: "President Donald Trump puts a policy, a tariff of 145%, and then he admits himself, 'Well, that was kind of high,'" Galloway said. "Then he lowers it to 30 because the markets throw up." The host then compared Trump's approach to a poker player who talks tough but folds before seeing the other players' hands: "He negotiates against himself," Galloway said, noting that while many don't take Trump seriously, his behavior creates a tool for insider trading.
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Scott Galloway continued, warning that President Donald Trump's market "volatility" isn't random — it benefits those in his inner circle: "He can take markets up for some of their biggest gains in history when he takes these ridiculous trades off the table. He can take markets down." The author claimed that those with early access to his insights are the ones profiting: "You're going to find that some of his hedge fund buddies that he speaks to or tucks them in a bed at night, some of whom we talk a lot about, are going to vastly outperform the index," he said.
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President Donald Trump wasn't the only target catching heat from Scott Galloway. The podcast host also criticized Attorney General Pam Bondi, suggesting corruption starts at the top. According to Galloway, Bondi sold between $1 million and $5 million in Trump Media stock on April 2 — the same time the "Liberation Day" tariffs were announced. "So we have the person supposedly ensuring the markets have rule of fair play is trading stocks the day her boss announces tariffs that will take the markets down," he said. "She sells a ton of stocks and it is everywhere." Galloway emphasized that the issue isn't people making money, it's how they get the information ahead of time: "When you buy same-day options because you know he's about to reduce the tariffs and the markets are about to scream up, somebody is on the other side of the trade that doesn't have that insider information, that is selling that person that option and is going to get taken to the laundry, is going to lose a s*** ton of money."
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Scott Galloway went on to say this pattern isn't new — it's part of a long-standing problem: "In this first term, Carl Icahn sold 31 million in steel-related stocks the day before Trump announced steel tariffs in 2018," he noted. Galloway also claimed that just days before another tariff announcement, three hedge fund managers attended a private dinner at Mar-a-Lago. All three "dramatically increased their short positions" within 48 hours. By the end, Galloway touched on a broader concern about market fairness, asking, "Why would an average investor ever buy or sell Tesla stock when chances are someone on the other end knows more than I do?" Calling out the SEC for failing to act, Galloway concluded that if those in charge won't enforce the rules, it may be time to turn to outside experts who will.
