Attorney General Pam Bondi’s sale of between $1 million and $5 million worth of shares in Trump Media on the same day President Trump announced new tariffs, causing a market downturn, has raised questions about potential insider trading. The stock of Trump Media, which operates Truth Social, dropped 13% following the tariff announcement before recovering. Bondi’s disclosure forms indicate the transactions were made on the day of the announcement, but it is unclear whether they occurred before or after the market closed.

Government officials trading based on nonpublic information can violate the law, but defining illegal insider trading has become increasingly complex. It remains uncertain if Bondi had advance knowledge of Trump’s tariff plans as attorney general. The lack of specific details in the disclosure forms, such as the amount and timing of the sales, adds to the ambiguity surrounding the trades. Bondi had previously disclosed her ownership of Trump Media shares and had committed to selling them within 90 days of her confirmation.

The Justice Department’s response to inquiries about the trades is awaited. Additionally, a recent SEC filing by Trump Media detailing holdings of key shareholders, including Bondi, adds another layer of complexity to the situation. The filing hinted at a potential sale of shares by top shareholders, further complicating the timeline and motives behind Bondi’s stock transactions.