Speaking about the stock market from Poland Thursday, President Donald Trump said the stock market is at an all-time high, but he appeared to lament the fact that “everyone else is getting rich” while he serves out his term as president.
“When I say that the stock market is at an all-time high, we’ve picked up in market value almost $4 trillion since November 8, which was the election. Four trillion dollars — it’s a lot of money. Personally, I picked up nothing, but that’s all right. Everyone else is getting rich. That’s OK. I’m very happy,” he said in a speech he gave to the Three Seas Initiative in Warsaw.
The problem — other than Trump’s fib about being happy while “everyone else is getting rich?”
The stock market hasn’t actually gained $4 trillion dollars since the election. It’s hardly gained half of that.
In the hours after Trump won the presidency on Nov. 8, the market was worth about $19.2 trillion. As of Wednesday, it was worth $21.7 trillion, according to Fortune. Doing some quick math, that means the net gain since Nov. 8 is $2.5 trillion. He was about $1.5 trillion off — maybe that math will make
Trump feel a little better about not cashing in on the “trump bump.”
The president sold off his stock holdings after taking office, which means he hasn’t been able to profit from the stock market boost. Trump used to hold a varied portfolio, accorindg to his 2017 financial disclosure form, including blue chips like Apple, AT&T, J.P. Morgan Chase and more.
The market has seen about 13 percent growth since Election Day, and CNN MarketWatch attributes the bump to Trump’s agenda. The president has promised to cut corporate taxes and regulatory reforms that investors are responding to. So far, though Trump’s plan has yet to see the light of day.