Fact Check

Did Trump Say the Stock Market Would 'Crash' If Biden Won Election?

The stock market soared as the Biden administration's transition officially got underway.

Published Nov 24, 2020

 (Screen shot / C-Span YouTube channel)
Image Via Screen shot / C-Span YouTube channel
U.S. President Donald Trump said that the stock market would "crash" if Joe Biden was elected president.

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In the weeks leading to Nov. 3, 2020, U.S. presidential election, incumbent Donald Trump had wrongly predicted that if his political rival —  now-President-elect Joe Biden — won the election, the stock market would crash.

According to Factbase, a database that collects Trump's statements, the outgoing president made that prediction numerous times.

For example, during the second presidential debate on Oct. 22, 2020, Trump had stated that if he was reelected, the stock market would "boom," and "If he [Biden] was elected, the stock market will crash." He made the claim again during a campaign rally in Pennsylvania on Halloween, saying, "If [Biden] gets in, the market will crash."

The prediction failed to materialize. On Nov. 24, 2020, as Biden's transition formally got underway, the stock market hit a record high. Trump acknowledged the stock market record with a brief announcement in the White House briefing room, then exited without taking questions from reporters.

Bethania Palma is a journalist from the Los Angeles area who started her career as a daily newspaper reporter and has covered everything from crime to government to national politics. She has written for ... read more

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