During a tumultuous morning on Wall Street, a false report was disseminated by Walter Bloomberg, a well-known news aggregator on the platform X. The report inaccurately claimed that President Trump was contemplating a 90-day suspension of his controversial tariff plan. This erroneous news prompted a swift reaction in the stock markets, notably in the index funds such as the Dow Jones, which experienced significant volatility followed by a reversal.
Walter Bloomberg, while not linked to any news organization, has gained a reputation as a dependable source for tech and business news. The account typically shares news headlines as they appear on the Bloomberg Terminal, a costly subscription service that offers financial professionals real-time market data, including breaking news headlines. Occasionally, this information reaches the Terminal prior to being published online, making Walter Bloomberg a valuable resource for timely news updates.
On that particular Monday, reporting mistakes from CNBC and Reuters, amplified by the Walter Bloomberg account, seemingly had a direct impact on the stock market amid the chaotic trading day. The misleading headline from Walter Bloomberg, which has since been retracted due to its inaccuracy, suggested that Trump was considering a tariff pause for all countries excluding China.
The White House swiftly responded by refuting the statement attributed to Kevin Hassett, Trump’s National Economic Council director, through a quote-tweet of the now-deleted Walter Bloomberg post. Further evidence was provided by sharing a Fox News clip, where the misinformation appeared to have initially originated.
In response to a suggestion by billionaire Bill Ackman for a 90-day suspension of tariffs, a Fox News host asked Hassett if such a pause was being considered. Hassett replied that the final decision rested with the president and advised against escalating rhetoric.
Walter Bloomberg indicated that the headline was sourced from Reuters when questioned about its origin. However, Walter Bloomberg did not offer any comment to TechCrunch. Reuters, in a statement to TechCrunch, expressed regret for the misinformation which had been derived from a CNBC headline and subsequently retracted the incorrect report.
This chain of errors led Walter Bloomberg to attribute the initial mistake to Reuters, who pointed back to CNBC. A CNBC spokesperson acknowledged the error, explaining that during the fast-paced reporting of market movements, unverified information was aired, and a prompt correction was made on air.
Breaking from its usual impersonal tone, Walter Bloomberg reacted with a brief “wtf” and shared a screenshot of a CNBC report on the Terminal confirming that there was no known plan for a 90-day pause. It is posited that Wall Street traders accessed this information directly via the Terminal, rather than through Walter Bloomberg. Nonetheless, many individuals outside the financial industry rely on Walter Bloomberg to replicate the rapid news delivery afforded by the Terminal.
