08:42 AM EDT, 04/10/2025 (MT Newswires) -- Legal experts and critics have raised concerns about President Donald Trump's early Wednesday social media posts urging Americans to buy stocks, which came shortly before he announced a 90-day pause on country-specific tariffs, multiple media outlets reported Thursday.

There is no evidence Trump was trying to manipulate markets or that he or his advisers acted on insider information, according to the reports.

Just after markets opened, Trump posted on Truth Social: "BE COOL! Everything is going to work out well," followed minutes later by "THIS IS A GREAT TIME TO BUY!!! DJT."

The Associated Press pointed out Trump's use of "DJT", also the ticker symbol for Trump Media & Technology ( DJT ) , though it noted he intermittently uses the initials to emphasize that he has personally written the message.

Shares of Trump Media ( DJT ) closed up 22% Wednesday, as did Tesla (TSLA), whose CEO Elon Musk is leading the Department of Government Efficiency in the Trump administration.

Richard Painter, former chief ethics lawyer under President George W. Bush, said the posts could be interpreted as market manipulation, calling them a "terrible idea," according to CNBC.

Democratic lawmakers including Senators Richard Blumenthal and Adam Schiff have called for investigations into potential securities violations, NBC reported.

The White House rejected the accusations, while Commerce Secretary Howard Lutnick said Trump was likely encouraging people to buy stocks while prices were relatively low, CNBC reported.

The White House did not immediately respond to requests for comment from MT Newswires.