Trump’s Crypto Czar David Sacks Brutally Mocked After He Declares ‘Black Monday Hoax Is Over’ — Only to Watch Market Take a Dive
Tom Williams/CQ Roll Call via AP Images
Turmoil from President Donald Trump’s tariffs has rocked the markets over the past few days, and crypto czar David Sacks had been pretty quiet on social media on the topic. Unfortunately for Sacks, he decided to break his silence on Tuesday morning with a tweet that was swiftly proven wrong.
In a Rose Garden press conference last Wednesday, Trump announced a series of sweeping new tariffs, including a 10% levy on virtually all imported goods, 25% tax on foreign automobiles, and a long list of what he described as “reciprocal tariffs” on dozens of countries around the world.
The markets were rattled after Trump’s plans were confirmed, with U.S. stock futures plummeting in after-hours trading, continuing to have historically bad days on Thursday and Friday, and opening with an immediate plunge on Monday. Even a number of Republicans have spoken out to criticize the tariffs as causing unnecessary economic harm.
Sacks, a South African-born venture capitalist, was tapped by Trump to be the crypto czar for his second term. Tuesday morning just before 10:00 am ET, he tweeted, “Black Monday Hoax is over.”
It did not take long for other people to take some digital swings at Sacks as the market took a downward turn for another day.
Sacks responded Tuesday evening with another tweet defending himself.
“After wrongly predicting a crash yesterday,” he wrote, “some people are gloating because the Dow Jones Industrial Average closed down 0.84% today. On the real Black Monday (Oct 19, 1987), the DJIA plunged by 22.6%. People use these terms without having a clue what they mean.”
Unsurprisingly, this tweet seemed to do little to dissuade his critics, and it too attracted its own chorus of hecklers.
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