Trump Vs. DJ D-Sol: President Tells Goldman Sachs CEO David Solomon To 'Focus On Being A DJ' Instead Of Finance

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21 hours ago

Shares of Goldman Sachs Group (NYSE:GS) hit new all-time highs Tuesday, which might come as a surprise given an attack against the company and their CEO David Solomon by President Donald Trump.
What Happened: On the heels of a Consumer Price Index that saw core inflation come in higher than expected, Trump lashed out at several individuals in the financial markets, including Solomon and Federal Reserve Chairman Jerome Powell.
The Consumer Price Index held steady at 2.7% year-over-year, but the core inflation figure, which takes out food and energy, showed 3.1%, up from 2.9%, a figure that was higher than expectations.
Trump said on social media that tariffs aren't to blame for inflation.
"Trillion of dollars are being taken in on tariffs, which has been incredible for our country, its stock market, its general wealth, and just about everything else. It has been proven that even at this late stage, tariffs have not caused inflation, or any other problems for America, other than massive amounts of cash pouring into our Treasury's coffers," Trump posted on Truth Social.
Trump said that it's not consumers paying tariffs, but instead they're being paid by companies and governments, with many of the payers being foreign companies and other country' governments.
"But David Solomon and Goldman Sachs refuse to give credit where credit is due. They made a bad prediction a long time ago on both the Market repercussion and the tariffs themselves, and they were wrong, just like they are wrong about so much else. I think that David should go out and get himself a new Economist, or, maybe, he ought to just focus on being a DJ, and not bother running a major financial institution."
Trump's attack on Solomon and Goldman Sachs was two-fold, one attack on a recent research report from the financial company and a shot at Solomon's previous DJ gig.
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Goldman Sachs on Tariffs: A recent research note from Goldman Sachs researchers, including the company's chief economist Jan Hatzius said consumers are beginning to feel the impact of tariffs and it is consumers who are paying the tariff costs.
The report said consumers have paid around 22% of tariff costs through the month of June with an estimate that this will rise to 67% given past trends, as reported by Bloomberg.
Goldman Sachs estimates that American businesses are paying around 64% of the tariff costs to date, but that figure will fall to less than 10%.
The report stated that foreign exporters are absorbing only 14% of the tariff costs through June, a figure that could rise to 25%.
Goldman Sachs highlights that it is consumers that will bear the majority of the tariff costs going forward and that will show up in the inflation data.
The report estimates core PCE will hit 3.2% in December.
Goldman Sachs is not the only financial institution discussing the impact of tariffs on consumers, and it is consumers, rather than companies, who will pay the majority of the fees. Trump has lashed out at other financial institutions for their opinions on the impact of tariffs on consumers.
Solomon the DJ: The comment that Solomon sticks to his job as a DJ may be news to some who aren't familiar with DJ D-Sol's music stylings.
Solomon's secondary career as a DJ included prominent events like performing at Lollapalooza in Chicago in July 2022. The Goldman Sachs CEO has also performed as a DJ at parties and corporate events in large cities and played at smaller music festivals. The banking executive also DJ'd a Sports Illustrated party at Super Bowl LVI.
Performing as DJ D-Sol, Solomon opened for The Chainsmokers at the "Safe & Sound" charity event in New York during the COVID-19 pandemic. The event, which took place in July 2020 during social distancing rules, got event organizers in trouble and led to Solomon having to apologize to the Goldman Sachs board of directors.
Solomon announced that he was ending his DJ days back in 2023, with reports that it was viewed as a distraction to his full-time banking job.
A Goldman spokesperson previously downplayed the reports that DJ D-Sol was ending due to it being a distraction to the bank.
"Music was not a distraction from David's work. The media attention became a distraction," Goldman's spokesperson Tony Fratto previously said.
GS Price Action: Goldman Sachs stock is up 3.3% to $743.46 on Tuesday. The stock hit a new all-time high of $748.11 earlier in the trading session. Goldman Sachs stock is up 29.3% year-to-date in 2025.
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This article Trump Vs. DJ D-Sol: President Tells Goldman Sachs CEO David Solomon To 'Focus On Being A DJ' Instead Of Finance originally appeared on Benzinga.com
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