Snopes fact-checked a New York Times article that argued that President Donald Trump could stand to benefit financially from hydroxychloroquine being used to treat coronavirus patients, deeming the article “mostly false.”
The New York Times published an article Tuesday mentioning the president’s small financial stake Sanofi, a French pharmaceutical company that produces the anti-malaria drug that has shown to be effective in treating the virus. Trump’s personal stake in the company is estimated to be as small as $99. The president’s net worth is estimated to be between 3 and $4 billion. (RELATED: FLASHBACK: Jan. 21: Fauci Says Coronavirus ‘Not A Major Threat’ To U.S.)
Brutal day for The New York Times. The worst of the worst at The Washington Post, Vox, and Snopes were like “yeah that’s a pretty ridiculous fake news narrative.” pic.twitter.com/EmO1v8OMq4
— Matt Wolking (Text TRUMP to 88022) (@MattWolking) April 8, 2020
“Because Trump’s financial interest in Sanofi and other pharmaceutical companies is indirect and minor, and because hydroxychloroquine is an easily produced generic drug unlikely to drive profit, we rank the claim that his promotion of the drug could lead to potential financial benefits as ‘Mostly false,’” the left-leaning fact check outlet wrote. (RELATED: Why Trump’s Approval Ratings Are Currently High And How That Could Change)
The president has repeatedly touted the promise of hydroxychloroquine as a therapeutic for the virus and waived FDA regulations last month to allow the drug to be quickly approved for treatment. The drug has been rated as the “most effective” treatment for the coronavirus by thousands of physicians.