A clip of former President Donald Trump arguing that the election of President Joe Biden would lead to a plummeting stock market circulated online on Friday after Wall Street saw a bloodbath.

The Federal Reserve increased targets for the federal funds rate by 0.75% on Wednesday afternoon, sending the Dow Jones Industrial Average, which tracks 30 of the most prominent companies on American exchanges, tumbling more than 500 points.

After stagnating on Thursday, the index fell another 500 points by early Friday afternoon to 29,400. On January 20, 2021, the day of Biden’s inauguration, the Dow had closed slightly above 30,900.

“They said the stock market will boom if I am elected,” Trump said during a 2020 presidential debate. “If he’s elected, the stock market will crash.”