According to financial disclosure documents released by the U.S. Office of Government Ethics (OGE) on November 15, President Donald Trump purchased corporate and municipal bonds worth at least $82 million between late August and early October this year. These investments included sectors benefiting from his policy initiatives.
Reuters reported that the disclosures, mandated by the 1978 Ethics in Government Act, did not specify exact transaction amounts but provided broad ranges. From August 28 to October 2, Trump executed over 175 financial transactions, with the total maximum value of these bond purchases exceeding $337 million.
The disclosed assets primarily consisted of bonds issued by municipalities, states, counties, school districts, and other public entities. Trump's latest bond investments spanned industries that have gained from his administration's policies, such as financial deregulation.
Among the corporate bonds acquired were those from chipmakers like Broadcom and Qualcomm, tech firms such as Meta Platforms, retailers including Home Depot and CVS Health, and Wall Street banks like Goldman Sachs and Morgan Stanley. In late August, Trump also purchased bonds from investment banks such as JPMorgan Chase. On November 14, Trump called for a Justice Department investigation into JPMorgan Chase's ties with the late financier Jeffrey Epstein. The bank responded by expressing regret over its past association with Epstein, denying any involvement in his crimes.
Under Trump's direction, the U.S. government acquired shares in Intel, after which Trump also bought Intel bonds.
The White House did not immediately comment on the disclosures. Trump's administration has previously stated that the president complies with investment disclosure rules but does not personally manage his portfolio, which is handled by third-party financial institutions.
Before entering politics, Trump amassed significant wealth through real estate. His companies are now held in a trust overseen by his children. An August filing revealed that since returning to the presidency on January 20, Trump had purchased over $100 million in bonds. His June annual disclosure showed income from various businesses, raising concerns about potential conflicts of interest. The filing, covering 2024, reported over $600 million in earnings from cryptocurrencies, golf courses, licensing deals, and other investments, with crypto ventures notably boosting his wealth.
Trump is not the only "stock god" in U.S. politics. Former House Speaker Nancy Pelosi, who recently announced her retirement, is another prominent example. As one of Congress's wealthiest members, Pelosi disclosed approximately $59 million in trades over the past three years, according to Capitol Trades data. Reports indicate her family's investments yielded an 84.3% return in 2023, outperforming Warren Buffett. Pelosi has denied any wrongdoing, defending lawmakers' right to participate in the "free-market economy."
Other notable congressional traders include Senator Ron Wyden and Representative Marjorie Taylor Greene.