Between late August and early October, President Donald Trump invested at least $82m in corporate and municipal bonds, according to financial disclosures made public Saturday by the US Office of Government Ethics. In all, over 175 transactions were recorded, some involving securities issued by public entities such as states, counties and school districts. At maximum value, these bond investments could exceed $337m. This investment strategy comes at a time when federal policies implemented by the Trump administration are benefiting several related sectors.
The bonds acquired include securities from technology companies such as Meta, Intel, Broadcom and Qualcomm, banking groups such as Goldman Sachs, Morgan Stanley and JP Morgan, and retail chains such as Home Depot and CVS Health. Some of these companies are directly linked to economic reforms promoted by the White House, such as financial deregulation and public investment in semiconductors. The statement also mentions Intel bonds, following the government's acquisition of a stake in the group. Officially, Trump's portfolio is managed by an independent third party, and the White House asserts that the president complies with all financial transparency requirements.
However, these investments reinforce persistent concerns about possible conflicts of interest, as Trump continues to receive income from his private activities, as revealed in his annual report published in June. The report showed over $600m in income in 2024, mainly from his golf courses, brand licenses, and cryptocurrency investments. Since returning to the presidency in January, Trump has already purchased over $100m in bonds. According to Reuters, his June filing valued his assets at at least $1.6bn.
