President Donald Trump invested tens of millions of dollars into corporate and government bonds, including those of companies and local governments his administration’s decisions could affect, according to a new financial disclosure.
Taken together, Trump’s investments, which he made during late October through mid-November, are worth at least $22.1 million and as much as $65.3 million, a NOTUS analysis of the Dec. 18 Office of Government Ethics disclosure indicates.
Government officials are only required to disclose the values of their personal investment purchases and sales in broad ranges. The White House did not immediately respond to a request for comment. It has previously said that Trump is not personally involved in decisions to buy or sell bonds and pays money managers to do so
Democrats and government watchdogs have long accused Trump of financial conflicts of interest and profiting off the presidency — something the president categorically denies.
Trump’s bond-buying binge includes five- or six-figure investments in the corporate bonds or notes of Netflix, Oracle, General Motors, SiriusXM, Discovery Communications, Boeing, Victoria’s Secret, Amazon.com, Royal Caribbean cruises, Facebook parent company Meta, drugmaker Pfizer, railroad company CSX, and artificial intelligence and cloud-computing company CoreWeave.
Oracle is a key partner in the Trump-brokered deal meant to unravel TikTok from the control of its Chinese parent company, ByteDance.
Trump has meanwhile inserted himself squarely into the middle of competing efforts by Netflix and Paramount Skydance to purchase Warner Bros. Discovery.
The president also invested various amounts in the corporate debt of several large banks and financial institutions, including the Royal Bank of Canada, Canadian Imperial Bank of Commerce, Morgan Stanley, Wells Fargo, Goldman Sachs, American Express, Citigroup, Bank of America, Capital One and Citigroup, according to his disclosure.
Trump has sought significant control over monetary policy that affects banks. He successfully lobbied the Federal Reserve to reduce interest rates three times this year and he will soon nominate a replacement for Fed Chair Jerome Powell, whose term ends in mid-2026.
Meanwhile, Trump’s ever-shifting tariff policies have roiled all sectors of the economy.
Some of Trump’s largest investments of late involve local governments.
For example, he invested between $1 million and $5 million on Oct. 22 in a Wayne County, Michigan, bond that returns a 5% interest rate.
Trump also purchased a bond on Nov. 5 from the Central Florida Tourism Oversight District worth between $1 million and $5 million.
Decisions by the Trump administration, particularly those that involve funding, can affect the finances of local and state governments, including their ability to make good on debts to bondholders.
These latest bond purchases add to hundreds of millions of dollars of other bond trades Trump made earlier this year.
They also come on top of hundreds of millions of dollars worth of Trump’s more exotic investments, from crypto to real estate.
Forbes estimates Trump is worth to be $6.7 billion — and that his wealth has increased substantially since he won back the presidency in November 2024.
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