From NBC News · Reuters · · 1m 20s
Trump trades SpaceX shares while advising on company
President bought and sold Elon Musk's rocket company stock in July, creating new financial ties to a major government contractor.
In brief
President bought and sold Elon Musk's rocket company stock in July, creating new financial ties to a major government contractor. Trump has direct financial stakes in SpaceX at the same time his administration makes decisions affecting the company's business. Originally reported by NBC News.
Trump trades SpaceX stock in July
President Trump bought up to $50,000 and sold up to $15,000 in SpaceX shares on July 10 and 17, according to his financial disclosure filed September 8.
SpaceX just had massive IPO
SpaceX priced the largest US IPO ever on June 12, valuing the space and satellite company at $1.77 trillion. Trump bought shares in both June and July.
SpaceX is a military contractor
SpaceX regularly seeks approvals from federal agencies as a US military contractor. Trump's administration makes decisions that could affect the company's fortunes.
White House says portfolio is managed independently
White House spokesman Davis Ingle said third-party financial institutions independently manage Trump's portfolio and replicate recognized indexes like the Schwab 1000.
“third-party financial institutions independently manage the president's portfolio”
Part of over 1,000 July trades
Trump's SpaceX transactions were among more than 1,000 trades he made in July. The Office of Government Ethics posted the disclosure form on Tuesday.
Exact amounts unclear due to disclosure ranges
Federal officials use ranges to declare asset values on financial disclosure forms, so Reuters could not determine Trump's precise investment amount in SpaceX.
What it means
Trump has direct financial stakes in SpaceX at the same time his administration makes decisions affecting the company's business.
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