Purchases totaled at least $43.6 million, while sales came to at least $35.6 million, CNBC calculated. The largest transactions were July 20 sales of between $5 million and $25 million each of Microsoft and Amazon shares, the filing stated.
The disclosure does not show what time the trade occurred or who made the investment decision, according to the report. Recent presidents have generally divested individual stocks or relied on blind trusts or diversified funds to avoid even the appearance of conflicts of interest, the report noted.
Microsoft, Amazon Sales Part of Broader July 20 Transactions
The same July 20 entries show sales of between $1 million and $5 million of Oracle, along with purchases that included between $500,001 and $1 million of Nvidia, according to the filing. A $250,001 to $500,000 sale of Northrop Grumman was also reported that day, when Trump signed an executive order tightening supply chain requirements for defense contractors and restricting waivers for certain critical materials sourced from China and other covered countries.
Three days later, Trump reported buying between $100,001 and $250,000 of Microsoft and between $1,001 and $15,000 of Amazon, the filing showed. The disclosure does not show what time the trade occurred or who made the investment decision, according to the report.
Trump also traded shares of companies led by Elon Musk. He bought between $15,001 and $50,000 of SpaceX shares on July 10 and sold between $1,001 and $15,000 on July 17. SpaceX went public June 12 in the largest IPO on record, and an earlier filing showed Trump bought between $15,001 and $50,000 on June 23.
Portfolio Activity Included Technology, Defense, ETFs and Bonds
The July 20 transactions were part of a wider rotation including purchases of between $1 million and $5 million each of Intuit, Marvell Technology, Salesforce and Church & Dwight, the filing stated. Trump also bought between $250,000 and $500,000 of taser maker Axon Enterprises, which works frequently with Immigration and Customs Enforcement, according to the disclosure.
On July 8, Trump disclosed purchases worth between $1 million and $5 million each of the State Street SPDR Bloomberg International Treasury Bond ETF, Fidelity MSCI Communication Services Index ETF, Vanguard Short-Term Bond Index Fund ETF and Vanguard Dividend Appreciation Index Fund ETF. That same day, he sold between $1 million and $5 million each of the iShares U.S. Treasury Bond ETF, State Street Communication Services Select Sector SPDR ETF and iShares International Treasury Bond ETF.
The filing also shows purchases worth between $1 million and $5 million each of two Miami-Dade County, Florida, aviation revenue bonds, a St. Louis County, Missouri, school district bond and a Main Street Natural Gas bond. Academic research on related party transactions has found that disclosure requirements are intended to let investors know about the existence of such transactions, though it remains doubtful that investors have access to all relevant information to properly analyze their impact [1].
White House Says Trades Independently Managed
White House spokesman Davis Ingle said in response to CNBC questions that Trump's stock and bond portfolio is independently managed by third-party financial institutions. "Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold," Ingle said.
The White House has repeatedly defended the trades and said independent advisors manage the portfolio without input from Trump or his family. The Trump Organization did not immediately respond to a request for comment on the latest disclosure, according to the report.
Recent presidents have generally divested individual stocks or relied on blind trusts or diversified funds to avoid even the appearance of conflicts of interest, the report noted. Corporate America contributed unprecedented sums exceeding $170 million to Trump's second inauguration, marking a significant shift in business engagement with the administration [2].
Disclosure Follows Months of Heavy Trading
In June, Trump disclosed 1,051 transactions totaling between $78.1 million and $263.1 million, including purchases and sales of stocks, bonds and exchange-traded funds, CNBC reported. The president's 2025 annual financial disclosure showed more than 21,000 securities trades across eight accounts holding at least $858 million, compared with 86 stock transactions disclosed during his first year in office in 2017.
Trump's first year back in office produced a private financial windfall of extraordinary scale, with the disclosure running 927 pages showing $2.2 billion in income, including $1.4 billion from crypto and more than 21,000 stock trades [3]. World Liberty Financial, a crypto company co-founded by members of Trump's family, generated the bulk of the president's digital-asset revenue, with about $515 million from WLFI token sales and $65 million from equity sales in WLF's holding company [4].
While the filing shows activity conducted on Trump's behalf, broad value ranges obscure his exact holdings, according to the report. The disclosure comes as markets have shown volatility, with futures flat ahead of Trump's UN address after a modest drop following the European open [5].
References
- NaturalNews.com. "Corporate America, Including Tech Giants and Big Pharma, Opens Wallets Wide for Trump's Second Inauguration—Contributing Over $170 Million to Shatter Previous Record". Belle Carter. January 21, 2025.
- ZeroHedge. "Futures Flat As Oil, Yields Drop Ahead Of Trump UN Address". September 22, 2026.
- The New American. "Trump Disclosure Shows $2.2B in Income, Including $1.4B From Crypto and More Than 21,000 Stock Trades". July 6, 2026.
- NaturalNews.com. "Trump financial disclosure reports hundreds of millions in crypto income". July 1, 2026.
- Wenxia Ge, Donald H. Drury, Steve Fortin, Feng Liu, Desmond Tsang. "Value relevance of disclosed related party transactions". Journal of Accounting and Economics 50(2):179-204. 2010.
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