White House says portfolio is independently managed by third parties
President Donald Trump made more than 1,000 stock purchases and sales in July worth up to $270 million combined, according to a Guardian analysis of his latest financial disclosure, released Tuesday. The filing, which presidents and vice-presidents are required by law to submit, recorded more than 700 sales totaling between $35 million and $137 million and more than 440 purchases totaling between $43.5 million and $134 million. Federal financial disclosures only list a transaction date and a range of dollar amounts, not precise figures.
His two largest transactions were Amazon and Microsoft stock sales, valued between $5 million and $25 million each, executed on July 20. That same day, Trump sold up to $5 million worth of Oracle and Costco stock and between $500,000 and $1 million in Nvidia shares, while buying up to $5 million each in Intuit and Salesforce — among dozens of other transactions disclosed that month.
The disclosure comes as Trump and the Republican Party continue to champion a ban on stock trading among members of Congress, legislation that would exclude the president from any restrictions. A Bloomberg analysis cited by the Guardian found that Trump made more trades than all of Congress combined between the start of his second term and June.
The White House defended the portfolio’s structure. In a statement released with the disclosure, spokesperson Davis Ingle said Trump’s stock and bond holdings are “independently managed by third-party financial institutions” and that no conflicts of interest appeared in the latest filing.
“All holdings are maintained in discretionary accounts and invested through computer-based model portfolios that automatically replicate recognized indexes, such as the Schwab 1000,” Ingle said. “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. All investment decisions are made entirely by independent managers.”
The July disclosure is the latest in a series of filings that have documented the financial scale of Trump’s second presidency. His last annual financial disclosures revealed he made more than $2.2 billion in 2025 from his network of businesses and investments, including $1 billion in crypto revenue. Disclosures from his staff have also revealed $45,000 cash gifts to three White House officials — including his close personal aide Natalie Harp — a revelation that prompted calls from government-watchdog groups for further investigation.
Separately, Trump earned up to $15.5 million from investments in oil and gas companies, according to a finding by the Senate’s joint economic committee, which attributed the gains to gas prices driven up by the U.S. war with Iran.
The president, vice-president, and members of Congress are legally allowed to trade individual stocks and must disclose their transactions within 45 days. The practice is, however, broadly unpopular with voters. An Economist/YouGov survey found that roughly 75% of respondents — including majorities of Democrats and Republicans — believe elected officials should not be allowed to buy and sell individual stocks while in public office.
The Trump-endorsed Stop Insider Trading Act, which passed the House of Representatives in July, would prohibit lawmakers and their families from purchasing publicly traded stocks. The bill, however, would not affect Trump or Vance.