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| Source: nymag.com |
Note: This is not a left-wing argument, and it is not an attack on Donald Trump simply because he is Donald Trump. Any president who holds individual stocks while overseeing contracts, regulations and policies that can enrich those companies should face the same scrutiny.
Two weeks separated Donald Trump’s multimillion-dollar investment in a Taser manufacturer from his administration’s announcement of an enormous federal Taser procurement.
On February 10, 2026, Trump’s investment account purchased between $1 million and $5 million in Axon Enterprise, the company that manufactures Tasers. Federal disclosure rules provide only broad value ranges, so the exact amount remains unknown. Trump’s account purchased another $15,000 to $50,000 in Axon shares on March 2 while also making two relatively small sales around the same period.
On February 24, only fourteen days after the large purchase, Immigration and Customs Enforcement posted a notice describing plans for a five-year contract worth an estimated $220 million. ICE wanted approximately 17,800 new Tasers, unlimited cartridges and training for its agents. The agency reportedly had about 4,300 Tasers in service, meaning the proposed purchase alone would more than quadruple its existing inventory.
The notice did not award the contract to Axon or even identify the company by name. It was a preliminary request for information from potential suppliers. However, reporting found that Axon was the only known company manufacturing a conductive energy weapon matching the specifications ICE requested. Axon was also already doing business with the Department of Homeland Security and had spent nearly $2.5 million lobbying during the previous year, the highest annual lobbying expenditure in the company’s history.
The timing becomes even stranger when we remember what Trump said on February 24, the same day ICE posted the contracting notice. During his State of the Union address, Trump called upon Congress to prohibit its members from profiting through insider information.
“Let’s also ensure that members of Congress cannot corruptly profit from using insider information,” he declared.
Yet Trump did not propose extending that prohibition to the president. His own portfolio was holding as much as $5 million in a company positioned to become the primary beneficiary of a procurement announced by an agency under his control.
Axon might have been dismissed as an uncomfortable coincidence had it occurred alone. It did not.
Financial disclosures covering the first three months of 2026 revealed an extraordinary level of trading inside Trump’s investment accounts. CBS News counted 3,642 transactions involving 1,026 companies and funds between January 6 and March 30. That included 2,346 purchases and 1,296 sales. Reuters estimated the combined value of the transactions disclosed across two reports at between $220 million and approximately $750 million.
This was not a passive portfolio quietly holding broad market funds. It was an actively traded collection of individual corporations whose fortunes could be affected by contracts, regulations, tariffs, export approvals, health policies and public statements originating from the Trump administration.
Consider Dell Technologies.
On February 10, the same day as the large Axon purchase, Trump’s portfolio acquired between $1 million and $5 million in Dell stock. Nine days later, Trump stood before supporters in Georgia and told them to “go out and buy a Dell computer.” Three additional Dell purchases, each worth up to $50,000, followed in March.
In May, the Pentagon awarded Dell’s federal subsidiary a contract valued at up to $9.7 billion to manage and consolidate Microsoft software procurement across the Department of Defense, intelligence agencies and the Coast Guard. The agreement consolidated previously budgeted software spending rather than creating an entirely new $9.7 billion pool of money, and Dell had an established relationship with Microsoft and the Pentagon. None of that changes the central issue: the sitting president owned a major personal financial interest in a company he publicly promoted before his administration awarded that company the largest government contract in its history.
Then there were the semiconductor companies.
Trump’s financial managers purchased between $500,001 and $1 million in Nvidia stock on January 6. The following week, the administration relaxed export restrictions, allowing Nvidia to resume selling certain high value artificial intelligence chips to customers in China. The accounts continued buying and selling Nvidia throughout the quarter, eventually recording fifteen separate Nvidia transactions.
The portfolio also purchased between $50,000 and $100,000 in Advanced Micro Devices stock on January 6. On January 13, the Commerce Department authorized AMD to sell chips to Chinese customers. Trump’s accounts purchased at least $740,000 in AMD stock during the quarter.
Palantir provides another example. Trump bought between $65,000 and $150,000 in Palantir shares during January, sold between approximately $1.1 million and $5.3 million in February, and then bought between roughly $200,000 and $500,000 more in March. During February, Palantir entered an agreement with the Department of Homeland Security reportedly worth as much as $1 billion to provide technology supporting the administration’s immigration-enforcement operations.
On April 7, after the March purchases, Trump publicly praised Palantir on Truth Social. He did not merely mention the company. He included its stock-market ticker, PLTR, while praising its “war fighting capabilities and equipment.”
The pattern was not confined to military equipment, surveillance technology and artificial intelligence. It extended into prescription drugs.
Trump’s accounts made seven purchases of Eli Lilly stock during the first quarter, beginning on January 6, with the combined purchases valued at as much as $680,000. Two days after the first purchase, drug manufacturers faced a deadline to apply for a new Centers for Medicare & Medicaid Services program designed to expand access to GLP-1 weight-loss drugs. Eli Lilly later became a participating manufacturer and described the development as a significant milestone.
The administration subsequently promoted several policies beneficial to Lilly. Medicare moved toward covering obesity drugs through a pilot program. The government’s TrumpRx website directed consumers toward lower-priced Lilly products and LillyDirect, the company’s own telemedicine service. The FDA intensified enforcement against cheaper compounded GLP-1 alternatives and later gave expedited approval to a Lilly weight loss pill. Not every government decision favored the company, but enough did that ethics experts openly questioned the appearance created by the president holding Lilly shares while his agencies shaped the company’s market.
Tobacco offers yet another variation on the same theme.
By 2026, Trump’s holdings in Philip Morris had reportedly grown to as much as $1.64 million. His portfolio also traded Altria and other tobacco-related stocks. Meanwhile, tobacco interests contributed millions of dollars to Trump’s political operation, inauguration and related projects. Reynolds American donated another $5 million to MAGA Inc. on April 30, one week before FDA guidance gave the tobacco and vaping industries an important regulatory victory.
During the same period, the administration withdrew a proposed menthol-cigarette ban, created faster pathways for nicotine products, eased the market entry of some vaping products, weakened federal tobacco-control offices and increased enforcement against unapproved competitors threatening the largest established companies. Financial analysts described portions of the new FDA policy as highly favorable to Philip Morris and other major industry players.
No publicly available evidence proves that Trump personally ordered any of these trades. No document currently proves that he knew in advance about the Axon procurement, the Dell agreement, the semiconductor export decisions or the health policies affecting Eli Lilly.
The Trump Organization says the investments are held in fully discretionary accounts managed by independent financial institutions. It claims neither Trump nor his family chooses, directs or receives advance notice of individual trades and that automated systems handle portfolio decisions.
That explanation deserves to be reported. It does not resolve the problem.
Trump’s portfolio is not a qualified blind trust. His assets remain in a trust controlled by his children, and his signed financial disclosures reveal the companies held and traded on his behalf. A person cannot honestly claim to be blind to investments appearing on documents that person reviews, signs and certifies.
The transaction volume may also have an ordinary financial explanation. Investment professionals reviewing the records suggested that Trump’s managers could be using automated direct indexing and tax-loss harvesting, strategies that can produce thousands of purchases and sales without anyone manually selecting every trade. The accounts sometimes bought and sold the same companies, making it difficult to isolate any one transaction and prove it resulted from nonpublic information.
But the ethical issue is larger than whether prosecutors could prove criminal insider trading.
The president oversees the agencies that award contracts, issue licenses, approve exports, negotiate drug prices and write regulations. He appoints the people running those agencies. He can publicly praise a company and move markets with a sentence. At the same time, his private portfolio may gain or lose money depending upon the decisions made by the government he controls.
Most executive branch employees would face strict restrictions against participating in official matters affecting their personal financial interests. Federal law, however, excludes the president and vice president from the principal criminal conflict of interest statute covering such conduct. Trump remains subject to financial disclosure requirements, but disclosure merely tells the public about the conflict after the transaction has occurred; it does not remove the conflict.
Trump’s latest filing was itself late. He reportedly paid a $200 penalty for failing to disclose the transactions within the STOCK Act’s 45 day deadline. In practical terms, a president overseeing trillions of dollars in government activity can maintain a portfolio worth hundreds of millions, disclose trades after the fact and face a penalty smaller than many Americans’ monthly utility bill.
Perhaps every one of these transactions was generated independently by an algorithm. Perhaps Trump knew nothing about the trades until they appeared on his disclosure forms. Perhaps each favorable government decision was made entirely on its merits.
But government ethics should not rest upon the public being asked to accept an endless series of perhapses.
One Axon purchase before a proposed $220 million Taser contract might be called coincidence. A multimillion dollar Dell purchase, followed by presidential promotion and a $9.7 billion Pentagon agreement, makes coincidence harder to accept as a complete explanation. Add Nvidia, AMD, Palantir, Eli Lilly and the tobacco companies, and we are no longer looking at a single suspicious date on a calendar. We are looking at a system that repeatedly places presidential power and private financial gain on the same side of the transaction.
The question is not merely whether Donald Trump broke a law designed with a presidential loophole large enough to drive a $9.7 billion contract through. The question is why any president is permitted to own and actively trade individual companies while controlling the federal machinery that can enrich them.
Sources:
Office of Government Ethics: Donald J. Trump Periodic Transaction Report, signed May 8, 2026
https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/405E4EC4E27BE8D185258DF7002DD1C0/$FILE/Trump,%20Donald%20J.-05.08.2026-278T(2).pdf
SAM.gov: ICE Sources Sought Notice for Conducted Energy Weapons, cartridges and training
https://sam.gov/workspace/contract/opp/b40ef27c3e424cb788190e88ab12ca83/view
Samuel Larreal and Jackie Llanos, NOTUS: “Trump Bought Corporations’ Stock as His Administration Boosted Their Business,” May 14, 2026; updated May 15, 2026
https://www.notus.org/money/donald-trump-stock-investments-palantir-axom-nvidia
Jackie Llanos, NOTUS: “ICE Plans to Spend $220 Million on Tasers,” March 2, 2026
https://www.notus.org/immigration/taser-contract-immigration-customs-enforcement-220-million
Maegan Vazquez, The Washington Post: “Dell Inks $9.7 Billion Pentagon Contract After Trump Acquires Stock,” May 28, 2026
https://www.washingtonpost.com/politics/2026/05/28/dell-inks-97-billion-pentagon-contract-after-trump-acquires-stock-praises-company/
Darius Tahir, KFF Health News: “Trump Bought Stock in Drugmaker as His Government Boosted Its Obesity Drugs,” May 18, 2026
https://kffhealthnews.org/health-industry/trump-stock-trades-eli-lilly-glp-1-weight-loss-drugs-invest-ethics-disclosures/
Darius Tahir, KFF Health News: “Trump Bought Tobacco Stocks and Raked In Industry Donations as FDA Eased Standards,” June 11, 2026
https://kffhealthnews.org/courts/fda-tobacco-vape-vaping-ecigarette-smoking-trump-investments-maga-donations/
Stefan Becket, Michael Kaplan, Graham Kates, Grace Manthey and Julia Ingram, CBS News: “3,600 Stock Trades in 3 Months: Breaking Down Trump’s Flurry of Investment Moves,” June 15, 2026
https://www.cbsnews.com/news/trump-stock-trades-2026/
CBS News: Interactive database: “Explore Trump’s 3,600 Stock Trades From the First 3 Months of 2026,” June 15, 2026
https://www.cbsnews.com/projects/2026/trump-stock-trades/
Jarrett Renshaw, Lawrence Delevingne and Tom Bergin, Reuters: “Trump Ethics Filing Reveals Thousands of Trades Tied to U.S. Corporate Securities,” May 14, 2026; updated May 15, 2026
https://www.reuters.com/legal/government/trump-ethics-filing-reveals-thousands-trades-tied-us-corporate-securities-2026-05-14/
Samuel Larreal, NOTUS: “What Donald Trump Knows About His Stock Investments,” May 19, 2026
https://www.notus.org/money/donald-trump-stock-investments-portfolio-disclosure
Cornell Legal Information Institute: 18 U.S. Code § 202, defining the exclusion of the president and vice president from several federal conflict-of-interest provisions
https://www.law.cornell.edu/uscode/text/18/202






