President Donald Trump's investment managers bought between $15,001 and $50,000 of SpaceX shares in June shortly after Elon Musk's space company went public, according to financial disclosures, adding a prominent federal contractor to a presidential portfolio already facing scrutiny over thousands of trades.
The SpaceX purchase was among more than 1,000 transactions made through Trump's portfolio during June. The investment is notable because SpaceX does extensive business with the federal government and operates in an industry affected by decisions made across the executive branch.
The White House said Trump has no role in selecting individual investments. Spokesman Davis Ingle told Reuters that the president's portfolio managers follow "recognized indexes, such as the Schwab 1000," rather than taking investment instructions from Trump.
"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 told Reuters.
The purchase came as the Trump administration was pursuing policies aimed at expanding commercial space activity in the U.S. Trump recently directed his administration to increase the number of American commercial space launches, a market in which SpaceX is the dominant operator. The company also depends on federal agencies for regulatory approvals and holds government contracts.
Trump's SpaceX position hasn't generated a gain so far. His managers purchased shares at $156.11, according to the disclosure information cited in the source material. SpaceX closed Monday at $135, matching the price at which the company launched its initial public offering.
The transaction is part of a much larger pattern of investment activity that has attracted attention from Democratic lawmakers. Sen. Elizabeth Warren and Rep. Robert Garcia sent Trump a letter earlier this month seeking information about the outside institutions and money managers responsible for trades conducted in the president's name.
"One analysis estimates that you reported more than 14,000 stock trades, worth up to $1.06 billion during your first year in office. The total is likely higher as these reports don't even include transactions worth less than one thousand dollars," Warren and Garcia wrote.
The lawmakers said the scale and timing of the transactions warranted greater disclosure about how investment decisions are made. They haven't established that Trump personally directed the SpaceX purchase or other individual trades.
"The sheer volume of this trading activity and the timing of a number of transactions, raise questions about whether you are using your knowledge of government activities, your official authority, or the vast megaphone provided by the Presidency to make investments or move markets to your personal benefit-and about whether you have been making decisions that boost your portfolio at the expense of taxpayers, the economy, and national security," the lawmakers wrote.
Their letter asks Trump to identify "all third-party institutions and managers that direct your trades" and provide information about the rationale behind the transactions. The inquiry reflects broader concerns over the intersection between presidential authority, federal policy and a portfolio containing securities whose value can be affected by government decisions.
Trump has denied having any involvement in the trades executed on his behalf. CNBC reported that the president said he doesn't communicate with the people responsible for managing the investments.
"They invest my money, and I don't talk to them. I never - I don't even speak to them," Trump said.
The White House has similarly rejected suggestions that Trump's financial disclosures demonstrate conflicts of interest. Estimates cited by CNBC put Trump's revenue from his broader business and investment interests at more than $2.2 billion last year.
