On May 14, Donald Trump's Office of Government Ethics filing landed: 3,642 stock transactions in the first quarter of 2026, valued between $220 million and $750 million, executed at roughly 58 trades per market day. Sixty trades per market day, in an account held in a sitting president's name, buying and selling individual stocks in companies whose futures that same president was deciding. No modern president has operated this way. Not one.
What the 113-Page Filing Shows
The disclosure logs 2,345 purchases and 1,296 sales across 90 days. Holdings include Nvidia, Microsoft, Broadcom, Amazon, and Apple, each in the $1 million to $5 million range. Coinbase, Robinhood, and SoFi appear in the filing alongside an active pro-crypto policy window. JPMorgan, Goldman Sachs, and Visa sit directly inside a deregulatory posture Trump's administration was pursuing throughout the quarter.
The account held positions in companies whose regulatory fate Trump was personally deciding. That is the filing. That is the record.
The Timing Is the Story
The trades do not just show what Trump held. They show when he moved.
On January 12, the day Trump announced 25% tariffs on countries buying Iranian oil, the account sold its position in the Vanguard Dividend Appreciation ETF, the largest single sale in the entire filing. Before the account dumped hyperscaler stocks in Google, Amazon, and Microsoft, Trump's administration had already leaked a tariff carveout exempting those companies' core chip business. The sales followed the exemption arrangement, not the other way around.
During the Iran war, the account rotated toward safe-haven assets. On March 4, the day Iran closed the Strait of Hormuz, the account purchased the iShares U.S. Treasury Bond ETF. The next day: iShares Gold Trust and an energy ETF, both in the $500,000 to $1 million band.
Since Lyndon B. Johnson pioneered the presidential blind trust in 1963, every modern president placed assets in a genuine independent trust, held index funds, or divested. Jimmy Carter sold his peanut farm. Barack Obama held Treasuries. Joe Biden used a managed blind trust. Trump filed 113 pages of individual trades.
"It's an unusual position for a president to be in." — Richard Painter, securities law professor at the University of Minnesota and former chief White House ethics counsel under President George W. Bush
Eric Trump's "Blind Trust" Story
Eric Trump told reporters the family's assets sit in a blind trust managed by major financial institutions and invested in broad market indexes. His exact words: "To suggest that individual stocks are being bought or sold, at the discretion of any member of the Trump family, would be a lie and blatantly false."
The ethics filing lists 3,642 individual stock transactions. The two accounts cannot be reconciled.
The Verdict
No law currently prohibits a president from doing this. Every norm for six decades exists precisely because no one thought the law needed to say it explicitly. Senator Elizabeth Warren has called for an SEC investigation. The SEC, under Trump's own appointed chair, has not opened one.
The administration says Trump has no role in directing the trades. The filing says the account made 3,642 moves in 90 days, including on the same days Trump announced the policies that moved those markets. Coincidences at 58 per market day get expensive to explain.
Sources
- How Trump's 'unusual' brokerage account traded around his own market-moving decisions (Fortune)
- Eric Trump says family assets are in a 'blind trust' — but Trump's own disclosure lists 3,642 individual trades (Moneywise)
- Trump Logs 3,642 Stock Trades in Q1, Breaking Decades of Blind Trust Norms (Yahoo Finance)
- Are Trump's 3,642 Stock Trades in Q1 the Clearest Case for Banning Politicians From the Market? (24/7 Wall St.)
- Trump ethics filing reveals thousands of trades tied to US corporate securities (Reuters / Investing.com)
- At Hearing, Warren Questions Hegseth on Insider Trading During Iran War As He Ducks Responsibility (Warren.senate.gov)
Independent. Unfiltered. Unbought.
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