Since his inauguration on January 20, 2025, U.S. President Donald Trump has made substantial investments in bonds, purchasing over $100 million worth of corporate, state, and municipal bonds, according to recent disclosures from the U.S. Office of Government Ethics. These filings, made public in August, provide a detailed glimpse into Trump’s extensive bond-buying activity since resuming office for his second term.
The financial disclosures reveal that Trump engaged in approximately 690 bond transactions from January 21 through August 1, 2025. These purchases encompass a wide range of bonds issued by large corporations, local governments, and various municipal entities. Among the corporate bonds acquired are those from prominent firms such as Citigroup, Morgan Stanley, Wells Fargo, Meta (Facebook’s parent company), Qualcomm, The Home Depot, T-Mobile USA, and UnitedHealth Group—an insurance giant.
Beyond corporate bonds, Trump’s portfolio also includes municipal and state bonds from diverse sources like school districts, hospital authorities, airports, regional development funds, gas districts, counties, and public power agencies. These bonds span several U.S. states including Florida, Texas, New York, Michigan, and Alaska. The investments cover sectors and entities that could potentially benefit from policy shifts under Trump’s administration, notably within financial deregulation and infrastructure-related areas.
Transaction ranges and notable purchases
According to the filings, while the total bond purchases exceed $100 million overall, the disclosure documents provide only a broad dollar range for the value of each transaction rather than specific purchase amounts. For example, transactions include bond purchases valued between $500,000 to $1 million from T-Mobile and Home Depot, and between $250,000 to $500,000 from Meta. Notably, the disclosures do not show any bond sales by Trump during this period, suggesting a holding strategy rather than active trading with frequent sales.
A senior White House official confirmed that neither Trump nor his family members are directly involved in selecting or managing these bond investments. Instead, the portfolio is overseen by a third-party financial firm, with Trump continuing to submit the required ethics disclosures as mandated by federal law. The Office of Government Ethics reviewed and certified the accuracy and compliance of the filings. Trump has previously placed his companies into a trust managed by his children, reinforcing the administration’s claim of separation between his private business dealings and official responsibilities.
