Acting as his own investment advisor? Trump executed over 1,100 trades involving SpaceX stock in July

Public financial disclosures reveal that U.S. President Trump purchased up to $50,000 worth of SpaceX stock and sold up to $15,000 worth in July. These represent the latest stock transactions involving the government contractor—run by former advisor Elon Musk—in which Trump has recently engaged.

According to reports from Reuters and CNBC, financial disclosure documents signed by Trump on September 8 and released today by the U.S. Office of Government Ethics (OGE) show that he bought shares of Space Exploration Technologies Corp. (SpaceX) valued between $15,001 and $50,000 on July 10, and subsequently sold shares of the same company valued between $1,001 and $15,000 on July 17.

During the period of Trump’s trading activity from July 10 to July 17, SpaceX’s stock price fell by 15%.

These latest transactions establish a new financial link between Trump and Musk’s rocket company, coming just as the federal government prepares to make major decisions that could impact SpaceX’s prospects.

SpaceX completed what was billed as the largest initial public offering (IPO) in U.S. history on June 12, with the space, satellite, and artificial intelligence (AI) service provider valued at as much as $1.77 trillion. Reuters had previously reported that Trump purchased SpaceX stock in June.

SpaceX is a major rocket launch service provider for the Pentagon and NASA, frequently requiring federal agency approvals for its operations. Additionally, SpaceX owns xAI—a company founded by Musk—which holds Pentagon contracts worth up to $200 million.

Trump has also repeatedly traded stock in Tesla, another of Musk’s companies; he purchased shares in June, subsequently sold them in four separate transactions, and then bought shares valued between $100,001 and $250,000 on July 27.

Musk was one of Trump’s largest financial backers in 2024 and subsequently served as an advisor to the Trump administration.

CNBC noted that these transactions appear to be part of a restructuring of Trump’s assets in July. Filings indicate that the investment portfolio managed on his behalf executed 1,156 securities transactions in July, with a total trading volume ranging from $79 million to $270 million.

Notable transactions included the sale of Microsoft and Amazon shares—each valued between $5 million and $25 million—on July 20. On that same day, Trump sold shares of the defense contractor Northrop Grumman valued between $250,001 and $500,000; this occurred on the very day he signed an executive order strengthening supply chain standards for defense contractors.

A spokesperson for Trump did not immediately respond to a request for comment regarding his July trading activity. White House spokesperson Davis Ingle previously told Reuters that the President’s portfolio is independently managed by a third-party financial institution and tracks “recognized stock indices like the Schwab 1000”; he also told CNBC that neither Trump nor his family members have the ability to direct, influence, or intervene in the portfolio’s trading decisions.

Because federal officials report asset values ​​in ranges on financial disclosure forms, Reuters could not immediately determine the exact amount of Trump’s investments.