U.S. President Donald Trump accumulated at least USD82 million in corporate and municipal bonds between late August and early October, according to newly released federal ethics disclosures that show an unusually active bout of trading across industries shaped by his administration’s policies.
Reuters reported on Sunday that the filings, made public by the U.S. Office of Government Ethics under the 1978 Ethics in Government Act, reveal that Trump executed more than 175 separate purchases between 28 August and 2 October.
While the documents list only broad value ranges rather than precise figures, the maximum potential value of the transactions exceeds USD337 million.
The vast majority of the newly acquired holdings consist of bonds issued by municipalities, counties, states, school districts and public-linked agencies, indicating a sizeable move into government-backed debt. But Trump also broadened his corporate bond holdings, adding exposure in industries that have directly benefited from his policy agenda, including financial deregulation and technology incentives.
Among the corporate bonds he purchased were those issued by Broadcom and Qualcomm in the semiconductor sector; technology giants such as Meta Platforms; retail groups including Home Depot and CVS Health; and major investment banks Goldman Sachs and Morgan Stanley.
Trump also bought JP Morgan debt in late August — shortly before publicly urging the Department of Justice to investigate the bank for its historic ties to Jeffrey Epstein.
JP Morgan has acknowledged its past relationship with Epstein, saying it “regrets” the association and did not aid in any “heinous acts.”
Another notable addition to Trump’s portfolio was Intel bonds, acquired soon after the U.S. government — under his direction — procured a stake in the company.
The White House did not respond to requests for comment on Saturday. Officials have previously maintained that while Trump continues to file mandatory disclosures, he and his family have no role in managing his portfolio, which they say is handled by a third-party financial institution.
Trump has repeatedly said he placed his business empire into a trust overseen by his children.
An earlier disclosure in August showed that Trump had already purchased more than USD100 million in bonds since returning to the presidency in January.
His annual filing in June reported that income from his commercial ventures ultimately still flows to him, a detail that continues to fuel concerns about potential conflicts of interest.
That June disclosure, which appeared to cover the 2024 calendar year, recorded more than USD600 million in income from cryptocurrencies, golf resorts, licensing agreements and other enterprises. It also underscored the extent to which Trump’s crypto holdings have bolstered his wealth.
Overall, his assets were listed at no less than USD1.6 billion, according to a contemporaneous Reuters assessment — a figure now set against a rapidly expanding portfolio that critics say blurs the line between presidential policymaking and personal financial gain. - November 16, 2025
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