Trump’s ‘Unprecedented’ Stock Trades Have Democrats Demanding Answers
Top Democrats are demanding answers from President Donald Trump about stock trades he’s made during his presidency—as they gear up to probe how Trump has vastly increased his wealth during his second term if they win back Congress in November.
Sen. Elizabeth Warren, D-Mass., and Rep. Robert Garcia, D-Calif., demanded in a letter to Trump on Wednesday a list of all third-party institutions and money managers that direct his trades, noting “the sheer volume of [Trump’s] stock trading by a sitting president is unprecedented.”
They also asked Trump to disclose his knowledge and involvement of trades regarding companies that have been impacted by his official actions as president, writing his financial disclosures show he has, on multiple occasions, “purchased stock in companies shortly before [his] administration either announced notable deals with those companies or policies that benefited those companies.”
The letter, first reported by CNBC, also notes sales he’s made prior to government actions unfavorable for impacted companies, purchases he’s made before making favorable statements about the companies and trading activity in sectors during periods of active federal government regulation or intervention.
The senators said they were requesting the information as they work on legislation aimed at banning presidents from trading stocks.
The letter is the latest foreshadowing of potential Democrat-led investigations into how Trump has vastly grown his wealth during his second term if they retake control of the House or Senate.
$2.4 billion. That’s how much we estimate Trump earned in 2025, up from $760 million in 2024. Most of the money he made in 2025, $1.4 billion, came from cryptocurrency. The figure does not include stock trades, most of which appear to have been reinvested, Forbes reported previously.
If Democrats retake Congress, they are planning to target financial firms and companies connected to Trump, rather than the White House itself, to investigate how Trump may have used his powers to enrich himself financially, Reuters reported recently, citing unnamed sources familiar with the plans. Garcia confirmed the scope of the plans, telling Reuters, “from sketchy Pentagon contracts lining the pockets of the president’s sons, Trump crypto billions, and the shady backroom deals for Trump donors, we will ensure we combat corruption when Democrats take back the House in November.” Democrats have already sent letters requesting information from numerous entities about the Trump administration’s possible involvement in those entities’ business dealings. On Wednesday, Rep. Jamie Raskin, D-Md., accused Paramount CEO David Ellison, son of close Trump ally Larry Ellison, of “colluding” with Trump in Paramount’s bid to buy Warner Bros. Raskin invited Ellison to sit for an interview with Congress to answer the House Judiciary Committee’s “questions about your Donald Trump-enabled shopping spree to consolidate news organizations, movie studios, cable channels, and streaming services.”
Trump made at least $220 million in financial transactions in securities, including stocks and bonds, of major U.S. companies during the first three months of the year, according to financial disclosure forms released in May by the U.S. Office of Government Ethics. He reported more than 3,700 trades made by him or his investment advisers, which multiple financial experts have said is an astronomical amount of activity for an individual. According to Warren and Garcia’s letter, the purchases include $100,000 in AMD stock and up to $1 million in Nvidia a week before his administration announced loosened restrictions on selling the companies’ chips to China. He made several trades of Palantir stock in the first quarter, while praising the company on Truth Social. The Department of Agriculture also announced a $300 million deal with Palantir in April to use its technology in farmland management, Warren and Garcia noted in their letter. Trump has also purchased stock in private prison companies GEO Group and CoreCivic, which have massive contracts with Immigration and Customs Enforcement. The Trump Organization has maintained that neither he, his family nor the company has any role in managing his investments, which “are maintained exclusively through fully discretionary accounts independently managed by third-party financial institutions with sole and exclusive authority over all investment decisions,” the Democrats’ letter notes.