US President Donald Trump bought shares of Elon Musk's SpaceX shortly after the company's record-breaking public debut, according to his latest financial disclosure cited by Reuters. The investment gives the president a direct financial interest in a company that is also a major US government contractor.
The disclosure shows Trump purchased SpaceX shares worth around $50,000 on June 23. The filing was signed by Trump on Aug. 12 and made public on Aug. 22. The transaction was among more than 1,000 stock trades carried out in his investment accounts during June, the report said.
SpaceX Shares Fell After IPO
SpaceX completed its initial public offering on June 12, setting a record for the largest US IPO and valuing the company at about $1.77 trillion. The stock initially climbed sharply after listing but gave up some of those gains by the time Trump's purchase was made.
The exact price paid by Trump is not disclosed. Federal financial filings report investments within value ranges rather than giving the precise transaction value.
SpaceX shares have since moved back towards their IPO level, making the timing of the purchase notable for investors tracking the newly listed company.
Also Read: SpaceX Plummets 20% Below IPO Price, Wiping Off $1.2 Trillion From Post-Listing Peak
Trump Portfolio Managed Independently
The investment also comes into focus because of SpaceX's relationship with the US government. The company is a major military contractor and depends on government approvals and contracts across its space and satellite businesses.
White House spokesman Davis Ingle told Reuters that Trump's investment portfolio is managed by third-party financial institutions. According to the White House, the institutions use strategies that replicate recognised indexes, including the Schwab 1000, and neither Trump nor his family can direct individual trades.
Trump's purchase adds another financial connection between his administration and Musk's businesses. Musk previously served as an adviser to Trump, although their relationship later went through a public dispute.
The disclosure comes as the Trump administration is also pushing for a major expansion in US commercial space launches, an area in which SpaceX is one of the dominant players.
Also Read: US Eyes China Overcapacity Tariffs Of 7.5% Before Xi Visits
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