Trump Invests in Musk’s SpaceX After IPO

US President Donald Trump invested between $15,001 and $50,000 in Elon Musk’s SpaceX in June, according to a public financial disclosure. The shares were purchased on 23 June as part of more than 1,000 stock trades made on the president’s behalf that month.

SpaceX went public on 12 June in the largest US initial public offering on record, valuing the space, satellite and artificial intelligence company at $1.77tn.

The investment creates a new financial link between Trump and his former adviser’s company at a time when the administration is making decisions that could affect its fortunes. SpaceX is a US military contractor, frequently seeks approvals from federal agencies and is a dominant player in commercial space launches.

The White House stressed that Trump does not manage his portfolio. Spokesman Davis Ingle said third-party financial institutions manage it independently and that neither the president nor his family can influence how the portfolio is invested or when investments are bought or sold.

The exact value of Trump’s stake cannot be determined from the disclosure because federal officials report the value of their assets in ranges rather than precise amounts.

(Reuters)