Trump bought shares in Elon Musk's SpaceX in June, financial disclosure shows

President Donald Trump invested up to US$50,000 in Elon Musk's SpaceX in June, according to a public financial disclosure, according to the August 22 release of his financial statement. The purchase occurred on June 23, with the amount falling between US$15,001 and US$50,000. This investment was made during a period when the president made over 1,000 stock trades in June.

SpaceX, which had priced its largest-ever US IPO on June 12, valued the company at US$1.77 trillion. White House spokesman Davis Ingle stated in a statement to Reuters that the president's portfolio is managed by third-party financial institutions and replicated recognized indexes, such as the Schwab 1000. Ingle further affirmed that neither Trump nor any member of his family can influence the portfolio's investments or timing of purchases and sales.

Trump's SpaceX investment establishes a new financial connection between the president and Musk's rocket company at a time when the administration is making decisions that may impact the firm's future. SpaceX serves as a US military contractor and frequently seeks approvals from federal agencies. On Thursday, Trump directed his team to significantly increase the number of US commercial space launches.

SpaceX is a leading player in that sector. The Small Business Administration leader and Trump cabinet member Kelly Loeffler reportedly earned millions from SpaceX's IPO, with her initial investment in Musk's artificial intelligence and social media firm xAI potentially worth between US$7 million and US$2.6 billion, and her second investment between US$2.2 million and US$25.4 million, according to analyst Franco Granda from PitchBook.

However, Reuters could not ascertain the exact value of Trump's investment, as federal officials use ranges to disclose the value of their assets in their financial disclosure forms.