President Trump’s money managers made more than 1,100 trades in July

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President Donald Trump’s money managers made 1,152 trades on his behalf in July alone, according to his latest financial disclosure Tuesday — an astronomical number relative to his predecessors, and still high by the standard of active traders.

The transactions included many companies such as SpaceX and RTX (formerly known as Raytheon) that do business with the federal government, in industries his administration helps regulate.

The financial transactions amount to roughly 50 trades a day, a heavy volume for a typical investor but consistent with Trump’s portfolio activity in his second term. According to a Bloomberg analysis , Trump or his managers have executed more than 28,000 trades since his second inauguration in January 2025 — more than every member of the House and Senate, combined.

Former President Joe Biden made a total of 13 stock trades during his term in office. Former President Barack Obama made zero individual stock trades, instead relying on mutual funds and U.S. Treasuries.

The scale of the trading — which included as much as $25 million in sales of shares of both Microsoft and Amazon — has deepened concerns about the potential for corruption.

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The amount of turnover “does seem high,” even by the standards of a tactical investor trying to time the market, said Brett Bernstein, CEO and co-founder of XML Financial Group. But even if the “optics aren’t always great,” the volume alone doesn’t necessarily indicate corruption.

“It depends on someone’s approach to investing… if they have a tactical portfolio manager that’s timing markets with strategies, it doesn’t seem overly crazy,” Bernstein added.

Trump is the first modern president to decline to place his assets in a blind trust — meaning he has the ability to see which stocks his money managers are buying or selling. Trump’s signature appears on his financial disclosure form listing all of his trades, indicating he has seen the document and is aware of at least some of his holdings.

“President Trump’s stock and bond portfolio is independently managed by third-party financial institutions,” Davis Ingle, a White House spokesperson, told CNN.

“All holdings are maintained in discretionary accounts and invested through computer-based model portfolios that automatically replicate recognized indexes, such as the Schwab 1000. Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold. All investment decisions are made entirely by independent managers. There are no conflicts of interest,” Ingle added.

Last month, a CNN investigation found that Trump has promoted more than 20 companies on his Truth Social account days after buying stock in those firms – at times announcing government actions that could benefit the companies he just invested in.

Photo Illustration by Alberto Mier/CNN/Getty Images

Trump promoted companies on Truth Social days after buying their stocks

“Prior presidents did not engage in the stock market in this way,” Donald Sherman, president of the nonpartisan ethics watchdog CREW, told CNN. “You have numerous examples of Republican and Democratic presidents who took steps to avoid conflicts of interest, and President Trump seems to be taking advantage of every opportunity to profit off of his government service.”

CNN’s Kit Maher contributed to this report.

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根据唐纳德·特朗普总统周二公布的最新财务披露，仅在7月份，他的资金管理人就代表他进行了1152笔交易——相对于他的前任来说，这是一个天文数字，即使以活跃交易员的标准来看，这个数字仍然很高。

这些交易涉及许多与联邦政府有业务往来的公司，例如 SpaceX 和 RTX（前身为雷神公司），这些公司所在的行业正是他的政府帮助监管的。

这些金融交易每天大约进行50笔，对于普通投资者来说交易量巨大，但这与特朗普第二任期的投资组合活动相符。彭博社的一项分析显示，自2025年1月特朗普第二次就职以来，他或其经纪人已执行了超过28000笔交易——比众议院和参议院所有议员的交易量总和还要多。

前总统乔·拜登在任期间共进行了13次股票交易。前总统巴拉克·奥巴马则没有进行过任何个股交易，而是主要投资于共同基金和美国国债。

此次交易规模之大——其中包括高达 2500 万美元的微软和亚马逊股票出售——加剧了人们对潜在腐败问题的担忧。

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XML Financial Group首席执行官兼联合创始人布雷特·伯恩斯坦表示，即使以试图择时入市的战术投资者的标准来看，这样的换手率“确实很高”。但他同时指出，即便“表面上看起来并不总是那么光鲜”，但单凭换手率本身并不一定意味着存在腐败。

伯恩斯坦补充道：“这取决于个人的投资方式……如果他们有一位运用策略把握市场时机的战术型投资组合经理，那看起来就不算太疯狂。”

特朗普是现代史上首位拒绝将资产放入盲目信托的总统——这意味着他能够看到他的理财经理正在买卖哪些股票。特朗普的签名出现在列出所有交易的财务披露表格上，表明他已看过这份文件，并且至少了解自己的一些持仓情况。

白宫发言人戴维斯·英格尔告诉CNN：“特朗普总统的股票和债券投资组合由第三方金融机构独立管理。”

“所有持仓均存放于全权委托账户中，并通过计算机模型投资组合进行投资，这些投资组合会自动复制公认的指数，例如嘉信理财1000指数。特朗普总统及其任何家庭成员均无权指导、影响或参与投资组合的投资方式或买卖时机。所有投资决策均完全由独立经理人做出。不存在任何利益冲突，”英格尔补充道。

上个月，CNN 的一项调查发现，特朗普在购买了 20 多家公司的股票几天后，就在他的 Truth Social 账户上推广了这些公司——有时还会宣布一些可能使他刚刚投资的公司受益的政府行动。

图片由 Alberto Mier/CNN/Getty Images 提供

特朗普在购买这些公司的股票几天后，就在Truth Social上为它们做宣传。

“以往的总统都不会以这种方式涉足股市，”无党派道德监督机构CREW主席唐纳德·谢尔曼告诉CNN。“有很多共和党和民主党总统都采取措施避免利益冲突，而特朗普总统似乎正在利用一切机会从他的政府职务中获利。”

CNN的基特·马赫对本报道亦有贡献。