Recent investments by President Donald Trump have sparked concerns over potential conflicts of interest. According to a financial disclosure from the White House, Trump purchased up to $2 million in Netflix and Warner Bros. Discovery investments just days after the announcement of a megadeal between the two media giants.
The disclosure, filed with the Office of Government Ethics on Wednesday, includes 191 financial transactions, such as two sales valued between $1.25 million and $51 million in corporate and municipal bonds. However, the exact amounts of Trump’s purchases and sales are unclear due to broad ranges listed in the report, some of which are between $1 million and $5 million.
The investments occurred between November 14 and December 19.
Trump’s Stock and Bond Portfolio
A White House official clarified that Trump’s stock and bond portfolio is independently managed by third-party financial institutions.
“All holdings are maintained in discretionary accounts and invested through computer-based model portfolios that automatically replicate recognized indexes,” the official said. “Neither President Trump nor any member of his family has any ability to direct or influence how the portfolio is invested.”
Potential Conflicts of Interest
Experts are concerned about Trump’s investments in Netflix, particularly because he has publicly stated he will be involved in decisions regarding the merger between Netflix and Warner Bros. Discovery.
Ann Skeet, senior director of leadership ethics at the Markkula Center for Applied Ethics, told CNN, “The president’s investments in these two companies now pose ethical concerns because the president has said he will be directly involved in decisions regarding the merger.”
She continued, “This sets up the potential for a conflict of interest due to his involvement in regulatory oversight of the deal.” Skeet emphasized that the president must prioritize the public’s interest when making decisions.
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Richard Painter, former chief ethics lawyer under President George W. Bush, added that Trump’s investments could conflict with his official duties. “This is just one more investment that might very well conflict, but by no means is it the most serious,” he said.
Painter also criticized Trump for not avoiding conflicts of interest, noting that previous presidents have made efforts to do so, even though the conflict of interest statute doesn’t apply to the president.
Details on Trump’s Investments
Trump’s recent investments included purchases of Netflix bonds and Discovery Communications bonds, each valued between $250,001 and $500,000. These purchases occurred on December 12 and December 16. Discovery Communications is part of Warner Bros. Discovery, which announced on December 5 its intention to acquire Netflix for $72 billion, including debt.
While Warner Bros. Discovery is the parent company of CNN, it clarified that CNN would not be included in the deal with Netflix. The company plans to split into two publicly traded halves in 2026, with Netflix acquiring one portion. The remaining half, Discovery Global, will include CNN and other cable channels.
On December 8, Paramount made a hostile bid to take over Warner Bros. Discovery to prevent the sale to Netflix. However, Warner Bros. Discovery’s board rejected Paramount’s bid on January 7, signaling Netflix as its preferred buyer.
Potential Connections with Paramount
Interestingly, Paramount CEO David Ellison and his father, Larry Ellison of Oracle, have close ties to Trump. Larry Ellison hosted a fundraiser for Trump in 2020, and his group of investors is working to acquire and manage TikTok’s US assets.
Trump had previously expressed his involvement in the regulatory decisions regarding the proposed sale of Warner Bros. to Netflix.
Trump’s disclosure also included purchases of bonds for companies such as Boeing, Macy’s, Victoria’s Secret, and General Motors.
