President Trump Discloses Over 1,100 Securities Transactions in July

President Donald Trump disclosed more than 1,100 securities transactions made on his behalf in July, including sales of as much as $25 million each of Microsoft and Amazon shares, as his investment portfolio underwent significant trading activity. The 1,156 purchases and sales totaled between approximately $79 million and $270 million, according to a CNBC analysis of Trump's latest financial disclosure. Purchases totaled at least $43.6 million, while sales totaled at least $35.6 million, indicating a broad reshuffling of his portfolio. The largest transactions were sales on July 20 of between $5 million and $25 million each of Microsoft and Amazon. Three days later, Trump reported buying between $100,001 and $250,000 of Microsoft and between $1,001 and $15,000 of Amazon. The same July 20 entries show sales of between $1 million and $5 million of Oracle, along with purchases that included between $500,001 and $1 million of Nvidia. The filing also indicates a sale of Northrop Grumman valued between $250,001 and $500,000 on the same day, coinciding with Trump's signing of an executive order tightening supply-chain requirements for defense contractors and restricting waivers for certain critical materials sourced from China and other covered countries. The disclosure does not specify the time of the trade or the individual responsible for the investment decision. While the filing shows activity conducted on Trump's behalf, broad value ranges obscure his exact holdings. Heavy trading has characterized his second term; in June, Trump disclosed 1,051 transactions totaling between $78.1 million and $263.1 million, including various stocks, bonds, and ETFs. Trump's 2025 annual financial disclosure revealed over 21,000 securities trades across eight accounts holding at least $858 million, compared to 86 stock transactions disclosed during his first year in office in 2017. The White House has defended the trades, stating that independent advisors manage the portfolio without input from Trump or his family. Recent presidents have typically divested individual stocks or relied on blind trusts or diversified funds to avoid potential conflicts of interest. White House spokesman Davis Ingle stated, "President Trump's stock and bond portfolio is independently managed by third-party financial institutions. 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." The Trump Organization did not respond to a request for comment on the latest disclosure. The July 20 transactions were part of a broader rotation, including purchases of between $1 million and $5 million each of Intuit, Marvell Technology, Salesforce, and Church & Dwight. Trump also bought between $250,000 and $500,000 of Axon Enterprises, which frequently collaborates with Immigration and Customs Enforcement. Additionally, Trump continued reallocating funds among exchange-traded funds. On July 8, he disclosed purchases worth between $1 million and $5 million each of the State Street SPDR Bloomberg International Treasury Bond ETF, Fidelity MSCI Communication Services Index ETF, Vanguard Short-Term Bond Index Fund ETF, and Vanguard Dividend Appreciation Index Fund ETF. On the same day, he sold between $1 million and $5 million each of the iShares U.S. Treasury Bond ETF, State Street Communication Services Select Sector SPDR ETF, and iShares International Treasury Bond ETF. Ten-year yields increased on July 8, driven by rising oil prices, following Trump's comments at the NATO summit in Turkey regarding a ceasefire with Iran. Trump also made several significant purchases of municipal and other bonds, including purchases worth between $1 million and $5 million each of two Miami-Dade County aviation revenue bonds, a St. Louis County school district bond, and a Main Street Natural Gas bond.