By Courtney Rozen
WASHINGTON, Aug 24 (Reuters) – U.S. President Donald Trump invested as much as $50,000 in Elon Musk’s SpaceX in June, according to a public financial disclosure, giving him a financial stake in a major government contractor run by his former adviser.
He bought between $15,001 and $50,000 in shares on June 23, according to a financial disclosure signed by him on August 12 and made public on August 22. The purchase was part of more than 1,000 stock trades the president made in June.
SpaceX held its initial public offering on June 12, which demolished IPO records.
In a statement to Reuters, White House spokesman Davis Ingle said that third-party financial institutions independently manage the president’s portfolio and 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,” Ingle said in the statement.
Trump’s investment in SpaceX adds a new financial link between the president and Musk’s rocket company at a time when the administration is making decisions that could affect the firm’s fortunes.
SpaceX is a U.S. military contractor, and often seeks approvals from federal agencies. Trump on Thursday directed his team to help drastically increase the number of U.S. commercial space launches. SpaceX is a dominant player in that sector.
Reuters could not immediately determine the precise amount of the investment because federal officials use ranges to declare the value of their assets on their financial disclosure forms.
(Reporting by Courtney Rozen; Editing by Sharon Singleton)
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