President Donald Trump executed more than 3,600 individual securities transactions in the first quarter of 2026, new federal ethics filings show, with multiple trades timed days before his administration issued regulatory decisions or awarded contracts that benefited the same companies.
Trump certified the 113-page Form 278-T with the Office of Government Ethics on May 8. The OGE received it on May 12. A handwritten notation on the cover page indicates Trump submitted the disclosure late, with late fees paid.
The filing covers January through March 2026 and records 3,642 transactions — roughly 58 trades per US trading day. Purchases outnumbered sales by approximately two to one. Total estimated value across the filing falls between $220 million and $730 million, with a central estimate near $475 million; the standard 278-T format requires only broad dollar ranges rather than exact figures.
The Timing Problem
Among the most scrutinized trades was that Trump purchased between $500,000 and $1 million of Nvidia (Nasdaq: NVDA) stock on January 6. One week later, on January 13, the Department of Commerce officially approved the sale of certain Nvidia chips to Chinese customers — a decision Nvidia had long sought, as federal law controls the export of advanced AI semiconductors to designated foreign adversaries, including China.
Trump then purchased an additional $1 million to $5 million of Nvidia stock on February 10. One week after that purchase, Nvidia announced a major processing-power deal with Meta Platforms (Nasdaq: META).
On the same day, Trump also bought between $1 million and $5 million in shares of Axon Enterprise, the manufacturer of Tasers and law enforcement technology. On February 24, Immigration and Customs Enforcement publicly outlined a plan to spend $220 million on Tasers over five years, which analysts described as a significant financial boon for Axon.
Trump’s purchases of Palantir Technologies totaled at least $260,000 during the quarter. In February, Palantir struck a billion-dollar agreement with the Department of Homeland Security to deploy its software in the administration’s immigration enforcement surge. Intel purchases began on March 2, following a late-2025 US government decision to take an equity stake in the domestic chipmaker.
Trading Surged After the Iran War Began
The filing shows a major change in trading patterns tied to Operation Epic Fury. January recorded 380 transactions, and February recorded 479, for a combined pre-war total of 859 with a buy-to-sell ratio of roughly 1.3. In the five trading sessions immediately before attacking Iran on February 28, the portfolio recorded 95 sales against 69 purchases — a notably sell-heavy posture.
March alone recorded 1,319 transactions, with purchases outpacing sales by a ratio of nearly three to one. The most aggressive single buying session of the quarter came on March 23, when the portfolio logged 188 purchases against 11 sales. Across March 23–27, the portfolio recorded 280 purchases against 93 sales.
Whether any of the trades reflected decisions made by Trump himself remains unclear. The filing’s 278-T format does not disclose the precise account structure or who placed individual trades.
The Trump Organization said in a statement that the president, his family, and the organization play no role in investment decisions and receive no notice of trading activity.
“President Trump’s investment holdings are maintained exclusively through fully discretionary accounts independently managed by third-party financial institutions with sole and exclusive authority over all investment decisions,” the organization said. “Trades are executed and portfolios are balanced through automated investment processes and systems administered by those institutions.”
The OGE declined to address specifics. “OGE is committed to transparency and citizen oversight of government. However, OGE does not respond to questions about specific ethics disclosures,” a spokesperson said.
Federal ethics law requires the president to disclose stock trades in broad ranges but does not prohibit trading. The Stop Trading on Congressional Knowledge Act of 2012, which restricts lawmakers from trading on non-public information, does not apply to the executive branch.
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At his February State of the Union address, he backed a ban on congressional stock trading. “Let’s also ensure that members of Congress cannot corruptly profit from using insider information,” Trump said. Democratic Rep. Mark Takano of California responded from the House floor: “How about you first?”
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
