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Trump bought up to $50,000 in SpaceX shares two weeks after IPO

President Trump purchased up to $50,000 worth of SpaceX shares on June 23, two weeks after the company's record-setting IPO, according to a financial disclosure.

President Trump purchased up to $50,000 in SpaceX shares on June 23, two weeks after the company's IPO. The shares have since fallen, potentially putting his stake underwater. The White House said the portfolio is managed by third parties and replicates recognized indexes.

President Donald Trump bought as much as $50,000 worth of SpaceX shares on June 23, according to a financial disclosure first reported by Reuters, two weeks after the record-setting IPO of Elon Musk's company.

Share price and potential loss

It is not clear what price Trump paid for the shares, but by that point they had fallen from their highs of over 200.SpaceXsharesweretradinginthemid−200. SpaceX shares were trading in the mid-150 range on June 23. At the end of trading on Monday, shares closed at the IPO price of $135, possibly putting the president's stake underwater.

Trump and Musk's relationship

Trump and Musk are close, despite a brief falling out last summer that involved the businessman accusing the president of withholding the Jeffrey Epstein files because of how often Trump's name appears in them. SpaceX has been securing significant government contracts and benefiting from the Trump administration's deregulatory stance, according to a recent Wall Street Journal analysis.

White House response

White House spokesman Davis Ingle told Reuters that the president's stock portfolio is managed by third-party financial institutions and replicates "recognized indexes, such as the Schwab 1000." SpaceX lobbied popular indexes to change their rules to allow for faster inclusion, which means many people likely own some of the company's stock through index funds.