Warren and Garcia demand Trump reveal stock portfolio managers

Senator Elizabeth Warren of Massachusetts and Representative Robert Garcia of California sent President Donald Trump a letter Wednesday demanding he identify the money managers behind his investment accounts and explain dozens of stock trades that overlapped with official government actions or market-moving presidential statements.

The letter runs 17 pages and lists more than 30 transactions that the lawmakers say raise questions about whether Trump is using his office to benefit his personal portfolio. Warren and Garcia asked Trump to respond by Aug. 28.

"The American people deserve to know that the President is not using his office to increase the value of his stock portfolios, rather than working to bring down the cost of groceries," the two Democrats wrote.

According to an analysis by the financial data firm Unusual Whales cited in the letter, Trump's financial disclosures show he reported more than 21,000 stock trades in 2025, a volume that dwarfs the trading activity of any prior president, with transactions totaling as much as $1.06 billion in his first year back in office. Warren and Garcia note that the true tally is probably higher still, because federal disclosure rules exempt any individual transaction valued below $1,000.

Among the examples the letter highlights: Trump purchased up to $1 million in Nvidia stock and up to $100,000 in Advanced Micro Devices stock on Jan. 6, 2026, one week before his administration announced loosened export controls on chips sold to China. On Feb. 10, he bought between $1 million and $5 million in Axon Enterprise stock — Axon makes roughly 90% of U.S. Tasers — two weeks before Immigration and Customs Enforcement posted a $220 million Taser contract that procurement experts described as written specifically around Axon's product specifications.

The letter also flags purchases of Dell stock on Feb. 10, nine days before Trump told an audience in Georgia to "go out and buy a Dell Computer," and purchases of Citigroup stock in March before Trump posted on Truth Social in June praising the bank and naming its ticker symbol. That same day, Citigroup stock outperformed the broader market and other major bank stocks.

Trump has maintained that the institutions handling his money operate entirely independently of him. "We have funds that run my money," he told reporters in July. "They invest my money, and I don't talk to them."

White House spokesperson Anna Kelly said in a statement to CNBC that Warren and Garcia were recycling "the same, tired narrative that Democrats have pushed against President Trump, his family, and his administration for a decade." The Trump Organization separately called the letter "just another baseless political stunt."