The disclosures show Trump bought more than $500,000 in Netflix bonds in two trades on Dec. 12 and Dec. 16, and more than $600,000 in two other trades on Jan. 2 and Jan. 20. The White House revealed a range between $1.1 million and $2.25 million, rather than an exact amount.
The purchases came as the Republican president and his regulators spoke to Netflix in a press conference, raising questions about whether the deal would face antitrust scrutiny and pressuring Netflix to fire board member Susan Rice, a onetime aide to Democratic former President Barack Obama.
It is unclear whether he made or lost money on the Netflix bonds, which paid an interest rate of 5.375% and mature in November 2029, as the filing does not disclose if he sold the bonds.
Trump, like other US presidents, is exempt from conflict-of-interest laws that prohibit other executive branch officials from investing in companies with business dealings with the government. He is believed to have bought the bonds through a trust managed by his children.
“President Trump’s assets are in a trust managed by his children,” White House spokeswoman Anna Kelly said. “There is no conflict of interest.”
The deal, which will leave the combined company with about $85 billion in debt, immediately puts pressure on Netflix’s bonds. They were trading at $1.03 and $1.04 on the dollar when he bought on Dec. 12 and 16 and at $1.04 and $1.03 on the dollar for a second round of purchases on Jan. 2 and 20, according to data compiled by LSEG. They were trading as recently as $1.04 on the dollar on Feb. 26, the day before Netflix withdrew its bid for Warner Bros., but by Friday had rebounded to $1.03 on the dollar.
Trump also bought between $500,002 and $1 million in Warner Bros. bonds in two trades on Dec. 12 and 16, which were trading at 91.75 cents and 92 cents on the dollar at the time of purchase and are now worth 95 cents on the dollar. If he adheres to these bonds, it will be in the money now.
Trump began questioning the viability of a merger with Netflix, the day after the Dec. 5 announcement, telling reporters that concentration of market power “could be a problem.”
Paramount, run by Trump’s ally son and Republican megadonor Larry Ellison, made its hostile takeover public on Dec. 8, setting off a bidding war between the two companies. Ellison personally guaranteed more than $40 billion, backed by his stake in Oracle, to help seal the deal.
Netflix balked at bidding when Paramount came in with a winning bid of $110 billion about two weeks ago. The Paramount deal will be backed by $39 billion in new debt provided by Bank of America, Citigroup and Apollo, according to the companies’ Feb. 27 announcement.
The latest US government ethics disclosures, dated February 27, were posted online last week.
Trump, a real estate investor, reported assets of more than $1 billion on previous forms. He maintains business interests in crypto, golf clubs and other licensing deals. Trump’s investments in companies his administration oversees could raise ethical concerns.
