Exclusive: Unpacking the Portfolios of Trump’s Cabinet Picks

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• Political News & Congress Trading

• Inside Trump’s Cabinet Financial Profile

  -Natalie Olofsson

• Musk's xAI Launches Grok-3

  -David Love

NEWS
Inside the Financial Profiles of Trump’s Cabinet Members

The new administration assembled by President Donald Trump boasts a combined net worth of at least $11.8 billion. The collective wealth of the potential 2024 cabinet is unprecedented for The Cabinet of the United States. Senate confirmation hearings are currently underway in Washington, D.C. — and the potential conflicts of interest for these cabinet members are a fraught topic. We dived into the financial reports and investing strategies of this new administration to understand their financial backgrounds and what this could mean for potential conflicts of interest and insider trading while in office.

One finding is that President Trump’s nominees are crypto enthusiasts. Data on the stock portfolios of Trump’s cabinet nominees tells us that almost half of them have significant crypto holdings.

Robert F. Kennedy Jr’s — Health and Human Services Secretary (confirmed)
Nominated in November for the position of health secretary, Robert F. Kennedy Jr. has now cleared the Senate by a razor‐thin 14–13 vote. According to a Forbes analysis in November 2024, Robert F. Kennedy Jr’s net worth is about $15 million. However, the successor of a major Democratic family has witnessed controversy over his views scrutinizing the efficacy of vaccines. Robert F. Kennedy Jr has also received backlash for his ties to Wisner Baum, an LA-based personal injury law firm. The firm has recently sued the pharmaceutical company Merck for failure to warn about health risks from its virus against human papillomavirus (HPV). Last year Kennedy earned at least $850,000 for referrals from Wisner Baum.

We received data on Robert F. Kennedy Jr’s stock portfolio from an Office of Government Ethics filing. The largest holding of Kennedy is a Bitcoin position. This position is worth over $5 million, and is his largest holding.

While Robert F. Kennedy Jr. has moved forward with the Senate vote, opposition from the scientific and medical communities persists. More than 75 Nobel Laureates had signed a letter encouraging senators not to confirm Kennedy.

Pete Hegseth — Secretary of Defense (confirmed)
Pete Hegseth is a high-profile figure best known for his prominent role as Fox News co-host of “Fox and Friends”. We also looked into a recent U.S. Office of Government Ethics filing for Pete Hegseth. The Secretary of Defense nominee received over $4.6 million from Fox News as an annual salary across the past two years.

The filing also displays between $5,000 and $15,000 in Bitcoin income.

Hegseth has experienced controversy for a number of allegations on financial mismanagement and accusations of sexual misconduct. This includes forced resignation from leadership positions with two nonprofit organisations, according to an investigation from The New Yorker.

Hegseth’s transition from media to government has been closely monitored, not only for its political implications but also for what his financial disclosures reveal about his investment strategies. Hegseth’s previous financial disclosures have raised concerns about his abilities to oversee the Department of Defense’s $2 trillion budget for 2025.

Tulsi Gabbard — National Intelligence (confirmed)
The former US representative’s earnings in the past year have exceeded $1.2 million, based on reported filings. Gabbard passed the Senate committee vote last week, approving her nomination as director of National Intelligence.

Based on her recently released personal financial disclosure report, the main source of her income was speaking fees and book royalties related to the Republican party. The former democrat earned nearly $300,000 for an advance on her 2024 book “For Love of Country: Leave the Democratic Party Behind”. Gabbard has received more than $170,000 from speeches, primarily delivered for conservative audiences.

Pam Bondi — Attorney General (confirmed)
This pick for attorney general and former prosecutor is one of the richest attorneys in Florida, with a reported net worth of $18 million. Bondi has worked with the Trump administration and surrounding team for several years, including during the first impeachment trial in 2020. Bondi also made more than $3 million from the recent merger of Trump’s Truth Social platform, according to recent filings.

Currently, Bondi has disclosed owning more between $2 million and $10 million in shares of Trump Media & Technology Group stock ($DJT).

Bondi was confirmed by the US Senate on Tuesday and has currently pledged to divest from her shares.

Scott Bessent — Secretary of the Treasury (confirmed)
The pick for Secretary of the Treasury, Scott Bessent, is one of the wealthiest potential members of cabinet. Bessent has a net worth of at least $500 million, according to recent filings. The bulk of Bessent’s wealth originates from his years in hedge fund management. Over $50 million of Bessent’s wealth is currently held in ETFs.

Bessent has also invested heavily in major currencies. This includes over $50 million in US Treasury bills, and investments into the euro (€), Chinese yuan (¥), and Japanese yen (¥).

Currently, Scott Bessent holds between $250,000 and $500,000 in Bitcoin.

Linda McMahon — Secretary of Education (nominated)
It is estimated that McMahon is worth upwards of $3 billion, with most of these earnings from co-founding the media empire World Wrestling Entertainment (WWE). McMahon, also former head of the Small Business Administration (SBA), has been a contributor to Trump’s since 2016. The McMahons donated more than $10 million during the 2016 election cycle.

Currently, McMahon owns a little more than $50 million in TKO Group Holdings, which includes WWE and UFC. She also holds significant investments in fixed-income, with bonds supporting universities including the University of Arizona and University of California system.

McMahon has also held a position on the board of directors for Trump Media & Technology Group, which she plans to resign from when joining the cabinet. However, McMahon was recently awarded nearly $200,000 worth of Trump Media and Technology Group shares in January.

Doug Burgum — Interior Secretary (confirmed)
It has been reported that Burgum earned over $2 million last year from businesses and investments. The nominated Interior Secretary has significant investments in many technology stocks, including Netflix (NFLX), Alphabet (GOOGL), Apple (AAPL) and Adobe (ADBE).

Sean Duffy — Secretary of Transportation (confirmed)
The lawyer and former television personality was confirmed by the Senate in January to begin the role of Secretary of Transportation. Duffy has recently pledged to divest from his investments into technology stocks, including Nvidia (NVDA), Apple (AAPL), and Alphabet (GOOGL).

Duffy also has numerous investments in cryptocurrency. This includes up to $500,000 in Bitcoin, up to $15,000 in Solana, and nearly $15,000 in Litecoin.

Howard Lutnick — Commerce Secretary (nominated)
Businessman Howard Lutnick is one of the richest cabinet nominees, according to recent reports, with a net worth of $2 billion.

Lutnick is CEO of of the financial services firm Cantor Fitzgerald as well as brokerage firm BGC Group. According to recent filings with the Office of Government Ethics, Lutnick also holds over 800 separate positions across various companies.

Lutnick is an avid supporter of cryptocurrency — although he does not personally have large holdings of cryptocurrency. This interest includes vocal support for the stablecoin Tether – which Lutnick’s firm Cantor Fizgerald aims to finance. Lutnick apparently refused to commit to recusing himself from the president’s Working Group on Digital Asset Markets in early February. The group, which works on cryptocurrency related to Lutnick’s firm, demonstrates a potential conflict of interest if pursued.

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POLITICS
Congress Trades & News

Insights from our Congress Trading Dashboard

Several politicians & members of Congress have already made millions of dollars in the stock market in 2025:

• We have now seen four members of Congress file purchases of Palantir stock in the last week, 2 of them sit on the House Committee on Homeland Security & one sits on the Subcommittee on Counterterrorism and Intelligence:

  • Rep. Marjorie Taylor Greene (R) disclosed a purchase of up to $15,000 worth of (PLTR) stock on 2/14/25. Greene currently sits on the House Homeland Security Committee. Around half of Planatir’s revenue appears to come from counterterrorism and intelligence related government contracts.

  • On 1/12/25, Rep. Julie Johnson (D) purchased up to $15,000 worth of Palantir. Disclosed on 2/12 she is now up nearly 80% on the trade. She also sits on the House Committee of Homeland Security.

  • Rep. Gilbert Ray Cisneros, Jr. (D) purchased up to $15,000 worth of Palantir on 1/25/25. He is up 55% on the trade vs a 0.42% return on the S&P 500 since that date. Cisneros sits on the House Committee on Armed Services.

  • Rep. James Comer (R) purchased up to $15,000 worth of Palantir in 1/21/25. He is an ex oficio member of the House Oversight Subcommittee on Military and Foreign Affairs & is up 68% on this trade vs a 1.24% increase in S&P 500.

• In May, we noticed a Rep. Susie Lee (D) buying stock in a German arms manufacturer Rheinmetall stock. She purchased up to $15,000 of (RNMBY), which has now risen 66% since (compared to a 17% gain in the S&P 500).

• Rep. Robert Bresnahan (R) just filed purchases of up to $60k of Alibaba. (BABA) is up 23% vs a 0.90% increase in the S&P 500 since the trade.

NEWS
Musk's xAI Launches Grok-3, Aiming to Redefine AI Chatbots

Elon Musk's xAI has unveiled Grok-3, the latest iteration of its AI chatbot designed to rival leading models like ChatGPT (MSFT) and emerging competitors such as China's DeepSeek. The new chatbot is being rolled out immediately to Premium+ subscribers on X, while a new subscription tier called SuperGrok will offer enhanced features through its mobile app and website, marking a significant step in the open-source large language model race.

During a high-profile livestream, Musk (TSLA) declared that "Grok-3 across the board is in a league of its own," touting its superior performance over its predecessor, Grok-2. Managing director Gil Luria of D.A. Davidson added that the new model outperforms current state-of-the-art systems on several benchmarks, though some analysts remain skeptical about whether the modest improvements justify the enormous training investments.

Market Overview:

• Grok-3's launch is a critical move in the competitive AI arms race.

• The rollout targets Premium+ subscribers on X, with a new SuperGrok tier for broader access.

• Strong investor interest in advanced AI models is reshaping the market landscape.

Key Points:

• Musk claims Grok-3 significantly outperforms its predecessor and state-of-the-art models.

• Grok-3 is positioned to reclaim leadership in open-source large language models.

• Enhanced data center capacity, including the massive "Colossus" supercomputer, underpins xAI’s expansion efforts.

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