President Donald Trump added more Netflix debt securities to his personal financial portfolio in January, buying up to $1.25 million in the company’s bonds. The purchases came as Netflix was in the midst of fighting to win a deal for Warner Bros. Discovery’s streaming and studios businesses — which it ultimately lost to David Ellison’s Paramount Skydance last week.
Trump made two purchases of Netflix bonds in January: One on Jan. 2, valued between $500,000 and $1 million, and the other on Jan. 20, valued between $100,00 to $250,000. The transactions were disclosed in a financial disclosure form the White House released March 4.
In December, Trump acquired at least $500,000 worth of bonds in both Netflix and Warner Bros. Discovery within the two weeks following the two companies’ deal.
In general, it’s not illegal for the U.S. president or other elected representatives to buy stocks or bonds, as long as they don’t run afoul of insider-trading laws. However, such deals may raise ethical questions if such transactions involve companies subject to federal policy or oversight by the White House.
According to the White House, Trump’s financial portfolio is independently managed by third-party financial institutions and that “neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold. All investment decisions are made entirely by independent managers.”
Back in December, Trump had said Netflix’s proposed deal to acquire Warner Bros.’s studios and HBO Max would give it greater market share, which he said “could be a problem.” The president also said at the time that “I’ll be involved in that decision” about whether to approve the deal.
Trump then backtracked on that position, telling NBC News in early February that he would not be personally involved in the Justice Department’s review of a Netflix-WB deal.
On Feb. 21, Trump issued a threat to Netflix, saying in a post on Truth Social that the company would “pay the consequences” unless it “immediately” fired board member Susan Rice. Trump cited a tweet by right-wing commentator Laura Loomer, who said Rice, who served as U.N. ambassador under Obama, was “threatening half of the country with weaponized government political retribution.” In addition, Loomer bizarrely claimed that if Netflix were allowed to acquire Warner Bros., “positive messaging of the Democrats’ upcoming witch hunts against Trump from Barack Hussein Obama and his anti-White racist wife Michelle would likely be blasted across all streaming services.”
