My colleague at sister site Townhall, Amy Curtis previously wrote that California Gov. Gavin Newsom (D) "is claiming that President Trump bought stock in SpaceX after its launch, and because SpaceX has federal contracts, that's somehow proof of a grift or corruption."
Trump bought stock in Elon Musk’s SpaceX… a federal contractor regulated by his own administration.
— Gavin Newsom (@GavinNewsom) August 25, 2026
One. Big. Grift.https://t.co/tKzqpFpkV9
It comes after a government disclosure of details from Trump's financial portfolio this week. Curtis pointed out just one of the several problems with Newsom's accusatory X post on Wednesday:
...President Trump's stock portfolio is managed by third-party financial institutions. Per White House spokesman Davis Ingle, those institutions "replicate recognized indexes, such as the Schwab 1000."
Meaning most investors not named Donald Trump had SpaceX added to their portfolios, too, according to The Next Web:
SpaceX raised $75B. Then it landed in Trump's portfolio. It also landed in almost everyone else's, because SpaceX lobbied index providers to include it before listing. https://t.co/K8eOLBRKLb pic.twitter.com/vhKPZ6OysZ
— TNW (@thenextweb) August 25, 2026
Neither SpaceX nor Musk has commented on the disclosure, The Next Web said.
White House crypto czar and innovation advisor, David Sacks told Bloomberg News back in June that there is no possibility of a conflict of interest with investments - not by Trump or any of his family members:
"The President's assets are in a blind trust. His sons are not in the government. They're adults and they're allowed to engage in business," he said during the interview.
Plus, as Curtis shared, if Trump had personally made the stock purchase, he did a poor job of it:
More than that, TechCrunch is reporting that the portfolio added SpaceX shares when they were trading for about $150 around June 23. Those stocks closed down at $135 on Monday, which means the president likely lost money.
A second hint that this is a load of garbage from Newsom is a desperate swing is that the "grift" ploy isn't even original to him. It's a warmed-over TV dinner that congressional Democrats are trying to build up for political purposes.
Earlier in Aug., Sen. Liz Warren (D-MA) and ranking member of the House Committee on Oversight and Government Reform, Rep. Robert Garcia (CA-42) demanded in a 17-page letter that the president give them a list of “all third-party institutions and managers that direct your trades,” among other private data. CBC noted in the linked story that this is one avenue the Democrat Party is hoping to go down during potential impeachment investigations if they regain the majority in Congress.
Here's the clincher, in case you needed one. An Aug. 2025 "report" from MS NOW (then-MSNBC) blared on about Trump buying more than $100 million in bonds since January of the same year. The so-called news anchor calls it "insider trading," with nary a piece of proof. All that matters is the insinuations against Orange Man Bad and his evil associates being doled out to their rabid viewership.
Watch:
🚨IMPEACHABLE: A massive report exposes that Trump purchased $100,000,000 in bonds tied to companies DIRECTLY impacted by his policies. That is slam dunk insider trading.
— CALL TO ACTIVISM (@CalltoActivism) August 26, 2026
Trump has made more money trading than every person in Congress COMBINED. #TrumpsCorruptionCostsUS pic.twitter.com/6PDU5u7dVJ
Newsom and his leftist pals are wasting their time with these supposed scandalous financial dealings, but they already know that. They just want to muddy the waters for the Right, and hamper Republican candidates in the midterms and 2028. Gavin Newsom, especially, has reason to distract from his actual corruption, as RedState has covered at length, if he's going to make the presidential run.
Whatever their motives, the Left needs stop trying to make it happen because it's not going to happen. There's no there there, guys.
Editor’s Note: Help us continue to report the truth about corrupt politicians.
Join RedState VIP and use promo code FIGHT to receive 60% off your membership.
Join the Conversation
VIP members get the ability to comment on articles.