Former US President Donald Trump acquired at least $1 million in bonds from Netflix and Warner Bros Discovery (WBD) in December, according to a recent financial disclosure. The move came shortly after he publicly commented on the proposed mega-merger between the two entertainment giants.
Timing of Purchases Raises Questions
The financial disclosure report, released by the White House, shows Trump made two separate purchases from each company. Each transaction was valued at a minimum of $502,000. The purchases were executed on 12 December and 16 December.
This financial activity followed a significant industry announcement. On 7 December, just five days before Trump's first bond purchase, Netflix agreed to acquire Warner Bros Discovery in a colossal $82.7 billion deal. The agreement is pending regulatory approval.
Trump had directly referenced this pending merger days earlier. Speaking to reporters at the Kennedy Center on 7 December, he noted the companies' "very big market share" and stated, "I’ll be involved in that decision too." His subsequent investment in both companies has inevitably sparked scrutiny regarding the intersection of his personal finances and potential political influence.
A Complex Corporate Battle and Political Backlash
The landscape surrounding Warner Bros Discovery grew more complex shortly after Trump's remarks. On 8 December, Paramount Skydance launched a hostile $108.4 billion takeover bid for the company. This bid is financially backed by CEO David Ellison and his father, billionaire Larry Ellison, both known to be allies of the Trump administration.
The proposed Netflix-WBD merger has not been welcomed by all. It has faced immediate criticism from prominent US politicians and industry groups. Senator Elizabeth Warren labelled it an "anti-monopoly nightmare," voicing concerns over reduced market competition.
The Writers Guild of America also condemned the deal, arguing it would "eliminate jobs, push down wages, worsen conditions for all entertainment workers, raise prices for consumers, and reduce the volume and diversity of content."
Broader Financial Portfolio and White House Response
Trump's recent bond investments form part of a much larger pattern of activity. The disclosure revealed he purchased approximately $100 million in municipal and corporate bonds between mid-November and late December 2023. This follows over $100 million in similar investments during the first half of his second term, including bonds in major financial institutions like Citigroup and Morgan Stanley.
When questioned about the transactions, the White House did not provide an immediate comment. However, an unnamed administration official later told the Washington Post that Trump's "stock and bond portfolio is independently managed by third-party financial institutions."
The official further emphasised 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." This statement seeks to distance the President from direct involvement in the specific timing of these financially and politically sensitive purchases.
