Trump Bought Millions in Drug Stocks Before Medicare Change—Democrat Report
Summary
A report by congressional Democrats says President Donald Trump’s investment portfolio bought millions of dollars in drug company stocks before he signed a law that benefited those companies. The report highlights large increases in Trump’s pharmaceutical holdings from 2024 to 2025, including purchases made just before and after the new Medicare drug price rules became law.Key Facts
- President Trump’s reported pharmaceutical stock holdings grew from $1.7 million in 2024 to as much as $56.2 million by the end of 2025.
- Up to $39.1 million was invested in companies helped by a 2025 law expanding exemptions from Medicare drug price negotiations.
- Trump’s portfolio bought up to $2.55 million in shares of these drug companies on three dates before he signed the legislation in July 2025.
- On July 1, 2025, the same day the Senate passed the bill, up to $950,000 in pharmaceutical stocks were purchased.
- After the law was signed, about $1 million in AbbVie stock was bought in August 2025.
- The White House denies any ethics problems and says Trump's investments are managed by independent financial firms without his involvement.
- The 2025 law expanded exemptions allowing some expensive drugs, especially for rare diseases, to avoid Medicare price negotiations longer.
- This change is estimated to raise Medicare costs by about $8.8 billion over 10 years, according to the Congressional Budget Office.
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