Financial disclosures have revealed that U.S. President Donald Trump purchased more than $1.1 million worth of Netflix bonds over the past 3 months while the streaming company was involved in a high-profile takeover battle with Paramount Skydance for Warner Bros Discovery.
Government filings show that Trump bought more than $500,000 worth of Netflix bonds in 2 transactions on December 12 and December 16. He later purchased another more than $600,000 through 2 additional trades on January 2 and January 20.
The White House disclosure listed the value of the investment in a range between just over $1.1 million and $2.25 million rather than providing an exact figure.
These purchases came at a time when Trump and regulatory officials publicly questioned Netflix’s proposed deal. They raised concerns in the media about whether the transaction would pass antitrust scrutiny and also pressured the company to remove board member Susan Rice, a former aide to Democratic ex-U.S. President Barack Obama.
It remains unclear whether Trump made a profit or loss from the investment. The bonds carry an interest rate of 5.375% and are due in November 2029. The filing does not disclose whether or when the bonds were sold.
Like other U.S. presidents, Trump is exempt from conflict-of-interest laws that restrict executive branch officials from investing in companies that have business before the government. He is believed to have purchased the bonds through a trust managed by his children.
“President Trump’s assets are in a trust managed by his children,” said White House spokeswoman Anna Kelly. “There are no conflicts of interest.”
The proposed Netflix deal would have left the combined company with about $85 billion in debt, which immediately put pressure on Netflix’s bonds.
Market data shows the bonds were trading between $1.03 and $1.04 on the dollar when Trump purchased them on December 12 and December 16. They were trading again at $1.04 and $1.03 during the second round of purchases on January 2 and January 20.
By February 26, the day before Netflix withdrew its bid for Warner Bros, the bonds were trading at $1.04 on the dollar. They later moved back to $1.03 on the dollar.
Trump also bought between $500,002 and $1 million worth of Warner Bros bonds in 2 trades on December 12 and December 16. These bonds were trading at 91.75 cents and 92 cents on the dollar at the time of purchase and are now valued at 95 cents on the dollar.
If he still holds those bonds, the investment would currently be profitable.
Trump began questioning the merger days after it was announced on December 5, telling reporters that the concentration of market power “could be a problem.”
Paramount, led by the son of Trump ally and Republican megadonor Larry Ellison, publicly launched a hostile takeover on December 8, triggering a bidding war with Netflix.
Ellison personally guaranteed more than $40 billion backed by his Oracle shares to support the deal. Netflix eventually withdrew after Paramount submitted a winning $110 billion offer about 2 weeks ago.
The Paramount acquisition will be backed by $39 billion in new debt from Bank of America, Citigroup and Apollo, according to the companies’ February 27 announcement.
The latest disclosures from the U.S. Office of Government Ethics, dated February 27, were published online last week. Trump, a real estate investor, has previously reported more than $1 billion in assets and continues to hold interests across crypto, golf clubs and licensing businesses.
His investments in companies overseen by his administration could raise ethical concerns.
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