Trump Bought Over $1.1M in Netflix Bonds While Criticising Media Merger, Government Filings Reveal

President Donald Trump purchased more than $1.1 million (£850,000) in Netflix bonds while simultaneously questioning the company's market power and pressuring its board, according to the latest US Office of Government Ethics disclosures.

The filings, released recently, show the trades occurred in December and January, the exact window when Netflix was locked in a high-stakes bidding war with Paramount Skydance to acquire Warner Bros Discovery. While the President publicly warned that a Netflix-Warner tie-up 'could be a problem' for competition, his private family trust was quietly increasing its stake in the streaming giant's debt.

Strategic Trades Amidst Media Industry Turmoil

The disclosures reveal a calculated series of investments executed at the height of industry consolidation. In December, the President acquired over $500,000 (£390,000) in Netflix bonds, followed by a further $600,000 (£470,000) in January. These bonds, paying a 5.375% interest rate and due in November 2029, were trading at roughly $1.03 on the dollar at the time of purchase and at $1.04 and $1.03 during his second round of trades in January. The bonds were trading at $1.04 on the dollar on February 26, a day ‌before ⁠Netflix withdrew its bid for Warner Bros, but have since moved back to $1.03 on the dollar as of last Friday. Interestingly, Trump also bought up to $1 million in Warner Bros bonds in two transactions in December, which were trading at $0.91 and $0.92 per bond at the time of purchase. They are trading at $0.95 on every dollar at present. If Trump still holds these bonds, they would be in the money now.

The timing of these purchases has raised eyebrows amongst ethics watchdogs. As the trades were being executed, the Trump administration was mounting public pressure on Netflix. The President and his regulatory allies repeatedly questioned whether the deal could withstand antitrust scrutiny. Furthermore, Trump utilised his Truth Social platform to demand that Netflix fire board member Susan Rice, a former aide to President Barack Obama, warning of 'consequences' if the company did not comply.

Family Trust Shield Against Conflict Claims

Despite the apparent optics, the White House has moved quickly to dismiss any suggestions of impropriety. US Presidents are uniquely exempt from many federal conflict-of-interest laws that govern other executive branch members. To maintain a layer of separation, the Trump family manages its vast portfolio via a trust. 'President Trump's assets are in a trust managed by his children. There are no conflicts of interest,' stated White House spokeswoman Anna Kelly.

Critics argue that the President's ability to influence the regulatory environment, specifically the Department of Justice's review of the Paramount-Warner Bros Discovery deal, makes any investment in the sector problematic. Paramount is currently led by David Ellison, the son of major Trump donor and Oracle founder Larry Ellison. The younger Ellison eventually secured a $110 billion (£86 billion) deal for Warner Bros after Netflix withdrew its bid in late February.

Paramount disclosed its hostile takeover plans for Warner Bros on 8 December, triggering a bidding war with Netflix. Ellison personally guaranteed over $40 billion, backed ⁠by his Oracle shares, to close the deal.

A Billion-Dollar Portfolio Beyond Streaming

The Netflix investment represents only a fraction of the President's financial empire. A 2025 ethics report highlighted that his Miami-based Trump Endeavor 12 LLC, which oversees various golf properties, generated approximately £86 million ($110 million) in recent revenue. His Mar-a-Lago Club in Florida remains a significant cash cow, bringing in over $50 million (£39 million) in resort-related income.

Trump's broader portfolio includes holdings in over 1,100 companies, spanning sectors from AI and semiconductors to crypto exchanges. While the filing does not specify if the Netflix bonds have been sold, the volatility of the media merger market ensures that his family trust remains deeply entwined with the fortunes of Hollywood's biggest players.

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