'I've Made Hundreds of Billions of Dollars on Stocks': Donald Trump Makes Bold Financial Claim

President Donald Trump claimed that he had made 'hundreds of billions of dollars' from stocks and other holdings 'for the USA', but he provided no calculations or documentation supporting the figure.

He accompanied the Truth Social post with an AI-generated image depicting him at the Resolute Desk surrounded by market screens.

Trump on Sunday, 6 September, wrote that he was acting 'for our Country, not myself.' His post did not identify the stocks or other holdings included in the calculation, say whether the gains were realised or unrealised, or explain how he measured the total.

Donald Trump Stock Claim Points to Intel

The image accompanying Trump's post appeared to reference the federal government's investment in Intel. One monitor displayed 'BOUGHT: INTEL $20,' while another showed 'NOW $95.'

Intel announced on 22 August 2025 that the US government would invest $8.9 billion (£6.5 billion) in the chipmaker's common stock. The company said the agreement contemplated 433.3 million primary shares at an announced price of $20.47 (£15.15) each, equivalent at the time to a 9.9% stake.

The financing was not described as a conventional open-market stock purchase. Intel said $5.7 billion (£4.2 billion) would come from grants previously awarded but not yet paid under the CHIPS and Science Act, with another $3.2 billion (£2.3 billion) tied to the Secure Enclave programme.

Intel also said the government's ownership would be passive, with no board representation or other governance or information rights. The government agreed to vote with Intel's board on matters requiring shareholder approval, subject to limited exceptions.

The structure later became more complicated. Intel's quarterly filing for the period ending 27 June 2026 said 143 million shares remained in escrow for the US government's benefit. Of those, 71 million were considered contingently issuable based on Department of Commerce disbursements under the Secure Enclave programme.

Intel shares closed at $95.80 (£70.88) on Friday, 4 September, substantially above the announced 2025 transaction price. That increase indicates substantial market appreciation, but the escrow arrangement means the full 433.3 million-share figure should not be treated without qualification as a freely held government position at the latest market price.

A rise in the market value of shares represents an unrealised gain until the relevant shares are sold. The available records reviewed here do not establish realised stock profits approaching the 'hundreds of billions' figure Trump cited.

Claim Does Not Establish Personal Trading

Trump's post did not say that he personally executed stock trades from the Oval Office. The image depicted that scenario, but his accompanying text framed the claimed gains as being made for the country.

That distinction is important because Trump also has personal investment accounts. Federal ethics filings released in May disclosed thousands of securities transactions in accounts held in his name.

Reuters reported that the Trump Organization said third-party financial institutions handled the investments without input from Trump, his family or the organisation.

Trump's separate annual financial disclosure was released by the US Office of Government Ethics on 30 June.

A Washington Post analysis of the filing calculated more than $2.2 billion (£1.6 billion) in reported income for 2025, including more than $1.4 billion (£1.03 billion) associated with cryptocurrency ventures.

Those personal disclosure figures do not substantiate Trump's separate claim that he generated 'hundreds of billions' in stock and other gains for the United States.

Federal disclosure forms also use valuation ranges for some assets, limiting their usefulness for establishing precise values.

Donald Trump Stock Claim Remains Unverified

The Intel arrangement provides a documented example of the US government obtaining an equity interest whose market price later rose significantly. It does not, however, establish gains on the scale Trump claimed.

Trump did not specify whether his figure referred to market appreciation, completed transactions or a broader calculation involving other government holdings. Those measures can produce materially different results.

Without a detailed accounting identifying the assets, purchase prices, current values and any realised proceeds, the 'hundreds of billions' claim cannot be independently verified from the public information reviewed.

Intel's share-price rise supports only the narrower conclusion that the value of the government-related Intel position increased on paper; it does not by itself substantiate Trump's broader figure.