Trump Missed the Trump Rally, Says Spokesman
For all the talk about how President-elect Donald Trump might abuse his new office to enrich himself, he seems to have missed out on one potential source of financial gains so far. According to spokesman Jason Miller, "The president-elect sold all of his stock back in June."
That would be unfortunately timing, since going from the intraday low and high from that month, the S&P 500 Index has since gained between 4 and 10.7 percent, based on Monday's close.
In the meantime, millions of Americans have seen their 401ks swell in value as stock prices soared following the real estate mogul's unexpected victory. Bankers have cashed in on millions by selling company stock, with Goldman Sachs Group Inc. insiders divesting more than $200 million worth of shares in the ten days following the election.
The post-election rally in U.S. stocks defied the conventional wisdom for what would occur in the event Trump emerged victorious.
To be sure, the president-elect could have poured the proceeds from his share sales into more profitable ventures. Ahead of Nov. 8, the Republican nominee claimed the stock market was in a "big, fat, ugly" bubble that was only sustained by the accommodative monetary policy of the Federal Reserve.
Miller's comments were in response to questions about the president-elect's erroneous remark on Tuesday about the costs associated with the production of a new Air Force One by The Boeing Co. "Cancel order!" tweeted Trump.
According to the personal financial disclosure the real estate mogul filed on May 15, he held between $50,000 and $100,000 worth of Boeing stock at the time. He has not filed a disclosure since then that would provide any updates about his holdings or their sales.