Trump’s New Cabinet: Wealth, Crypto, and Controversy
The administration formed by President Donald Trump has a staggering combined net worth of at least $11.8 billion. This wealth sets a record for any cabinet in United States history. As Senate confirmation hearings unfold in Washington, D.C., potential conflicts of interest among these cabinet members are under scrutiny. We analyzed their financial portfolios and investment approaches to gauge what this wealth means for any possible insider trading during their time in office.
Crypto Enthusiasts in Trump’s Nominees
One notable trend among President Trump’s nominees is a strong interest in cryptocurrency. Our examination of their stock portfolios reveals that nearly half of them own substantial crypto assets.
A primary example is Sean Duffy, the nominee for Secretary of Transportation, who possesses Bitcoin holdings valued at up to $1.1 million.
Media Backgrounds Fuel Wealth
Another key insight is that many nominees gained wealth through media careers. For instance, Pete Hegseth, nominated for Secretary of Defense, reported earnings over $4 million in the last two years as a FOX News host. Similarly, Tulsi Gabbard reportedly earned over $1 million from book advances and speaking engagements, primarily within Republican circles.
Robert F. Kennedy Jr. — Health and Human Services Secretary (Confirmed)
Robert F. Kennedy Jr., confirmed as Health Secretary with a slim 14–13 Senate vote, has an estimated net worth of around $15 million. A member of a prominent Democratic family, he faces criticism for his controversial views on vaccines and connections to a law firm that has sued Merck. Kennedy earned at least $850,000 from this law firm last year.
His financial disclosures reveal that Bitcoin represents his largest asset, valued at over $5 million. Despite his confirmation, opposition remains strong, with more than 75 Nobel Laureates urging senators not to approve Kennedy.
Pete Hegseth — Secretary of Defense
Hegseth is well-known as a co-host on “Fox and Friends.” According to recent filings, he earned over $4.6 million from Fox News within two years and reported between $5,000 and $15,000 in Bitcoin earnings. Controversies surrounding his financial practices and allegations of misconduct have raised concerns about his capability to manage the Department of Defense’s $2 trillion budget for 2025.
Tulsi Gabbard — National Intelligence (Nominated)
Former Representative Tulsi Gabbard’s income surpassed $1.2 million this past year, largely from speaking fees and book royalties. She recently passed her Senate committee vote, advancing her nomination as director of National Intelligence. Gabbard received significant funds from her forthcoming book and conservative speaking engagements.
Pam Bondi — Attorney General (Confirmed)
Pam Bondi, a former prosecutor and confirmed Attorney General, boasts a net worth of about $18 million, stemming from her work with the Trump administration and earnings from its recent merger with Trump Media & Technology Group, exceeding $3 million. She is set to divest from shares in Trump Media & Technology Group that are currently valued between $2 million and $10 million.
Scott Bessent — Secretary of the Treasury (Confirmed)
Scott Bessent, confirmed as Secretary of the Treasury, holds a net worth of at least $500 million, mainly from hedge fund management. His portfolio includes over $50 million in ETFs and significant investments in various currencies, including over $50 million in U.S. Treasury bills. Bessent also owns between $250,000 and $500,000 in Bitcoin.
Linda McMahon — Secretary of Education (Nominated)
With an estimated net worth of over $3 billion, Linda McMahon, co-founder of WWE, has a rich history of supporting Trump since 2016, donating over $10 million during the 2016 election cycle. Her financial interests include ownership of over $50 million in TKO Group Holdings and bonds associated with several universities. McMahon will resign from her position on the board of Trump Media & Technology Group, from which she recently received shares valued at nearly $200,000.
Doug Burgum — Interior Secretary (Confirmed)
Doug Burgum’s financial background includes more than $2 million in earnings last year from various business ventures. He has invested in key tech stocks such as Netflix, Alphabet, and Apple.
Sean Duffy — Secretary of Transportation (Confirmed)
Confirmed as Secretary of Transportation, Sean Duffy also plans to divest his investments in major tech stocks. His extensive cryptocurrency investment includes up to $500,000 in Bitcoin and smaller holdings in other cryptocurrencies like Solana and Litecoin.
Howard Lutnick — Commerce Secretary (Nominated)
Businessman Howard Lutnick, who has a net worth of around $2 billion, serves as CEO of Cantor Fitzgerald. Despite holding numerous positions in various companies, Lutnick’s personal cryptocurrency holdings are limited. He has publicly supported cryptocurrency like Tether, raising questions about potential conflicts of interest due to his firm’s involvement in this sector.
Next Steps for the New Cabinet
This analysis of financial disclosures uncovers a cabinet marked by immense wealth, with many members needing to divest assets before taking office due to potential conflicts of interest. The Office of Government Ethics mandates such divestments, a cost that could impact many of Trump’s nominees significantly.
This article was originally published on Quiver News; read the full story.
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