Brokerage accounts associated with Donald Trump executed a series of well-timed stock purchases during his first year back in the White House, including an investment in the maker of Taser stun guns, according to financial disclosures. These transactions included investments in major technology companies as well as a more niche acquisition that is now drawing scrutiny.
On August 18, Trump's accounts purchased stock in Apple, Microsoft, and Nvidia, with each transaction valued between $5 million and $25 million. In September, Amazon stock was bought on the same day a federal trial commenced over allegations that the company misled customers about its Prime service. Amazon later settled the case for $1 billion in penalties and $1.5 billion in customer refunds.
One transaction drawing particular attention involved a $1 million to $5 million investment in Axon Enterprise, the company that produces Tasers, on February 10. Two weeks later, Immigration and Customs Enforcement (ICE) issued a notice seeking approximately 17,800 new stun guns and unlimited cartridges, with an estimated five-year value of $220 million. While the notice did not name Axon, procurement reviewers and policing experts noted that the specified requirements, including a 45-foot range and 10 individually deployable probes, align with Axon's Taser 10 model. These specifications reportedly would exclude most other potential bidders, as Axon holds about 90 percent of the U.S. Taser market.
Axon shares saw a price increase of approximately 29 percent between February 10 and June 30, closing at $560.61 on the latter date, up from $434.45 when the stock was purchased. The current ICE Taser contract is set to expire on August 21.
Financial disclosures indicate that the trades were executed through discretionary accounts managed by firms including Charles Schwab and JPMorgan Chase, with Donald Trump Jr. serving as trustee. Under this arrangement, the brokerage firms hold sole authority over trading decisions and are prohibited from accepting trade requests from the president or his family. Unlike many past presidents who placed their assets in blind trusts, Trump has not done so, allowing him to view his holdings though he cannot direct trades. A White House spokeswoman stated that the trust structure ensures investments are handled by independent third-party firms, asserting there are no conflicts of interest and calling the scrutiny a "tired narrative."
Presidents are exempt from the criminal conflict-of-interest law applicable to other executive-branch officials. The STOCK Act mandates the disclosure of individual trades but does not prohibit them. Axon currently holds a $370 million contract with the Department of Homeland Security for body cameras and software, awarded in 2023. The company's revenue has reached record levels, largely driven by Taser sales, and its lobbying expenditures in 2025 reached a high of approximately $2.5 million.