Switzerland’s central bank, substantially owned by local Swiss governments, purchased nearly two million dollars of shares in President Trump’s social media company, according to an SEC filing from November obtained by CREW. The transaction marks the first known apparent instance of a foreign government-connected entity being invested in the president’s public company. 

The SEC disclosure report indicates that the Swiss National Bank purchased 111,300 shares of common stock, valued at $1.78 million, in Trump Media & Technology Group during the third quarter of last year. President Trump owns around 53% of Trump Media through a trust now controlled by his son, Donald Trump Jr. Trump Media is the parent company of the social media platform Truth Social. This week, Trump Media announced it was expanding into financial services. 

The Swiss National Bank is the central bank of Switzerland, meaning it sets monetary policy and issues the country’s currency. It is operated under and governed by the Swiss constitution and the country’s National Bank Act. Its share capital is majority owned by public entities, predominantly cantons, or member states. According to its website, “[a]round half the SNB’s share capital is held by the cantons, the cantonal banks and other public authorities and institutions. The remainder is in the hands of private individuals.” The Zürcher Kantonalbank, a public financial institution owned by the Swiss canton of Zurich, is also invested in Trump Media & Technology Group, though it owns only 14,796 shares, worth $237,000 according to a November disclosure. It is possible in the case of both banks that the shares have been sold but the transactions have not yet been reported.

Never before has a U.S. president owned and profited from a publicly traded company while in office, meaning it’s never been easier for a foreign country or wealthy individual to pad Trump’s bottom line if they wish to curry favor with him. Trump Media has been unprofitable and has a relatively small user base compared to other social media companies, which also raises concerns that the volatile stock is more of a proxy for Trump’s political fortunes than a sound business.

CREW has warned for months that Trump’s continued interest in Trump Media, along with his cryptocurrency platform and international business developments, open him up to endless potential conflicts of interest, national security threats and potential violations of the Constitution’s Emoluments clauses. The purchase of these shares by the Swiss National Bank proves these were not empty warnings. 

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