President-elect Donald Trump unloaded all of his stakes in different companies in during the second quarter of 2016, The Washington Post reported, citing Trump spokesman Jason Miller.
Miller said Tuesday that president-elect sold shares in a number of companies – banks, oil giants and other firms – in June in order to avoid conflict of interest.
According to the report, the sell-off could help address conflict-of-interest worries about Trump’s stock portfolio. Trump’s May disclosure filing shows that the president-elect held shares worth about $40 million as of December 2015.
The shares sale, according to ethics advisers, offered a potentially troublesome facet of Trump’s private finances that could entangle his public decision-making, The Post reported.
No records of stock transactions or other details were provided by Trump representatives since the May filing.
According to The Post, Miller did not immediately answer why Trump had sold the shares, how much he sold them for, or whether he has bought anything since.
The president-elect will not be required by law to file another personal financial disclosure until May 2018. He will be subject to the STOCK Act, a law passed in 2012 that requires elected officials to publicly disclose any stock transactions worth at least $1,000 within 45 days.
Trump’s stock portfolio is separate from his broader real estate and branding businesses. His portfolio included stocks and bonds invested in companies such as Apple, AT&T, ExxonMobil and Goldman Sachs.
On November 30, Trump said on Twitter that he is “leaving” the Trump Organization to focus on his presidency, Global News reported.
The president-elect — who was short on details about how he planned to detach himself from his vast array of businesses — said more information would be provided at a “major news conference” on Dec. 15.
“I will be leaving my great business in total in order to fully focus on running the country in order to make America great again,” Trump tweeted early Wednesday morning. “While I am not mandated to do this under the law, I feel it is visually important, as president, to in no way have a conflict of interest with my various businesses.”