California Gov. Gavin Newsoms latest attempt to paint President Donald Trump as corrupt is collapsing under basic scrutiny.
Newsom has alleged that President Trump bought stock in SpaceX after its launch, and because SpaceX has federal contracts, that's somehow proof of a grift or corruption," a claim that, according to RedState, rests on a fundamental misrepresentation of how the presidents investments are handled. The accusation followed a routine government disclosure of Trumps financial portfolio, which showed exposure to SpaceX through index-based investment vehicles rather than any handpicked stock play by the president himself.
As Townhalls Amy Curtis noted, President Trump's stock portfolio is managed by third-party financial institutions. Per White House spokesman Davis Ingle, those institutions replicate recognized indexes, such as the Schwab 1000. In other words, countless ordinary investors had SpaceX added to their portfolios at the same time, undercutting Newsoms narrative of a bespoke, corrupt deal.
Neither SpaceX nor Elon Musk has commented on the disclosure, The Next Web reported, underscoring how little substance there is behind the governors insinuations. White House crypto czar and innovation advisor David Sacks told Bloomberg News in June that there is no conflict of interest in these investments, stating, The President's assets are in a blind trust. His sons are not in the government. They're adults and they're allowed to engage in business," making clear that the familys finances are structured to avoid precisely the kind of ethical breach Democrats are trying to invent.
Curtis further observed that even if Trump had personally timed the trade, it would hardly qualify as a masterstroke of self-enrichment: More than that, TechCrunch is reporting that the portfolio added SpaceX shares when they were trading for about $150 around June 23. Those stocks closed down at $135 on Monday, which means the president likely lost money. Yet Democrats are recycling this weak storyline, with Sen. Liz Warren and Rep. Robert Garcia demanding in a 17-page letter that Trump disclose all third-party institutions and managers that direct your trades, a fishing expedition CBC has noted could be used to fuel impeachment fantasies if Democrats retake Congress.
The media wing of the Left is playing along, too, with an August 2025 MS NOW segment breathlessly claiming Trump bought more than $100 million in bonds since January, the anchor labeling it insider trading without offering a shred of proof. All that matters to them is feeding their audience another Orange Man Bad narrative, not establishing facts or respecting due process.
Newsom and his allies know these charges are hollow, but they are useful tools to smear the Right, cloud the political landscape ahead of the midterms and 2028, and distract from the governors own ethical baggage that outlets like RedState have documented extensively. Whatever their motives, the Left needs to stop trying to manufacture a scandal where none exists; there is, quite simply, no there there.
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