Inside the Financial Profiles of Trump’s Cabinet Members, Worth Almost $12 Billion

The new administration assembled by President Donald Trump boasts a combined net worth of at least $11.8 billion. The collective wealth of the potential 2024 cabinet is unprecedented for The Cabinet of the United States. Senate confirmation hearings are currently underway in Washington, D.C. — and the potential conflicts of interest for these cabinet members are a fraught topic. We dived into the financial reports and investing strategies of this new administration to understand their financial backgrounds and what this could mean for potential conflicts of interest and insider trading while in office.

One finding is that President Trump’s nominees are crypto enthusiasts. Data on the stock portfolios of Trump’s cabinet nominees tells us that almost half of them have significant crypto holdings.

Among the greatest is Sean Duffy, Trump’s nominee for Secretary of the Department of Transportation, who holds up to $1.1 million in Bitcoin.

The second, and less startling finding is that the wealth of the nominees is disproportionately from roles in media. Nominated Secretary of the Department of Defense Pete Hegseth made over $4 million in the past two years as a FOX News Host, based on a recent Office of Government Ethics filing. Nominee Tulsi Gabbard earned over $1 million this year from book advances and speeches — most of which for the Republican Party.

Nominated in November for the position of health secretary, Robert F. Kennedy Jr. has now cleared the Senate by a razor‐thin 14–13 vote. According to a Forbes analysis in November 2024, Robert F. Kennedy Jr’s net worth is about $15 million. However, the successor of a major Democratic family has witnessed controversy over his views scrutinizing the efficacy of vaccines. Robert F. Kennedy Jr has also received backlash for his ties to Wisner Baum, an LA-based personal injury law firm. The firm has recently sued the pharmaceutical company Merck for failure to warn about health risks from its virus against human papillomavirus (HPV). Last year Kennedy earned at least $850,000 for referrals from Wisner Baum.

We received data on Robert F. Kennedy Jr’s stock portfolio from an Office of Government Ethics filing. The largest holding of Kennedy is a Bitcoin position. This position is worth over $5 million, and is his largest holding.

While Robert F. Kennedy Jr. has moved forward with the Senate vote, opposition from the scientific and medical communities persists. More than 75 Nobel Laureates had signed a letter encouraging senators not to confirm Kennedy.

Pete Hegseth is a high-profile figure best known for his prominent role as Fox News co-host of “Fox and Friends”. We also looked into a recent U.S. Office of Government Ethics filing for Pete Hegseth. The Secretary of Defense nominee received over $4.6 million from Fox News as an annual salary across the past two years.

The filing also displays between $5,000 and $15,000 in Bitcoin income.

Hegseth has experienced controversy for a number of allegations on financial mismanagement and accusations of sexual misconduct. This includes forced resignation from leadership positions with two nonprofit organisations, according to an investigation from The New Yorker.

Hegseth’s transition from media to government has been closely monitored, not only for its political implications but also for what his financial disclosures reveal about his investment strategies. Hegseth’s previous financial disclosures have raised concerns about his abilities to oversee the Department of Defense’s $2 trillion budget for 2025.

The former US representative’s earnings in the past year have exceeded $1.2 million, based on reported filings. Gabbard passed the Senate committee vote last week, approving her nomination as director of National Intelligence.

Based on her recently released personal financial disclosure report, the main source of her income was speaking fees and book royalties related to the Republican party. The former democrat earned nearly $300,000 for an advance on her 2024 book “For Love of Country: Leave the Democratic Party Behind”. Gabbard has received more than $170,000 from speeches, primarily delivered for conservative audiences.

This pick for attorney general and former prosecutor is one of the richest attorneys in Florida, with a reported net worth of $18 million. Bondi has worked with the Trump administration and surrounding team for several years, including during the first impeachment trial in 2020. Bondi also made more than $3 million from the recent merger of Trump’s Truth Social platform, according to recent filings.

Currently, Bondi has disclosed owning more between $2 million and $10 million in shares of Trump Media & Technology Group stock ($DJT).

Bondi was confirmed by the US Senate on Tuesday and has currently pledged to divest from her shares.

The pick for Secretary of the Treasury, Scott Bessent, is one of the wealthiest potential members of cabinet. Bessent has a net worth of at least $500 million, according to recent filings. The bulk of Bessent’s wealth originates from his years in hedge fund management. Over $50 million of Bessent’s wealth is currently held in ETFs.

Bessent has also invested heavily in major currencies. This includes over $50 million in US Treasury bills, and investments into the euro (€), Chinese yuan (¥), and Japanese yen (¥).

Currently, Scott Bessent holds between $250,000 and $500,000 in Bitcoin.

It is estimated that McMahon is worth upwards of $3 billion, with most of these earnings from co-founding the media empire World Wrestling Entertainment (WWE). McMahon, also former head of the Small Business Administration (SBA), has been a contributor to Trump’s since 2016. The McMahons donated more than $10 million during the 2016 election cycle.

Currently, McMahon owns a little more than $50 million in TKO Group Holdings, which includes WWE and UFC. She also holds significant investments in fixed-income, with bonds supporting universities including the University of Arizona and University of California system.

McMahon has also held a position on the board of directors for Trump Media & Technology Group, which she plans to resign from when joining the cabinet. However, McMahon was recently awarded nearly $200,000 worth of Trump Media and Technology Group shares in January.

It has been reported that Burgum earned over $2 million last year from businesses and investments. The nominated Interior Secretary has significant investments in many technology stocks, including Netflix (NFLX), Alphabet (GOOGL), Apple (AAPL) and Adobe (ADBE).

The lawyer and former television personality was confirmed by the Senate in January to begin the role of Secretary of Transportation. Duffy has recently pledged to divest from his investments into technology stocks, including Nvidia (NVDA), Apple (AAPL), and Alphabet (GOOGL).

Duffy also has numerous investments in cryptocurrency. This includes up to $500,000 in Bitcoin, up to $15,000 in Solana, and nearly $15,000 in Litecoin.

Businessman Howard Lutnick is one of the richest cabinet nominees, according to recent reports, with a net worth of $2 billion.

Lutnick is CEO of of the financial services firm Cantor Fitzgerald as well as brokerage firm BGC Group. According to recent filings with the Office of Government Ethics, Lutnick also holds over 800 separate positions across various companies.

Lutnick is an avid supporter of cryptocurrency — although he does not personally have large holdings of cryptocurrency. This interest includes vocal support for the stablecoin Tether – which Lutnick’s firm Cantor Fizgerald aims to finance. Lutnick apparently refused to commit to recusing himself from the president’s Working Group on Digital Asset Markets in early February. The group, which works on cryptocurrency related to Lutnick’s firm, demonstrates a potential conflict of interest if pursued.

Public disclosure of funds allows us to examine the financial profiles for the new cabinet of the United States. Looking at the potential cabinet members holistically, it is apparent that they are united by holding large amounts of wealth. Some of this wealth, of course, will have to be divested if taking office. The Office of Government Ethics requires officials to divest from funds which may pose a conflict of interest — a move which many of Trump’s nominees will see as costly.