Trump says stock market drove his 2025 income gains, but the majority came from crypto
PolitiFact – Rulings and Stories — 2026-07-07 15:02:00 — www.politifact.com
Trump’s Claim About Profiting From the Stock Market Rated “Mostly False” by Fact-Checkers
President Donald Trump recently faced scrutiny over his latest financial disclosure, which revealed his wealth had surged by more than $2 billion in a single year. When asked by a reporter on July 1 how he would respond to critics who say he’s profiting off the presidency, Trump replied, “Well, you know why I’m profiting? Because the stock market’s going up — everybody’s profiting. Do you have a 401(k)? … So we’re all profiting. I’m profiting because I have a lot of money and a lot of cash.”
However, a detailed review of Trump’s 927-page financial disclosure form shows that the majority of his income gains in 2025 did not come from the stock market. While Trump’s stock holdings and transactions make up a significant portion of the document, the form also reveals that cryptocurrency ventures brought in $1.4 billion, and another $400 million came from non-stock sources such as real estate, legal settlements, overseas licensing agreements, and Trump-branded merchandise.
Experts and media analyses confirm that these non-stock sources accounted for well over half of Trump’s income gains in 2025. For example, a New York Times analysis estimated Trump’s total income at $2.2 billion, with up to 81% coming from non-stock sources. Similarly, a Forbes analysis suggested that two-thirds of his gains were unrelated to the stock market.
Fact-checkers concluded that Trump’s statement contains an element of truth—he did benefit from a strong stock market—but it omits crucial information that would give a more accurate picture of his financial gains. The vast majority of Trump’s reported income increase in 2025 came from sources other than the stock market, particularly cryptocurrency, which also resulted in significant losses for nearly one million investors in his meme coin.
In summary, Trump’s claim that he is profiting primarily because “the stock market’s going up” is misleading. The evidence shows that most of his financial gains in 2025 were driven by other ventures, not the stock market. Fact-checkers rated his statement as “Mostly False.”
Source: https://www.politifact.com/factchecks/2026/jul/07/donald-trump/disclosure-crypto-stocks-wealth/