{"id":4276,"date":"2026-07-26T17:49:57","date_gmt":"2026-07-26T17:49:57","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=4276"},"modified":"2026-07-26T17:49:57","modified_gmt":"2026-07-26T17:49:57","slug":"the-u-s-government-invested-27-billion-in-corporate-stakes-good-luck-finding-them","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=4276","title":{"rendered":"The U.S. government invested $27 billion in corporate stakes. Good luck finding them"},"content":{"rendered":"
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Others include $400 million into rare-earth miner MP Materials to loosen China\u2019s grip on magnet supply chains, the \u201cgolden share\u201d in U.S. Steel retained as a condition of its sale to Japan\u2019s Nippon Steel, or the flurry of stakes in quantum computing firms.<\/p>\n

Read more Despite nearing their 60s, nearly four in 10 Americans heading towards the end of their careers don\u2019t even have a retirement account<\/a><\/p>\n

But with all that dealmaking, those wary of government\u2019s corruptive tendencies\u2014and of President Donald Trump\u2019s own trading\u2014might want to see some transparency. The portfolio, however, is nowhere to be found.\u00a0<\/p>\n

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There is no consolidated ledger of the government\u2019s holdings; the stakes sit scattered across at least four agencies: 17 deals through Commerce, seven through Defense, six through the Development Finance Corporation, two through Energy. Only one of those, the Development Finance Corporation, has clear statutory authority to own equity at all, under a framework Congress built in 2018 for development deals abroad. <\/p>\n

The White House did not immediately respond to Fortune\u2019s<\/em> request for comment. A Treasury spokesperson said agencies report equity interests \u201cin different ways\u201d depending on the legal authority behind each stake.<\/p>\n

Some of the \u201cstakes\u201d are signed agreements, while others, including nine quantum computing deals Commerce announced in a single week, remain more ambiguous, closer to term sheets. The most complete public accounting of Washington\u2019s portfolio is kept by the Council on Foreign Relations, a think tank.<\/p>\n

\u201cThe deals that have been announced to date are only the tip of the iceberg,\u201d Jonathan Hillman, the Council on Foreign Relations senior fellow who maintains that tracker, told Fortune<\/em>, \u201cand the real test will be whether Washington can build a system to effectively manage its growing portfolio of investments over the long run.\u201d<\/p>\n

The best-documented stake in the portfolio is the biggest one. Intel\u2019s August 2025 securities filings name the shareholder: the United States Department of Commerce, counterparty to a \u201cWarrant and Common Stock Agreement\u201d covering 433.3 million shares at $20.47 apiece. It\u2019s a passive stake, with no board seat or information rights, and the government has agreed to vote with Intel\u2019s board on most matters.<\/p>\n

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Yet some aspects of the deal, in the filings, look strange. Roughly two-thirds of the shares were delivered to Commerce when the deal closed; the rest sit in escrow to be released as Intel hits milestones under a Pentagon chip program, meaning a slice of the government\u2019s marquee holding is not yet in the government\u2019s hands. The claw-back and profit-sharing provisions attached to Intel\u2019s earlier $2.2 billion CHIPS Act grant were also eliminated. Grants have strings that these stocks don\u2019t.<\/p>\n

In addition, ethics filings revealed that accounts held in the president\u2019s own name began buying Intel in March, months after his administration\u2019s stake sent the stock soaring. No insider trading has been alleged, and the White House says his assets sit in a trust managed by his children; but Trump\u2019s personal holdings are unprecedented for the modern presidency. <\/p>\n

Read more Conspiracy theorist Laura Loomer admits she was \u2018bamboozled\u2019 by Russian propaganda and calls podcasters\u2019 misinformation a national security threat<\/a><\/p>\n

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For the government\u2019s stakes in private companies\u2014such as Vulcan Elements, xLight, and others\u2014no public securities filings with the SEC exist at all.<\/p>\n

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Even where the shares can be found, the money is tricky to follow. Federal budget rules, mostly designed for grants and loans, treat an equity purchase as an outlay\u2014money out the door\u2014with very little mechanism for recognizing what comes back, according to research by William Henagan, a fellow at the Council on Foreign Relations. That means the Intel position\u2019s rise from $8.9 billion to $42 billion appears in no budget document.<\/p>\n

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The Development Finance Corporation, established by Congress in 2018 to make equity investments abroad, is one exception. But the framework has a narrow lens: it was designed for financing ports in developing countries. Yet now it is the closest thing Washington has to a legal template for owning chipmakers.<\/p>\n

A DFC spokesperson told Fortune<\/em> it records its equity postions as investment assets and manages the ownership on a case-by-case basis.<\/p>\n

The federal government has held corporate equity at scale once before, and it did so under supervision. The Troubled Asset Relief Program, the $700 billion rescue fund Congress created in October 2008 at the height of the financial crisis, came with a statutory special inspector general who filed quarterly reports to Congress, plus a congressional oversight panel and standing GAO audits to boot. <\/p>\n

But even that apparatus was judged insufficient: in 2009, the program\u2019s own inspector general that taxpayers weren\u2019t being told what recipients were doing with their money.<\/p>\n

Today\u2019s sprawling portfolio has none of that. The administration, for its part, has never claimed otherwise;\u00a0 it has hinted the stakes are the start of something bigger. <\/p>\n

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\u201cIt\u2019s like a down payment on a sovereign wealth fund, which many countries have,\u201d Kevin Hassett, the director of the National Economic Council, told CNBC after the Intel deal was announced.<\/p>\n

Read more I\u2019ve been teach college students for decades. Most of them can no longer finish a book<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Trump administration’s equity stakes\u2014from Intel to quantum startups\u2014appear in no budget document and are subject to no watchdog.<\/p>\n","protected":false},"author":1,"featured_media":4275,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-4276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-donald-trump"],"yoast_head":"\nThe U.S. government invested $27 billion in corporate stakes. 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