Trump's Cabinet Members Watch Their Retirement Funds Plunge

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Trump's tariff announcement that tanked retirement accounts around the globe as the market shed more than $2.5 trillion even slammed wealthy members of his own cabinet.

Trump notably filled his administration with record number of billionaires . With the Dow On Thursday, as the market dropped by almost 1,700 points and other indices fell, the prominent advisers who had been supporting and advocating for Trump's policies found themselves abruptly having to assess the impact on their personal finances.

The very richest members of Trump's team have their money stashed in real estate holdings, private companies, and LLCs headquartered in Delaware whose worth is hard to measure every day.

Treasury Secretary Scott Bessent was among those who suffered in the markets on Thursday, according to a UbiNewsanalysis of financial disclosure forms.

Bessent's disclosure shows over $50 million invested in the Key Square Group investment firm, though it was not readily apparent how this investment fared.

He also has as much as $500,000 invested in iShares. Bitcoin The Trust ETF fell by 5.75%, along with over $50 million worth of SPDR S&P 500 ETF Trust, which declined by 4.9%.

His Invesco QQQ Trust valued at over $50 million, which tracks the Nasdaq, dropped 5.3% and his Invesco S&P Equal Weight valued at more than $50 million dropped 4.8%.

Altogether, these four investments together amounted to a reduction of $7.5 million.

Some of Bessent's other holdings – over $50 million in U.S. Treasury Bills, as an example, probably performed better. His holdings are dotted with smaller $5 million investments in cash, stocks, and start-up companies. Even a hedge in gold didn't pan out Thursday.

The hedge funder was worth an estimated $521 million when he joined the cabinet. He advised foreign countries Wednesday not to hit back amid international outrage at the tariffs.

'My advice to every country right now is: Do not retaliate. Sit back, take it in, let’s see how it goes. Because if you retaliate, there will be escalation,' he told Fox News Special Report.

Howard Lutnick, who contributed to building the Cantor Fitzgerald company, had a net worth of up to $4 billion when he entered the Trump administration as Commerce Secretary.

Even though Lutnick might face criticism if the tariffs cause a global economic downturn without fulfilling their intended benefits for US manufacturing, it is nearly impossible to separate his personal asset performance from his overall role. disclosure .

His fortune is distributed across over 800 enterprises, primarily limited liability companies established in the business-friendly state of Delaware.

Certain entities such as BGC China, BGC Canada Securities Company, and BGC Brazil Holdings appear likely to face fluctuations in tariffs.

When Trump was questioned by UbiNews regarding the effect on retirement savings on the same day the tariffs caused the S&P 500 to lose $2.5 trillion, he dismissed the query outright.

'I haven’t checked my 401k "Trump responded." His personal wealth is primarily linked to his business ventures in golf courses and property development, along with a media firm he established during his election campaign.

During his trip to Florida, where he attended a Saudi-supported LIV golf event at one of his venues, he made comments. Shares of his media firm dropped by 1.9%, outperforming the S&P index. Prior to Trump’s announcement about the tariffs, his media business had declined by 44%.

Homeland Security Director Kristi Noem may not be the richest member of the cabinet. However, as a former South Dakota governor, she has her savings allocated in the stock market, which makes her susceptible during periods of volatility.

When she entered the administration, her assets were worth around $1 million. At 53 years old, Noem may wish to delay any immediate plans for retiring.

Much of her wealth and retirement savings are tied up in market indices and other funds that have taken a hit.

Her Vanguard Capital Appreciation Fund, worth as much as $50,000, fell by almost 2.8%, whereas her Vanguard Equity Income Fund decreased by roughly 4%, resulting in a loss of $2,000.

The six funds combined, worth up to $300,000, lost close to $12,000 in a single trading day.

Housing and Urban Development Secretary Scott Turner, a former NFL player who played three seasons for the former Washington Redskins, put many of his investments in tech companies that have performed well in recent years.

The tariffs subjected him to an open field tackle in the markets. His up to $50,000 in Amazon dropped 4.5%, while his up to $50,000 in Alphabet dropped 4%. His other holdings in Microsoft didn't fare any better, and his ETFs of the smaller Russell index and Dow Jones average were both down.

Just one tranche of his stock investments totaling $1.2 million just a few months ago took a hit of up to $58,000.

But unlike some Americans who may have nothing but a 401(k) to retire on, Turner has an NFL Player Annuity Program, valued at up to $1 million, according to his disclosure , along with a defined benefit plan that pays $4.950 per month.

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