US Government Stakes in 30-Plus Firms See Most Listed Shares Retreat
Since the start of Trump's second term, the US government has taken stakes in more than 30 companies, both listed and private. Among 17 listed firms with government holdings, 14 now trade below their close on the day after the deal was announced, and 11 are below their average level in the ten sessions before announcement. USA Rare Earth gave back all gains, while Intel remains more than four times its deal-time price.
Since Donald Trump began his second term, the US government has taken equity stakes in more than 30 companies, spanning listed and private businesses. Share performance at the 17 listed companies in which the Trump administration holds stakes shows that their stocks rose sharply around the formal announcement of the government's holdings, then entered a period of sharp volatility and gave back earlier gains. USA Rare Earth, in which the administration took a stake in January, is one example: its shares surged more than 80% within five trading days of the deal's announcement, but about three weeks later had surrendered all of those gains. The stock closed at USD 15.71 on Monday, well below the high of nearly USD 44 on the day the agreement was announced.
Of the 17 listed companies, 14 currently trade below their closing price on the second day after the White House announced the transaction, and 11 trade below their average level over the ten trading days before the announcement. Some companies' shares remain above their level at the time the deal was announced: Intel's stock on Monday was more than four times its price when the transaction was announced in August 2025, while Nippon Steel's shares were up about 20% from the deal-time level. Intel and Nippon Steel had previously provided the Trump administration with golden shares.
Beyond listed companies, the Trump administration's portfolio also includes private firms in fields such as quantum computing, semiconductors and oil drilling. The most recent transaction involves a joint venture named North American Blue Energy, which obtained a 100-year lease on land in Venezuela holding roughly 65 billion barrels of oil. The Trump administration stresses that its investments are all passive.