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President-elect Donald Trump sold off all of his stock portfolio over the summer to avoid conflicts of interest in office, a spokesman said Tuesday on a conference call with reporters.
Trump’s transition team did not provide documentation to confirm the sales, but said the sell-off was in June.
According to financial disclosure filings from Trump during the presidential campaign, the portfolio was worth around $40 million in December 2015.
The issue of Trump’s investments was highlighted on Tuesday after the president-elect called for the cancellation of a contract with the aircraft-maker Boeing for a new presidential airplane. After Trump said he would pull out of the Air Force One deal, Boeing’s stock slid in trading.
The tweet raised possible conflict-of-interest concerns, since previous tweets from Trump mentioned holding stock in Boeing.
Reports have indicated that Trump held shares of some of the major US banks and various oil companies, which raised ethical questions for the president-elect.
Trump told Fox Business in August that he had sold his stockholdings, fearing coming sell-offs in the market. The Dow Jones industrial average hit an all-time high on Tuesday.