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Here’s Why Donald Trump Sold All His Stocks

Donald Trump—who was revealed as TIME’s Person of the Year Wednesday—said he sold all his stock holdings in June because he was sure he would win the presidential election.

Trump said he doesn’t “think it’s appropriate” to own stocks while he’s making deals for the country as president, he told the Today show in an interview shortly after he was announced as TIME’s Person of the Year on the program.

A Trump spokesperson said Tuesday said the President-elect sold all his shares in June. While the sale could address potential conflicts of interest in Trump’s portfolio, the move was also timed with the beginning of the billionaire businessman’s general election bid, which he promised he would personally fund with “major contributions.”

 

Trump’s portfolio—worth about $40 million in May—included shares in Apple, Google, J.P. Morgan Chase, Nike, and Microsoft, among all of his publicly traded shares.