Swiss National Bank purchased 111,300 shares of Trump Media worth $1.78M, stake grows to $5.37M by February

The Swiss National Bank, Switzerland’s central bank majority owned by public entities, purchased 111,300 shares of Trump Media & Technology Group valued at $1.78 million during Q3 2024, according to SEC disclosures. By February 2025, the bank’s holdings increased to 157,500 shares worth $5.37 million. President Trump owns approximately 53% of Trump Media through a trust controlled by Donald Trump Jr. The purchase by a foreign government-controlled entity raises significant Emoluments Clause concerns given Trump’s majority ownership stake in the company. Another Swiss public financial institution, Zürcher Kantonalbank, also owns 14,796 shares worth $237,000, further complicating the potential constitutional conflict.