MPMaterials News & Analysis

Trump Administration Takes Equity Stakes in 41 Companies by November 2026

President Donald Trump's administration has taken equity stakes in 41 private-sector companies by November of his second term, following a notable increase from 14 companies in January. This includes a $400 million stock deal with MP Materials and a 10% stake in Intel. An unusual 'golden share' arrangement was also secured in U.S. Steel, granting veto power over key business decisions, which will transfer to U.S. government departments after Trump's presidency. Democrats, poised to take control of the House and Senate after the 2026 midterm elections, plan to scrutinize these government-involved private-sector relationships, probing potential corruption and the administration's business ties. Lawmakers have already sought details about the Intel equity deal through law firm Skadden Arps. The expansion of government equity holdings has paused following Republicans’ defeat in the midterms, with no new positions disclosed. This unprecedented level of government involvement in private companies may alter how future administrations engage with businesses and influence corporate governance, especially given the transfer of veto rights in the U.S. Steel case. These developments could impact investor considerations about government influence on company operations and stock valuations during transitions of power.