US President Donald Trump invested as much as US$50,000 ⁠in Elon Musk’s SpaceX in June, according to a public financial disclosure, giving him a financial stake in a major government contractor run by his former adviser.

Trump bought between US$15,001 and US$50,000 in shares on June 23, according to a financial disclosure signed ‌by him on August 12 and made public on August 22.

The purchase was part of more than 1,000 stock trades the president made in June. SpaceX priced the biggest-ever US IPO on June 12, valuing the space, satellite and AI provider at US$1.77 trillion.

In a statement to Reuters, White House spokesman Davis Ingle said third-party financial institutions independently manage the president’s ⁠portfolio and replicate “recognised indexes, such as the Schwab 1000”.

“Neither President Trump nor any member of his family ‌has any ability to direct, influence or provide input regarding how the portfolio is invested or when investments are bought or sold,” Ingle said in the ‌statement.

Trump’s investment in SpaceX adds a new financial link between the president and Musk’s ⁠rocket company at a ⁠time when the administration is making decisions that could affect the firm’s fortunes.