Business
Scott Bessent, Trump’s Billionaire Treasury Pick, Will Shed Assets to Avoid Conflicts
Scott Bessent, the billionaire hedge fund manager whom President-elect Donald J. Trump picked to be his Treasury secretary, plans to divest from dozens of funds, trusts and investments in preparation to become the nation’s top economic policymaker.
Those plans were released on Saturday along with the publication of an ethics agreement and financial disclosures that Mr. Bessent submitted ahead of his Senate confirmation hearing next Thursday.
The documents show the extent of the wealth of Mr. Bessent, whose assets and investments appear to be worth in excess of $700 million. Mr. Bessent was formerly the top investor for the billionaire liberal philanthropist George Soros and has been a major Republican donor and adviser to Mr. Trump.
If confirmed as Treasury secretary, Mr. Bessent, 62, will steer Mr. Trump’s economic agenda of cutting taxes, rolling back regulations and imposing tariffs as he seeks to renegotiate trade deals. He will also play a central role in the Trump administration’s expected embrace of cryptocurrencies such as Bitcoin.
Although Mr. Trump won the election by appealing to working-class voters who have been dogged by high prices, he has turned to wealthy Wall Street investors such as Mr. Bessent and Howard Lutnick, a billionaire banker whom he tapped to be commerce secretary, to lead his economic team. Linda McMahon, another billionaire, has been picked as education secretary, and Elon Musk, the world’s richest man, is leading an unofficial agency known as the Department of Government Efficiency.
In a letter to the Treasury Department’s ethics office, Mr. Bessent outlined the steps he would take to “avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of secretary of the Department of Treasury.”
Mr. Bessent said he would shutter Key Square Capital Management, the investment firm that he founded, and resign from his Bessent-Freeman Family Foundation and from Rockefeller University, where he has been chairman of the investment committee.
The financial disclosure form, which provides ranges for the value of his assets, reveals that Mr. Bessent owns as much as $25 million of farmland in North Dakota, which earns an income from soybean and corn production. He also owns a property in the Bahamas that is worth as much as $25 million. Last November, Mr. Bessent put his historic pink mansion in Charleston, S.C., on the market for $22.5 million.
Mr. Bessent is selling several investments that could pose potential conflicts of interest including a Bitcoin exchange-traded fund; an account that trades the renminbi, China’s currency; and his stake in All Seasons, a conservative publisher. He also has a margin loan, or line of credit, with Goldman Sachs of more than $50 million.
As an investor, Mr. Bessent has long wagered on the rising strength of the dollar and has betted against, or “shorted,” the renminbi, according to a person familiar with Mr. Bessent’s strategy who spoke on condition of anonymity to discuss his portfolio. Mr. Bessent gained notoriety in the 1990s by betting against the British pound and earning his firm, Soros Fund Management, $1 billion. He also made a high-profile bet against the Japanese yen.
Mr. Bessent, who will be overseeing the U.S. Treasury market, holds over $100 million in Treasury bills.
Cabinet officials are required to divest certain holdings and investments to avoid the potential for conflicts of interest. Although this can be an onerous process, it has some potential tax benefits.
The tax code contains a provision that allows securities to be sold and the capital gains tax on such sales deferred if the full proceeds are used to buy Treasury securities and certain money-market funds. The tax continues to be deferred until the securities or money-market funds are sold.
Even while adhering to the ethics guidelines, questions about conflicts of interest can still emerge.
Mr. Trump’s Treasury secretary during his first term, Steven Mnuchin, divested from his Hollywood film production company after joining the administration. However, as he was negotiating a trade deal in 2018 with China — an important market for the U.S. film industry — ethics watchdogs raised questions about whether Mr. Mnuchin had conflicts because he had sold his interest in the company to his wife.
Mr. Bessent was chosen for the Treasury after an internal tussle among Mr. Trump’s aides over the job. Mr. Lutnick, Mr. Trump’s transition team co-chair and the chief executive of Cantor Fitzgerald, made a late pitch to secure the Treasury secretary role for himself before Mr. Trump picked him to be Commerce secretary.
During that fight, which spilled into view, critics of Mr. Bessent circulated documents disparaging his performance as a hedge fund manager.
Mr. Bessent’s most recent hedge fund, Key Square Capital, launched to much fanfare in 2016, garnering $4.5 billion in investor money, including $2 billion from Mr. Soros, but manages much less now. A fund he ran in the early 2000s had a similarly unremarkable performance.
Business
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February 14, 2026
Business
Parents who blame Snapchat for their children’s deaths protest outside company’s headquarters
Standing in front of Snap’s Santa Monica offices, parents clutched photos of their children who died from taking fentanyl-laced pills facilitated through the disappearing messages of the Snapchat app.
They rolled white paint onto the ground, spelling out the names of 108 children who died from alleged social media harms.
“Snapchat: Protect kids not predators,” a banner read.
Yellow signs with images of dead children accused the company of being an “accomplice” to “murder,” videos and photos of the demonstration showed.
More than 40 parents attended Thursday’s protest, an event organized by Heat Initiative, an advocacy group that focuses on holding tech companies accountable if they fail to protect kids online.
“For years, families have watched their children die from fentanyl poisoning and sexual exploitation facilitated by Snapchat’s design—and for years, Snapchat has fought to avoid any meaningful accountability,” Sarah Gardner, chief executive of Heat Initiative, said in a statement.
The demonstration highlighted the mounting pressure social media companies such as Snap continue to face as a landmark trial in Los Angeles over whether tech companies such as Instagram and YouTube can be held liable for allegedly promoting a harmful product and addicting users to their platforms continues in Los Angeles.
TikTok and Snap, the parent company of messaging app Snapchat, settled for undisclosed sums to avoid the trial.
Parents who allege the Santa Monica company is responsible for drug sales facilitated through the app have also sued Snap. Parents who attended this week’s protest urged the company to do more to safeguard young people from predators and called for Snap to disable its AI chatbot.
Social media companies have faced allegations for years that their platforms are designed to be addictive and make it easy for predators and drug dealers to target and harm young people. Parents who have lost their children have also pushed for more legislation, including in California, to make social media platforms safer.
The rise of artificial intelligence chatbots, which are also incorporated within apps such as Snapchat and Instagram, have also raised more safety concerns because young people who have died by suicide have spilled some of their darkest thoughts online.
Snap said in a statement that the company has invested in online safety, including efforts to combat illegal drug sales on its platform. The company pointed to the technology it uses to detect illegal drug content, its work with law enforcement and education initiatives. This week, Snap was among the companies that agreed to get evaluated on their child safety efforts.
“Snap unequivocally condemns the criminal conduct of the drug dealers whose actions led to these tragedies. Addressing the fentanyl crisis demands a united front, bringing together law enforcement, government officials, medical professionals, parents, educators, tech companies, and advocacy organizations,” a company spokesperson said in a statement.
Amy Neville, an Orange County mom who lost her 14-year-old son Alexander Neville from fentanyl poisoning after he obtained drugs through Snapchat, said in a statement that parents have testified before Congress, held rallies and brought the deaths to Snap’s doorsteps for years.
“We are painting our children’s names in the street and bringing this memorial to his doorstep because Evan Spiegel won’t acknowledge what his platform has taken from us,” she said in a statement.
Spiegel is the chief executive and co-founder of Snap.
On Friday, parents also gathered at the Gloria Molina Grand Park in Los Angeles to honor children who they say died because of social media harms. They unveiled the “Lost Screen Memorial,” displaying large smartphones with the images of 50 dead children.
“Their faces serve as a constant reminder of what has been lost. The responsibility to keep children safe online should not lie with parents alone,” the website for the memorial said.
Business
Rivian finds a way to shine even as the EV market struggles in the dark
Rivian shocked the market with strong earnings results, proving itself an outlier in the electric vehicle market, which has been struggling with the end of government subsidies and cooling consumer excitement.
The shares of the Irvine-based high-end EV manufacturer skyrocketed 27% on Friday after it announced stronger-than-expected results, indicating that, after years of struggling with losses, it may have at last found a path to profitability.
On Thursday, Rivian reported gross profits for 2025 of $144 million, compared with a net loss in 2024 of $1.2 billion.
In its earnings release, Rivian credited the swing to gross profit to “strong software and services performance, higher average selling prices, and reductions in cost per vehicle.”
Last October, it laid off roughly 600 employees, more than 4% of its workforce.
Rivian delivered 42,247 vehicles in 2025 and produced 42,284 vehicles. The company still reported a $432-million net loss for the year for automotive profits, an improvement from 2024.
“It’s a turnaround for the ages,” said Dan Ives, an analyst with Wedbush Securities. “The past few years have been very frustrating for investors.”
Rivian was founded in Florida in 2009 and made its initial public offering in 2021. It competes with Tesla and other automakers selling all-electric vehicles for a premium price.
Following the expiration in September of the $7,500 federal tax credit for new electric vehicles, companies have been under pressure to offer lower sticker prices. Last year, Tesla launched new variations of the Model 3 and Model Y that start at roughly $5,000 less than the more expensive versions of the same models.
Investors said the discounts weren’t enough and the vehicles, still priced above $35,000, remained out of reach for many consumers. There are only a handful of EVs on the market available for under $35,000.
Rivian is banking its future on the success of its own lower-priced R2 model, which is expected to start around $45,000 with deliveries slated to begin this spring.
The least expensive Rivian model available now, the R1T pickup truck, starts at $72,990.
The company has received positive early feedback on its R2 SUV, according to the earnings release.
“It’s incredibly exciting to see the early strong reviews of the R2 pre-production builds, and we can’t wait to get them to our customers next quarter,” Rivian founder and chief executive, RJ Scaringe, said in a statement.
Ives said the popularity of the R2 will be pivotal for Rivian, which laid off nearly 1,000 workers in 2025.
“It’s going to be the epicenter of their success or challenges,” Ives said.
Rivian shares have risen more than 33% over the last year but are down 8% since the start of 2026.
“They’re back on their flight path with still some turbulence in the air,” Ives said. “
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