President Donald Trump stated on Monday, June 22, that selling his International Business Machines (NYSE: IBM) stock before entering office was ‘not a good move.
Speaking from the Oval Office at the Resolute Desk, Trump also praised both the tech giant and its CEO, Arvind Krishna, while announcing two executive orders aimed at strengthening U.S. quantum computing capabilities.
The comments were likely in regard to Trump’s 2016 decision to divest from individual stocks ahead of his inauguration, but he has reportedly continued trading IBM shares, according to recent financial disclosures, which show transactions earlier this year ranging from $1,000 to $50,000.
“IBM CEO, Arvind Krishna, what a great man… I used to have that stock when it was much lower. I brilliantly sold it when I became president. That was not a good move,” Trump said.
Trump regrets selling IBM stock
Markets have tended to respond positively to companies publicly praised by Trump, and IBM now appears to be framed as a potential cornerstone of the administration’s quantum computing strategy. Hardly surprising, IBM shares rose around 5% following the latest policy announcements.
The optimism comes amid executive orders for federal agencies to develop a roadmap for a quantum computer era, focusing on advancing quantum sensing and networking over the next five years. Moreover, the president has put more emphasis on strengthening U.S. defenses against advanced cryptographic threats, where IBM could play an important role.
Overall, the newly announced quantum initiatives follow a Commerce Department plan unveiled last month involving roughly $2 billion in grants and equity investments in computing firms, including IBM. As part of this push, the administration also highlighted support for a $1 billion initiative tied to the development of “Anderon,” a pure-play quantum foundry within IBM itself.
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