On February 10, 2026, President Trump purchased between $1 million and $5 million of stock in Axon Enterprise, the maker of Tasers and police body cameras, according to a periodic transaction report he filed with the Office of Government Ethics; CNBC reported the purchase on June 29, 2026. Two weeks later, on February 24, ICE posted a sources-sought notice (a request for information, not a solicitation) for “Conductive Energy Weapons,” saying it anticipated a five-year contract with an estimated value of $220 million to buy approximately 17,800 of the devices, along with cartridges and training.
The notice does not name Axon, but procurement reviewers and three policing experts told CNBC its specifications, which reference an upgrade to the “T10” and features of Axon's Taser 10, appeared to match only Axon products and effectively foreclose other bidders. Axon makes about 90% of U.S. Tasers, according to Brown Advisory. The purchase became public only when Trump's disclosure was released on May 14. Axon's stock rose more than 34% in the week after ICE's notice.
CNBC was explicit that there is no evidence Trump knew of or was involved in the procurement, that contracting officials knew of his purchase, or that Axon knew he was a shareholder, and that presidents are exempt from the criminal conflict-of-interest law; no contract has been awarded. ICE told The Independent it “has not yet made or finalized a contract award.” The White House said “there are no conflicts of interest” and that Trump's assets are in a trust managed by his children. Still, ethics experts told CNBC the timing alone raises red flags. Deborah Fleischaker, a former acting ICE chief of staff in the Biden administration, cautioned that the public record cannot show whether anything improper occurred, but said, “It is not smart to buy stock in a company that was impacted by the decisions you would be making at the agency.” (see Trump's Q1 Disclosure Shows 3,700+ Stock Trades, Including Buys in Nvidia, Palantir, and Axon as His Administration Steered Billions in Business Their Way).