Stephen Miller’s Rare Earth Stock Sale Triggers Ethics Firestorm After U.S. Deal
Stephen Miller’s recent sale of MP Materials stock has sparked fresh ethics questions amid controversy over government ties to the rare earths industry. The top Trump aide sold shares worth between $50,000 and $100,000 shortly after a major Trump administration and Pentagon deal that boosted the mining company’s share price, according to reporting tied to The New York Times.
Critics say the timing of Miller’s sale raises conflict-of-interest concerns because the government action directly affected the company he invested in. This comes amid broader scrutiny of financial disclosures and insider positions among senior officials.
Confirmed filings show Miller disposed of the MP Materials shares in August 2025, days after the Pentagon and Trump administration announced an equity investment and long-term purchase agreement designed to secure the U.S. rare earths supply chain, a key priority in the ongoing strategic competition with China. The deal drove the company’s stock sharply higher, and the shares were trading near historic highs at the time of Miller’s sale.
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Despite the optics, there is no indication Miller violated securities or ethics laws; the White House maintains there is no conflict of interest and says he coordinated divestment with ethics officials. “At minimum, it’s a really bad look,” an ethics watchdog told reporters.
The episode highlights the ongoing tension between public service and private financial interests, particularly when government actions intersect with strategic sectors like rare earths. Lawmakers and watchdog groups may push for clearer rules or enforcement on such transactions. Some experts say this could fuel broader calls for tighter ethics enforcement in federal positions.
What happens next is likely continued public and Congressional scrutiny of senior advisers’ financial disclosures and stock trades, potentially prompting new ethics guidance or legislative action.
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