At one point, the New York Times was THE newspaper of record in the United States.
That was where people went to get all the news that was news. Not anymore.
Now, the New York Times has devolved into the epitome of “fake news,” right up there with the likes of CNN and MSNBC, media companies whose daily mission is to try to take down the president of the United States, Donald Trump.
The latest load of excrement to come out of the Times involves the president’s so-called stake in a company that produces hydroxychloroquine.
HuffPo, another anti-Trump “news” site posted a story attributed to the New York Times that says:
“President Donald Trump reportedly owns a stake in a company that produces hydroxychloroquine, the anti-malaria drug he has repeatedly touted as a coronavirus treatment even though his experts say there’s no strong evidence it works.”
“The Times reports the president’s family trusts all have investments in a mutual fund whose largest holding is Sanofi, the manufacturer of Plaquenil, the brand-name version of hydroxychloroquine.” https://t.co/cIPkVCrUbO
— Lisa Lucas (@likaluca) April 7, 2020
Ironically, the HuffPo article fails to mention that New York Gov. Andrew Cuomo, a Democrat, has also suggested that use of the drug has “’anecdotally’ suggested its use in the fight against the coronavirus has been ‘effective’, but that official data was still forthcoming,” according to The Hill.
So, while HuffPo, the Times and other outlets continually take shots at the president for suggesting the cocktail of hydroxychloroquine and the antibiotic Zithromax is “promising,” they take no such shot at Cuomo’s suggestion that at least on its face the drugs have been “effective.”
The report cited from the Times piece says: “Trump himself has a small personal financial interest in Sanofi, the French drug maker that makes Plaquenil, the brand name version of hydroxychloroquine.”
According to Breitbart, the president’s interest does not include any interest in Sanofi, nor did the Times piece suggest that he did.
Breitbart does note that the president’s financial disclosures show that each of his three family trusts had investments in a $10.3 billion Dodge & Cox mutual fund that owns shares in Sanofi, which is the world’s fifth-largest drug maker by prescription sales.
According to recent disclosures from the fund, those holdings only amount to 3.3 percent of the fund’s total holdings.
Breitbart notes that Trump’s most recent financial disclosure forms list holdings in the Dodge & Cox International Fund at just between $1,001 and $15,000. What that shows is that the president owns a maximum stake in the funds of $45,000, which equates to a minimal stake of $1485 at the most.
Meanwhile, Trump’s “financial interest” in Sanofi, with a market cap of nearly $58 billion, could be as low as $99.10, Breitbart notes.
Strange that the New York Times would fail to mention this publicly disclosed information? Instead they try to make it seem like he was self dealing because he was hopeful!
Trump’s personal stake in the malaria-drug maker Sanofi could be as small as $99 https://t.co/Ls43Z0G9tf
— Donald Trump Jr. (@DonaldJTrumpJr) April 7, 2020
The matter was originally posted by an independent journalist, Mike Cernovich on his website. His figures came in lower due to the fact that he apparently calculated the interest of a single trust as opposed to combining three.
According to Trump’s financial disclosure, he owns between $1,000 – $15,000 of Dodge & Cox fund.
Dox & Cox’s fund has 2.9% of its money in Sanofi.
Trump owns 2.9% of btw $1,000 – $15,000.
Trump owns $29 to $435 of stock.
lol NYT didn't think anyone would do the math. pic.twitter.com/ThjWpe34ry
— Cernovich (@Cernovich) April 7, 2020
Yet another area where HuffPo and the Times got it wrong (shocker) was that according to Breitbart, Plaquenil is not even available in the United States. It is also generically available and has been around since the 1950’s. The drug, Breitbart notes, is not even material to Sanofi’s stock.
Meantime, someone with assets such as President Trump is likely to have a small stake in hundreds, if not thousands of companies via stock market mutual funds. According to Marketwatch:
Trump has a small stake in basically every big company you can think of
In each of the trusts, the biggest fund holding is just the broader SPDR S&P 500 ETF, in which Trump holds between $200,000 and $450,000, according to his financial disclosure forms.
So one could say Trump has $22,000 or so invested in Microsoft, and nearly as much in Apple.
In a nutshell, the New York Times article is nothing but a hit piece, and has no foundation in reality or facts. By using the logic the Times and HuffPo are using, one could make the stretch that the president has an interest in businesses across the globe, in particular American companies.
However it is not accurate to claim that he has an interest, in this case, in Sanofi. Just as with most investors who invest through mutual funds, Trump’s stock portfolio benefits during broad market increases, and it is not tied in to the fortunes of one particular company or another.
To suggest otherwise is fake news. Clearly, trying to claim that he owns a stake in this particular French drug maker, Sanofi.
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