Financial disclosures reviewed by The Daily Beast show that Trump made numerous deals in the restaurant business as his White House renovations spiraled out of control.
Photo illustration by Eric Faison/The Daily Beast/Getty Images
Donald Trump has spent the last year buying and selling stock in the restaurant, now at the center of a political spat with Barack Obama over the president’s lavish vanity projects.
Days after the former Democratic president mocked Trump for making the White House look “like Saddam Hussein opened a cheesecake factory,” financial disclosures reviewed by The Daily Beast show that he purchased between $35,007 and $175,000 worth of stock in the franchise last year as its renovations got underway.
The popular restaurant was thrust into the spotlight this weekend.
The popular restaurant was thrust into the spotlight this weekend, when Obama held his first rally of the 2026 midterm season in Ohio, the battleground state where MAGA candidate Vivek Ramaswamy came under fire for a vile attack ad targeting his gubernatorial rival Amy Acton.
Speaking to a packed crowd in Cleveland, the former president launched a scathing attack on Trump and the “not serious” people who run the country, accusing him of breaking promises while using the Oval Office to enrich himself and his family.
Former U.S. President Barack Obama speaks during a rally ahead of the midterm elections in Cleveland, Ohio, U.S., October 24, 2026. REUTERS/Shannon Stapleton
Shannon Stapleton/Reuters
However, Obama’s comments about the prominent American restaurant chain sent MAGA into meltdown.
On Monday, firing back during a midterm blitz in Mississippi, Trump said the Cheesecake Factory was “a very successful company,” in another example of the billionaire talking about a company in which he owned stock.
President Donald Trump attends a midterm campaign rally for outgoing Sen. Cindy Hyde-Smith (R-MS) at an arena in Corinth, Mississippi, U.S., October 26, 2026.
He also accused Obama of being a “stupid person” and a “bad president” and defended his obsession with his vanity projects, telling a rally: “The White House represents our country, and that has to be impeccable.”
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“And I would try to explain that to a guy like Obama, but he wouldn’t understand.”
Trump’s exchanges began early in his first year in office. The 80-year-old purchased shares on January 30, February 3 and 4 and February 13 last year, with each purchase valued between $1,001 and $15,000.
He then purchased stocks worth between $15,001 and $50,000 on March 5 and April 8, followed by another round of stocks between $1,001 and $15,000 on April 10.
The president also sold between $15,001 and $50,000 worth of stock on May 29, then unloaded another tranche in the same range on November 24.
The interior of a typical Cheesecake Factory
According to a financial disclosure filed in June, he still held between $15,001 and $50,000 in shares as of December 31, 2025 (the end of the reporting period) and received a small dividend of up to $2,000.
The Cheesecake Factory is an American casual dining chain famous for its enormous menu, generous portions and extravagant decor that combines ancient Egyptian palm columns, large light fixtures and rich accents of gold, blue, pink and green.
One of the Cheesecake Factory exchanges Trump made last year.
Dishes include everything from Tex-Mex egg rolls to chicken Alfredo and Reese’s Peanut Butter Chocolate Cheesecake.
In response to Obama’s comments, Treasury Secretary Scott Bessent publicly dined at the restaurant’s Washington branch to hit back at Obama.
CNN commentator Scott Jennings accused the former president of being condescending to ordinary Americans, while MAGA influencer Laura Loomer defended the restaurant as a place where Americans could afford to eat.
The restaurant is popular, but not necessarily affordable for many families.
But it’s not exactly cheap fast food: for example, a double smash cheeseburger will cost you around $21, the fettuccine Alfredo will cost around $26, and the Original Cheesecake will cost $11.50.
The Cheesecake Factory isn’t the only business where Trump’s personal financial interests intersect with his political life, either.
His portfolio includes stakes in companies such as Intel, Nvidia and Tesla, all of which he has touted after purchasing shares.
“Trump doesn’t have an answer for families facing higher grocery bills and gas prices, but he still has time to promote a business that complements his portfolio,” said Brandon Weathersby, communications director for the progressive group American Bridge 21st Century.
“He may be shy about making jokes at his expense, but he is truly motivated by threats to an investment that makes him money.
“This is a stark reminder that while working families are skipping dinners to make ends meet, Trump is getting rich off the restaurants they can’t afford,” he added.
The Oval Office was entirely adorned with golden decor.
Andrew Harnik/Getty Images
White House spokesperson Davis Ingle told The Daily Beast that the president’s stock and bond portfolio is independently managed by third-party financial institutions.
“Neither President Trump nor any member of his family has the ability to direct, influence or provide input on how the portfolio is invested or when investments are bought or sold,” he said.
“All investment decisions are made entirely by independent managers. There is no conflict of interest.”
Years-long tensions between Obama and Trump reignited this weekend, when the Democratic president held his first rallies of the season, first in Ohio for Acton and Senate candidate Sherrod Brown, then in Michigan for Senate candidate Abdul El Sayed.
Obama will travel to Georgia today to campaign for Democratic star Jon Ossoff, who is poised to retain his Senate seat, and former Atlanta Mayor Keisha Lance Bottoms, who is running for the next governorship.
Meanwhile, Trump will rally in Ohio for struggling candidate Vivek Ramaswamy and Senate candidate Jon Husted, who Trump can’t stop commenting on lately.
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