Scott Bessent, Trump’s gay treasury secretary nominee, to divest from vast $700 million portfolio

The ultra-wealthy gay man tapped by President-elect Donald Trump to be his treasury secretary plans to divest from his financial entities. Scott Bessent, a billionaire hedge fund manager, is preparing to shed a portfolio valued at more than $700 million as he readies to oversee the U.S. Department of the Treasury.

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Bessent’s financial disclosures reveal a vast portfolio, including real estate in the Bahamas and North Carolina, farmland in North Dakota, and over $100 million in U.S. Treasury bills, The New York Times reports. He also holds significant investments in exchange-traded funds, tracking major stock indices and cryptocurrency assets. According to the paper, these holdings will be divested to comply with federal ethics requirements.

If confirmed, Bessent would make history as the first out gay person to lead the Treasury Department and the second out gay Senate-confirmed Cabinet secretary, following Pete Buttigieg, who became the first as President Joe Biden’s transportation secretary.

Fortunereports that Bessent plans to close his hedge fund, Key Square Capital Management, and resign from leadership roles in his family foundation and at Rockefeller University. Although Bessent made his name with high-stakes currency trades, Fortune reports that his financial disclosures suggest he has also embraced passive investing. His cryptocurrency holdings include the iShares Bitcoin Trust ETF, valued between $250,001 and $500,000.

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Bessent’s career includes a prominent tenure as a top investor for George Soros before founding his firm. Despite his ties to the liberal philanthropist, Bessent has aligned himself with Trump’s “America First” agenda, emphasizing tax cuts, deregulation, and tariffs.

Bessent’s nomination has drawn attention to its historical significance but has also raised concerns about the Trump administration’s broader record on LGBTQ+ rights. While his appointment is a symbolic step forward, Trump’s administration has been associated with policies that have negatively impacted LGBTQ+ communities, including transgender people.

While Bessent is expected to secure confirmation without significant opposition, his role as treasury secretary would place him at the center of Trump’s economic agenda, which critics argue prioritizes wealth and power over equity and inclusion.