President Donald Trump invested as much as $50,000 in Elon Musk’s SpaceX in June, according to a public financial disclosure, giving him a financial stake in a major government contractor run by his former adviser.

He bought between $15,001 and $50,000 in shares on June 23, according to a financial disclosure signed by him on Aug. 12 and made public on Aug. 22. The purchase was part of more than 1,000 stock trades the president made in June.

SpaceX priced the biggest-ever U.S. IPO on June 12, valuing the space, satellite, and AI provider at $1.77 trillion.

In a statement to Reuters, White House spokesman Davis Ingle said that third-party financial institutions independently manage the president’s portfolio and replicate “recognized indexes, such as the Schwab 1000.”

“Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold,” Ingle said in the statement.

Trump’s investment in SpaceX adds a new financial link between the president and Musk’s rocket company at a time when the administration is making decisions that could affect the firm’s fortunes.

SpaceX is a U.S. military contractor and ​often seeks approvals from federal agencies. Trump on Thursday directed his team to help drastically increase ‌the number of U.S. commercial space launches. SpaceX is a dominant player in that sector.

U.S. Small Business Administration leader and Trump cabinet member Kelly Loeffler earned millions from SpaceX’s IPO, Reuters previously reported. Loeffler first invested in xAI, Musk’s AI and social media firm that has since merged with SpaceX. She invested again after Trump nominated her to lead the SBA.

Her first investment ‌in xAI ⁠would have been worth between $7 million and $2.6 billion on the day of the IPO, depending on the exact amount she invested and the date she made it, said Franco Granda, analyst at data provider PitchBook. The second investment would have been worth between $2.2 million and $25.4 million that day, he said.

Reuters could not immediately determine the precise amount of Trump’s investment because federal officials use ranges to declare the value of their assets on their financial disclosure forms.

(Reporting by Courtney Rozen; Editing by Sharon Singleton and Chizu Nomiyama)