Trump's DHS Pick Mullin Profited From Wars

Markwayne Mullin made big money from defense stocks before U.S. attacks on Venezuela and Iran

Published on Mar. 9, 2026

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Markwayne Mullin, Donald Trump's nominee to lead the Department of Homeland Security, has emerged as one of the biggest stock traders in the Senate. Mullin made substantial investments in defense contractor RTX Corp. and oil giants Chevron and ConocoPhillips just days before the U.S. launched military action against Venezuela and Iran, profiting significantly from the resulting stock price increases.

Why it matters

This case highlights concerns about potential conflicts of interest and insider trading by members of Congress. As a senator on the Armed Services Committee, Mullin had access to classified information about U.S. military operations, which he may have used to make lucrative stock trades. Critics argue that government officials should not be allowed to trade individual stocks, as it undermines public trust in the integrity of the political system.

The details

According to financial disclosures, Mullin purchased between $15,000 and $50,000 each in Chevron, ConocoPhillips, and RTX on December 29, 2025. Five days later, the U.S. launched military action against Venezuela. The stocks then saw significant gains, with Chevron climbing 9.5%, RTX rising 6%, and ConocoPhillips increasing by around 4% in the following days. After the U.S. also attacked Iran, RTX leapt up 5% and ConocoPhillips rose roughly 4% when markets reopened. By Monday, Conoco was up 30%, Chevron 26%, and RTX nearly 15%.

  • On December 29, 2025, Mullin purchased substantial positions in defense contractor RTX Corp. and oil giants Chevron and ConocoPhillips.
  • Five days later, on January 4, 2026, U.S. forces launched Operation Absolute Resolve against Venezuela.
  • On March 2, 2026, when markets reopened after the weekend that bombs had first dropped on Iran, RTX leapt up 5% and ConocoPhillips roughly 4%.

The players

Markwayne Mullin

A 48-year-old Republican senator from Oklahoma who was nominated by Trump as the next Secretary of the Department of Homeland Security.

Kristi Noem

The former Secretary of the Department of Homeland Security, nicknamed "ICE Barbie", who was ousted after two bruising days of congressional hearings.

Corey Lewandowski

Noem's key aide, who she was questioned about having an affair with during the congressional hearings.

Daniel Biss

The mayor of Evanston, Illinois, and a congressional candidate who has been a vocal critic of the Trump administration's ICE crackdown.

Pete Hegseth

The U.S. Secretary of Defense.

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What they’re saying

“Members of Congress and high-ranking cabinet officials should not trade or hold individual stocks—period. Holding individual stocks creates an obvious conflict of interest that lets government insiders cash in while destroying trust in government.”

— Daniel Biss, Evanston Mayor and Illinois congressional candidate (The Daily Beast)

“Once [Chevron] stabilizes, every major company is going to be buying to get involved in that area, because there's a tremendous amount of opportunity for the company and for their shareholders.”

— Markwayne Mullin, U.S. Senator (CNBC)

What’s next

The Senate is expected to hold a confirmation hearing for Mullin's nomination as DHS Secretary in the coming weeks.

The takeaway

This case highlights the need for stricter rules and oversight around stock trading by members of Congress and high-ranking government officials, in order to prevent potential conflicts of interest and restore public trust in the integrity of the political system.