President-elect Donald Trump is doubling down on his plans to hold on to his roughly $3.5 billion stake in the parent company of Truth Social, just days after winning back the White House.

In a social media post, Trump, who is the company’s majority shareholder, said Friday he has “NO INTENTION OF SELLING” his nearly 115 million shares. He added that there have been “fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling shares of Truth,” which he rejected.

“THOSE RUMORS OR STATEMENTS ARE FALSE,” Trump said on Truth Social. “I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities.”

Now a major source of his estimated $5.6 billion fortune, Trump’s stock in the company — Trump Media & Technology Group — poses a new and potentially complicated element of the president-elect’s business empire as he prepares to head back to Washington.

The stock has drawn concern from ethics watchdogs, who worry that corporate interests or foreign actors could try to use Truth Social to curry favor with Trump by either buying ads on the platform or investing in the stock.

Trump Media has struggled to generate much business, despite its hefty valuation of $6.5 billion. On Tuesday night, before polls closed across the country, the company reported a $19.2 million net loss for the three months ended Sept. 30. Trump Media generates its revenue from advertising on Truth Social.

Spokespeople for the Trump campaign did not immediately respond to a request for comment about how Trump plans to handle the stock once in office.

There are two uncalled Senate races — both leaning toward Democrats — and about two dozen uncalled House races three days after Election Day. With the seats remaining, Republicans have the clear inside track for retaining control of the House.

Nevada Senate: Incumbent Democratic Sen. Jacky Rosen padded her lead as more ballots were counted in the Silver State, now leading GOP nominee Sam Brown by around 17,000 votes — or a little more than 1 percentage point. Interestingly, the “none of these candidates” option — a rather unique option in Nevada — is pulling in around 3 percent of the vote, a potentially decisive figure in this razor-thin contest. Late-counted ballots have consistently favored Rosen. Advantage Rosen. 

Arizona Senate: Republican nominee Kari Lake chipped away at Democratic Rep. Ruben Gallego’s lead in this contest throughout the counting on Thursday, nabbing a favorable batch of ballots out of critical Maricopa County. Gallego leads by nearly 44,000 votes, with an estimated 76 percent of the vote counted. The state continues to drop results of batches of counted ballots each day, but it may be a while before we have a definitive answer here. Advantage Gallego. 

Pennsylvania Senate: The Associated Press called the contest for Sen.-elect David McCormick (R) on Thursday, though Democratic incumbent Sen. Bob Casey has yet to concede. Pennsylvania Secretary of State Al Schmidt estimated there are at least another 100,000 ballots to count in the commonwealth, with the margin in the Senate race standing at under 33,000 votes. That’s a tall order for Casey to make up, but Democrats are urging patience as the ballots are tallied.

House races: There are 25 races remaining to be called by the AP, with California Reps. Julia Brownley (D) and Young Kim (R) seeing their victories confirmed overnight. Republicans currently have 211 called seats, while Democrats have 199.

A couple of races to highlight: 

Maine’s 2nd: Democratic Rep. Jared Golden is leading by about 2,200 votes over GOP challenger Austin Theriault, but the state’s ranked-choice voting procedures will kick in next week, according to a Thursday news release from the state. Theriault’s campaign has also indicated it will pursue a recount, which would take place following the ranked-choice tabulation, so prepare for a final result to take a while here. 

Washington’s 3rd: Rep. Marie Gluesenkamp Perez, consistently seen as one of the most vulnerable Democrats this cycle given the red tinge of her district, has seen her lead over GOP nominee Joe Kent grow to around 11,000 votes as more ballots have been tallied. Around 87 percent of the estimated votes are in, so the incumbent looks to be in prime position for reelection. 

Arizona’s 6th: There were several lead changes throughout the day Thursday as more votes rolled in around this Tucson-adjacent district. Democratic nominee Kirsten Engel currently leads GOP Rep. Juan Ciscomani by just more than 200 votes with about 72 percent of estimated ballots tallied. The fate of this seat may go a long way toward determining whether Democrats have any path of flipping the House, so keep a close eye here. 

California’s 47th: Another crucial seat for Democrats if they hold any hope of regaining House control remains tight as more votes are counted. Democratic nominee Dave Min ate into GOP nominee Scott Baugh’s initial edge on Election Day in this contest to replace Rep. Katie Porter (D). The margin is currently just more than 600 votes, with 76 percent of the vote tallied. 

The hottest ticket in town is about to be Susie Wiles’ cell phone number.

There are many reasons why Trump chose Wiles, who will be the first woman to hold the job, as his chief of staff. She largely eschews the spotlight — except for when she’s hitting back at Mark Cuban for saying Trump doesn’t have “strong, intelligent women” around him. It’s a trait that has made her an effective operator and helped keep her in Trump’s good graces. (When Trump called her onstage to speak at his victory party, she politely declined. “Susie likes to stay in the background. She’s not in the background,” he said.)

She is one of the few top officials to survive an entire Trump campaign and was part of the team that put together a far more professional operation for his third White House bid — even if the former president routinely broke through those guardrails, anyway.

People close to Trump note that she agreed to help the former president back in March of 2021 when he was at a political low point, and he respects her opinion. Plus, she is the rare person in Trump’s world who is widely admired, trusted and respected by lawmakers and young staffers alike.

5 things to know about her, at a glance:

Her experience is in running campaigns — not the government.

She’s worked for a spectrum of Republicans, from Mitt Romney to Rick Scott.

She turned Trump’s dysfunctional political universe into something organized.

She is a longtime lobbyist and her clients included the tobacco company Swisher International while simultaneously running the Trump campaign.

She is the daughter of legendary sportscaster Pat Summerall.

What some of the Trump surrogates have said:

Former Speaker Kevin McCarthy, who remains in touch with Trump, recently advocated for Wiles on the “Guy Benson Show,” saying she would be a “great chief of staff and should do the job.”

Charlie Kirk, the influential conservative podcaster and Turning Point USA founder who campaigned extensively for Trump, agreed in a post on X: “Susie Wiles ran Trump’s best campaign of the three. … She’s disciplined, she’s smart, and she doesn’t seek the limelight. She would make an incredible chief of staff.” He was quickly backed up by Rep. Anna Paulina Luna of Florida, where Wiles rose through the ranks as an operative.

“Susie is the only one who can do it,” said one Trump adviser who was granted anonymity to speak candidly. “Susie is the one that everyone respects.”

A version of this report first appeared in West Wing Playbook, your guide to the preparations, personnel decisions and policy deliberations of Donald Trump’s presidential transition. Sign up to get it in your inbox every weekday.

President-elect Donald Trump’s national security transition team is already taking shape, giving early insights into who could staff his national security and defense team once he takes office in January.

The speculation around Cabinet secretary posts is hogging a lot of attention, but lower-level appointees in the National Security Council, State Department and Pentagon could have outsized influence over the direction of Trump’s foreign policy. And transition officials often end up joining the administration in influential posts.

Here’s who’s in the room or in the mix:

The State Department 

Brian Hook, former State Department policy planner and special envoy for Iran, has been tapped to lead the State Department transition team.

The Pentagon 

Robert Wilkie, former Veterans Affairs secretary in the first Trump administration, is leading the Defense Department’s transition team.

The White House National Security Council

Joel Rayburn is expected to play a role in Trump’s NSC transition team, several people familiar with internal campaign and transition deliberations said. Rayburn was a Trump appointee for Middle East policy in the State Department and an adviser to Sen. Bill Hagerty (R-Tenn.) — who is himself a leading contender to be Trump’s secretary of state.

Michael Anton is also expected to play a role, several people said. Anton was a former National Security Council spokesperson under Trump. (The Trump campaign did not respond to a request for comment on this or other positions.)

The intelligence community

Trump’s former director for national intelligence, John Ratcliffe, is involved in transition planning for national security policy. (POLITICO first reported his name and others on this list last week.) Cliff Sims, who served as a deputy director of national intelligence in the first Trump administration, is also playing a leading role in national security and intelligence transition matters, according to the people familiar with internal campaign and transition matters.

Global trade issues

Trump’s former trade representative, Robert Lighthizer, and Lighthizer’s former chief of staff, Jamieson Greer, are playing a leading role in economic and international trade transition policy.

Cybersecurity

Joshua Steinman, a former Trump NSC official, is a leading contender for the NSC’s top cyber policy post. Others who could be involved in the transition’s cybersecurity team and take up top administration posts include Sean Plankey, a former NSC and Energy Department official, and Karen Evans, a former Trump Homeland Security Department official.

One key litmus test that could be a deciding factor for who joins Trump’s national security team once he takes office: Loyalty.

People close to the president-elect aren’t being subtle about how loyalty could matter above all else for job seekers in a second Trump term. As Mike Davis — a contender to be Trump’s attorney general — put it in a post on X:

“Dear Trump Job Seekers: Long time, no chat. Before asking me for help, I am going to ask you to provide me specific and concrete evidence of your łoyalty to Trump. If you cannot provide a lot of that, stop asking me. Political appointments require both competency and loyalty.”

A version of this report first appeared in National Security Daily, our guide to everything happening from the SitRoom to the E-Ring, with the inside scoop on defense, national security and foreign policy. Sign up for the newsletter to get the goods in your inbox. 

Advisers close to President-elect Donald Trump have been in discussions with House Ways and Means Chair Jason Smith (R-Mo.) on a broad tax package that is partially paid for by tariffs approved by Congress, according to two people familiar with the conversations who declined to be named because of internal discussions.

As part of those conversations, staffers and advisers close to the Trump team have also investigated whether House rules need to be changed to use tariffs as offsets for tax cuts, those people say.

A Ways and Means Committee spokesperson declined to comment.

The discussions come as Republicans are gearing up to pass a massive tax bill, which would include $4.6 trillion of expiring Trump tax cuts and potentially several other tax proposals floated by Trump on the campaign trail. They include Trump’s ideas to remove “tax on tips” and eliminate taxes on Social Security, among many others.

Trump repeatedly pledged on the campaign trail to use tariffs to help pay for those tax cuts, and the conversations signal that congressional Republicans could be open to imposing tariffs on Trump’s behalf via legislation.

However, Congress has not raised tariffs through legislation in almost 100 years — through the Smoot-Hawley Tariff Act of 1930 — and that has led to some confusion over how lawmakers should handle the issue as part of a broader tax package, the people said.

“We’re likely to see in a reconciliation bill … that’s raising revenue through tariffs on imports and taking that savings and using it to cut taxes and create incentives for domestic production,” said a person directly familiar with conversations between Trump’s advisers and Congress.

Reconciliation — a budget procedure possible only if Republicans sweep Congress — would allow Republicans to pass the tax cuts and tariffs without Democratic support and with only simple majorities in both chambers. But those rules and other House rules around bills that lose revenue can be exceedingly complex.

It’s very unlikely that tariffs could help pay for a significant portion of any tax cuts, though — despite Trump’s flirtation with the idea of using tariffs to completely eliminate the income tax. In fiscal year 2020, U.S. Customs collected $74.4 billion in tariffs, accounting for only roughly 2.2 percent of total federal revenue, according to the Congressional Research Service.

According to estimates by the Tax Foundation, the U.S. would need to implement an across-the-board tariff hike of 69.9 percent to completely replace income taxes.

One of President-elect Donald Trump’s most vocal supporters in the House is on the short list to become his next ambassador to the United Nations, according to five people familiar with the potential appointment.

Elise Stefanik (R-N.Y.) tops the list of people the Trump transition team is considering for the influential diplomatic post.

Stefanik has repeatedly attacked the United Nations over accusations that the world body is antisemitic. Last month she called for a “complete reassessment of U.S. funding of the United Nations” in response to efforts by the Palestinian Authority to expel Israel from the United Nations as war rages in the Middle East.

On the domestic front, Stefanik has emerged as one of Trump’s most outspoken supporters. She gained national prominence during Trump’s first impeachment trial in 2019 with fiery defenses of the former president, and refused to certify the 2020 election results after the Jan. 6 insurrection, backing Trump’s false claims of a stolen election.

Stefanik this year drew praise from Republicans and Jewish leaders after she grilled college presidents in a House hearing on their handling of campus demonstrations over the Israel-Gaza war.

Her questioning over whether calling for the genocide of Jewish students considered bullying — and subsequent equivocations from the higher education leaders — led to the resignations of the Harvard and University of Pennsylvania presidents.

Stefanik and the Trump transition team did not immediately respond to requests for comment.

At the United Nations, international diplomats are bracing for a drastically more combative U.S. administration when Trump takes office. Four foreign diplomats working on U.N. issues — all granted anonymity to freely discuss a sensitive matter — say they expect Trump to steeply cut funding to U.N. programs and withdraw from the World Health Organization and U.N. Global Compact on Migration.

Whomever Trump picks as ambassador, would be the standard-bearer of this more hostile approach.

The role is seen as a stepping stone in American politics, underscoring Stefanik’s reputation as a rising star in the Trump-era GOP. Past U.S. envoys to the United Nations have become secretary of State (Madeleine Albright), national security adviser (John Bolton) and even U.S. president (George H.W. Bush.) Trump’s former U.N. Ambassador Nikki Haley ran unsuccessfully for president in the 2024 primary cycle before dropping out to endorse Trump.

Tapping Stefanik for a top administration job would trigger a special election in her New York district, which poses a risk if Republicans have a narrow one- to two-seat majority in the House, control over which is still up for grabs. Still, the seat is in a region that has not elected a Democrat to the House in a decade.

Eric Bazail-Eimil and Jack Detsch contributed to this report.

On the campaign trail, Donald Trump vowed to commence the largest mass deportation of undocumented immigrants in history on Day 1 if he retook the Oval Office.

Now that he’s president-elect, he’s pledging to make good on that promise — at any cost.

“It’s not a question of a price tag. It’s not — really, we have no choice,” Trump said Thursday in an interview with NBC News. “When people have killed and murdered, when drug lords have destroyed countries, and now they’re going to go back to those countries because they’re not staying here. There is no price tag.”

There are about 11 million undocumented immigrants in the U.S., according to Department of Homeland Security estimates from 2022, the most recent year the data is available — though Trump has maintained, without evidence, that the real number is over double that.

Deportation at that scale would cost at least $315 billion, according to a report out last month by the American Immigration Council.

The president-elect has built much of his political foundation upon a dark premise that an “invasion” of violent undocumented immigrants are “conquering” communities across the U.S., playing on nativist fears to blame immigrants for rising crime, inflation and compromised elections. In Thursday’s interview, Trump signaled that messaging has paid off.

“They want to have borders, and they like people coming in, but they have to come in with love for the country,” he said. “They have to come in legally.”

Donald Trump’s refusal to concede the 2020 election handicapped Joe Biden’s presidential transition so badly that it spooked Congress into taking action. But this year’s quick and decisive results mean the Trump-proofing they did for the process won’t be put to the test.

Four years ago, Trump’s election defiance triggered a broader national crisis and prevented Biden’s transition team from accessing federal funding and information for several weeks, a holdup that hampered the new administration’s readiness on national security and tackling the then-raging Covid-19 pandemic.

Lawmakers believe they solved at least part of the problem two years later: Instead of leaving the General Services Administration, an obscure federal agency that manages the government’s real estate, in charge of declaring whether and when to share resources with the winner’s transition team, multiple candidates can now get parallel access during a contested election.

Had the race dragged for days or weeks past Election Day as happened in 2020 and 2000, Trump and Kamala Harris could have both prepared to be the next commander-in-chief while courts and state legislatures hashed out the votes. The new law gave multiple transition teams the ability to send “landing teams” to agencies across the government, get money to set up offices and receive security briefings until a winner is declared.

Congress’ 2022 fix also created new vulnerabilities and left a lot of things unaddressed should there be another contested election in the future. An eventual election loser could access extremely sensitive government intel, for example, and other parts of the government could still obstruct the transfer of power.

As Trump fought the 2020 election results, individual agencies and officials refused to meet with and share information with the Biden team — even after the GSA gave them a green light to do so. And some election experts argue there’s nothing much Congress can do.

One additional curveball: Trump’s team has  not yet signed agreements to receive federal funding for their transition — nor are they bound by the usual ethics and financial transparency rules that come with them.

House Democrats’ path to the majority is rapidly narrowing. The blame game over what went wrong is only just starting.

In a subdued, somber call, their first since Tuesday’s election, Democratic leaders projected confidence in their party and told lawmakers to wait to see the results of the races that still haven’t been called — as many rank-and-file members are starting to air grievances.

Democrats felt their leadership set expectations for how the call would go when Minority Leader Hakeem Jeffries told lawmakers to sit tight, according to two people on the call, and Rep. Jim Clyburn (D-S.C.), who was formerly whip of the House Democrats, told Democrats to stand with their leaders but to speak for themselves and their races rather than for the caucus as a whole.

Jeffries in a statement issued just before the caucus call said he congratulated Trump but believed House control was still up in the air.

“It has yet to be decided who will control the House of Representatives in the 119th Congress. We must count every vote and wait until the results in Oregon, Arizona and California are clear,” he said.

One Democratic lawmaker who requested anonymity to speak freely told POLITICO they believe the call was calm as some incumbent Democrats are finding out they’ve lost their races and added they believed next week’s in-person caucus meeting will be where the real fireworks will happen.

“We need to be much more assertive when we’re telling leadership [what we think went wrong],” the lawmaker said.

But outside of the caucus call, Democrats from all sides of the party have begun sharing their thoughts on why they performed so poorly on Tuesday despite expectations that Vice President Kamala Harris could win and Democrats could flip the House.

One centrist Democrat, Rep. Tom Suozzi of New York, blamed the party’s perceived lean into political correctness for why they lost the election.

“Democrats need to focus more on issues Americans care about, like wages and benefits, and less on being politically correct,” he said in a press release also posted on X. “We failed as a party to respond to the Republican weaponization of anarchy on college campuses, defund the police, biological boys playing in girls’ sports, and a general attack on traditional values.”

Lawmakers are scheduled to return to Washington next week, though House Democrats aren’t expected to hold their leadership elections until the week after. House Democratic leaders had largely been expected to slot up a rung if they took back the House, though being relegated to the minority again could shake up their plans.

Republicans currently have the lead in the vote count, but control of the House still remains in question. Democrats had staked their path to the majority on flipping Republican-held seats largely in New York and California, and so far three of the New York seats have flipped to Democrats. Races in California will take longer to count.

But Democrats’ remaining paths to the majority are closing off after a handful of losses, including incumbents Susan Wild and Matt Cartwright and an open seat in Michigan.

Federal Reserve Chair Jerome Powell had a simple response Thursday as to whether he would leave his post if President-elect Donald Trump asked him to.

“No.”

Powell, speaking to reporters after Fed policymakers cut interest rates again, tried during his press conference to avoid the political fray. Still, he made clear that he’s not going anywhere. He declared that it’s “not permitted under the law” for presidents to remove members of the independent central bank.

Despite years of criticism of the Fed chief, the once and future president said over the summer that he would let Powell finish out his term, which doesn’t end until mid-2026 — “especially if I thought he was doing the right thing.” But close advisers to Trump — who once questioned whether Powell was a “bigger enemy” to the U.S. than China’s Xi Jinping — have suggested the Fed chief should simply resign.

Trump, who says he believes the president should have a say in monetary policy, has made no secret of his preference for low interest rates and will likely resume his previous habit of tweeting barbs at the Fed chief if he thinks borrowing costs are too high. He explored the question of whether he could fire Powell during his first term, a prospect that added to market turmoil at the time.

The Fed lowered rates again on Thursday, as expected, but the timing for future cuts is less clear — in part because Trump’s policies could alter the economy’s trajectory. Bond investors pushed up yields on Wednesday as they weighed the possibility that higher tariffs and fewer immigrant workers could stoke inflation.

Powell told reporters that Fed officials always take policies — both from the executive branch and Congress — into account if they affect the economy, but “we don’t know what the timing and substance of any policy changes will be,” he said. “We therefore don’t know what the effects on the economy would be.”