Kevin Warsh Discloses Over $100 Million in Confidential Investments Ahead of Fed Chair Hearing
Trump's Fed Chair nominee filed a 69-page financial disclosure revealing two hedge fund positions worth over $50 million each with undisclosed underlying assets, stakes in SpaceX, Polymarket, and dozens of crypto platforms, and $10.2 million in consulting fees from Stanley Druckenmiller's family office. He would be the wealthiest Fed Chair in history.
Kevin Warsh, President Trump's nominee to lead the Federal Reserve, filed a 69-page financial disclosure with the Office of Government Ethics on Monday, revealing a web of private investments that would make him the wealthiest Fed Chair in history by a wide margin.
The document -- required before Warsh can testify at his Senate confirmation hearing, now scheduled for April 21 -- catalogs roughly 1,800 individual assets. The most striking feature: two positions in Juggernaut Fund LP, each valued at over $50 million, whose underlying assets Warsh says he cannot identify due to "pre-existing confidentiality agreements."
The Juggernaut Fund
At the top of the filing sits the Juggernaut Fund, tied to Stanley Druckenmiller's Duquesne Family Office, where Warsh has served as an advisor since 2011. The two positions alone are worth at least $100 million. The first generated income "over $5,000,000"; the second between $1 million and $5 million.
Warsh collected $10.2 million in consulting fees from Duquesne Family Office during the reporting period -- far and away his largest single income source. He also earned $1.55 million from GoldenTree Asset Management, $750,000 from Cerberus Capital Management, and $650,000 from Heitman LLC.
But the Juggernaut Fund is only the largest of more than 60 confidential positions. The filing lists 60 series of "THSDFS LLC," each bearing the identical note: "Underlying assets are not disclosed due to a preexisting confidentiality agreement. I will divest this asset if confirmed." Their combined value, based on OGE reporting ranges, runs into the tens of millions -- with individual series valued as high as $1 million to $5 million.
Historical Context
When Jerome Powell was confirmed as Fed Chair in 2018, his disclosed wealth -- estimated between $20 million and $55 million -- made him the richest person to hold the position since the 1940s. Warsh's personal assets appear to total at least $135 million, and the combined household disclosure with his wife Jane Lauder (an Estee Lauder heir whose net worth Forbes estimates at $1.9 billion) reaches approximately $192 million. The actual total is certainly higher given the filing's use of broad reporting ranges.
Crypto, SpaceX, and Prediction Markets
Beyond the headline numbers, the filing reveals that Warsh -- who would oversee monetary policy and financial system stability -- has exposure to an unusually broad range of emerging financial technologies through venture fund structures.
His portfolio, held through multiple vehicles (Abstract Holdings LLC, AVF I and II, AVGF I and II), includes:
- SpaceX -- Elon Musk's aerospace and AI company
- Polymarket -- a crypto-based prediction market
- Solana -- a high-performance blockchain network
- Polychain -- a crypto investment firm
- dYdX -- a decentralized derivatives exchange
- Compound -- algorithmic crypto money markets
- Scalar Capital -- a blockchain investment firm
- Blast -- a yield-generating Ethereum layer two
- Lightning Network -- a Bitcoin off-chain payment network
- Tenderly -- an Ethereum developer platform
The filing also lists stakes in AI companies (Hebbia, Clay, Lindy, OSARO, Squadstack, Deeptune, Hypermode), DeFi platforms (DeSo, Lighter, OneSafe, Canvas.xyz, Optimism), and biotech firms (Locus Biosciences, Rational Vaccines, Excision BioTherapeutics).
Warsh's speaking fees alone total over $1.5 million, with individual honoraria from Brevan Howard ($750,000), Pension Real Estate Association ($135,000), State Street ($135,000), and Eli Lilly ($122,500). He also holds $1 million to $5 million in stock from his board seats at UPS and Coupang.
The Ethics Certification
OGE analyst Heather A. Jones certified the report on April 10, noting it complies with ethics law "for all lines except Part 2, Line 23, 25-53, 55-85, 86.3, and 87." That exception covers the entirety of the THSDFS LLC series and both Juggernaut Fund positions -- essentially, all of the assets whose underlying holdings are hidden behind confidentiality agreements.
"Once the filer divests these assets, he will be in compliance with the EIGA and Part 2634 for this report," Jones wrote.
Warsh has pledged to divest if confirmed. His advisory firm Vicarage LLC "will be inactive during my appointment," and his Duquesne consulting arrangement "will cease if I am confirmed."
The Political Obstacle
Warsh's path to confirmation is complicated by a collision between two of the president's objectives.
Senator Thom Tillis (R-NC), a member of the Banking Committee, has said he will not vote for any Fed nominee until the Department of Justice drops its criminal investigation into current Chair Jerome Powell. The probe, led by U.S. Attorney Jeanine Pirro, focuses on cost overruns related to the Fed's headquarters renovation. Powell has said the investigation is retaliation for his refusal to cut interest rates at Trump's demand.
A federal judge recently quashed Pirro's subpoenas to the Fed. Tillis called the investigation "weak and frivolous" and "nothing more than a failed attack on Fed independence," warning that "appealing the ruling will only delay the confirmation of Kevin Warsh as the next Fed Chair."
The administration wants both things: Warsh confirmed before Powell's term effectively ends, and DOJ pressure on Powell to continue. Those objectives are directly in conflict -- the investigation is the very thing holding up the confirmation.
The full 69-page filing is available on the Office of Government Ethics website.