Dr. Oz’s Massive Investment in CMS-Linked Companies Revealed!

Dr. Mehmet Oz, once a staple of daytime TV and selected by President-elect Donald Trump to head the Centers for Medicare and Medicaid Services, has disclosed investments totaling as much as $56 million in three companies closely tied to CMS, according to a report by the watchdog group Accountable.US released on Friday.

Oz, a well-known cardiac surgeon and TV personality, has been criticized for his history of endorsing unproven or incorrect health advice and promoting Medicare Advantage (MA)—a version of the federal program managed by private insurers—on his show, as well as for his financial interests in UnitedHealth and CVS Health.

The recent report by Accountable.US, which stems from Oz’s failed 2022 Senate bid against Democrat John Fetterman in Pennsylvania, raises additional concerns about potential conflicts of interest and the possibility that Oz might obstruct new regulations by the Biden administration aimed at controlling the outsourced Medicare Advantage plans.

“Dr. Oz’s conflicts of interest pose a serious threat to seniors’ health security.”

According to the watchdog, in 2022, Oz’s “largest healthcare investment was up to $26 million in Sharecare, a digital health company he co-founded. Sharecare became the ‘exclusive in-home care supplemental benefit program’ for 1.5 million MA participants across 400 plans through its CareLinx service in 2022,” expanding to over 2 million by 2023. Sharecare was acquired in a private equity transaction valued at $518 million in 2024, but it’s unclear if Oz retains any ownership.

Nick Clemens, a spokesperson for Oz on the Trump transition team, confirmed to USA TODAY—which initially reported the findings of Accountable.US—that Oz had divested his interests in Sharecare, though he did not respond to additional inquiries.

Furthermore, the group revealed that Oz reported having up to $25 million invested in Amazon and up to $5 million in Microsoft in 2022. Both companies are key technology providers for CMS, as detailed in its FY 2025 budget request which included over $3.3 billion for IT expenditures. Notably, Amazon Web Services has hosted 74 million Medicaid records since 2017 and has a contract to enhance Healthcare.gov, the federal health insurance exchange administered by CMS.

Accountable.US checked Securities and Exchange Commission filings and found no evidence that Oz has sold his Amazon or Microsoft stocks since his 2022 disclosure. According to USA Today, Oz’s stakes in Amazon and Microsoft could be worth as much as $26.7 million and $6.3 million, respectively.

When questioned whether Oz still held these stocks, Brian Hughes, another spokesperson for the Trump transition, merely stated that “all nominees and appointees are expected to meet the ethical standards of their respective positions.”

Tony Carrk, executive director of Accountable.US, expressed on Friday that “seniors deserve a leader at CMS who will safeguard and strengthen Medicare, not someone like Dr. Oz who seeks to privatize this vital and popular program for his own substantial benefit.”

Carrk added, referencing a strategy by the Heritage Foundation for the incoming Republican administration, “If Dr. Oz and Project 2025 succeed, Medicare as we know it would cease, replaced by private insurance plans that cost more to taxpayers and expose patients to denied treatments and increased premiums.”

He concluded, “Dr. Oz’s conflicts of interest pose a serious threat to seniors’ health security, yet as long as the insurance industry’s major donors are satisfied, President-elect Trump appears indifferent.”

Although Trump has the authority to nominate the next CMS administrator, the appointment must be confirmed by the Senate—unless the president-elect opts to bypass this process for his most contentious nominees.

On Tuesday, Senator Elizabeth Warren (D-Mass.) and six other senators voiced their concerns to Oz regarding his qualifications, his advocacy for dismantling traditional Medicare, and his deep financial connections to private insurers.

They emphasized, “As CMS administrator, your role would involve managing Medicare and ensuring that the millions of seniors dependent on the program receive the necessary care, including overseeing the actions of private insurers within Medicare Advantage.” They warned, “The implications of failing in this responsibility are severe. Billions of federal healthcare dollars—and millions of lives—are at risk.”

The senators demanded answers from Oz by December 23 on several issues, including his stance on traditional Medicare and issues related to overcharging and improper care denials by private firms. They also questioned whether he would commit to “completely divesting from any financial interests related to the insurance sector” and “recuse himself from any decisions potentially affecting insurers in which he has investments.”

Sharing their letter on social media, Accountable.US supported Warren’s stance, stating, “Warren is correct: this glaring conflict of interest jeopardizes seniors and funnels billions into corporate coffers.”