Dr. Oz Had Up to Tens of Millions Invested in Companies Involved With CMS

Dr. Mehmet Oz, the "former daytime television fixture" who U.S. President-elect Donald Trump picked to lead the Centers for Medicare and Medicaid Services, reported "up to $56 million in investments in three companies" with direct CMS interests, the watchdog Accountable.US highlighted Friday.

The celebrity heart surgeon is already under fire for his record of peddling "baseless or wrong" health advice and pushing Medicare Advantage (MA)—an alternative to the government-run program administered by private health insurance companies—on The Dr. Oz Show, as well as his stake in UnitedHealth and CVS Health.

The new Accountable.US report—based on disclosures from Oz's unsuccessful 2022 run against U.S. Sen. John Fetterman (D-Pa.)—adds to conflict of interest concerns and fears that Oz may thwart the Biden administration's new rule intended to rein in privatized Medicare Advantage plans.

"Dr. Oz's conflicts of interest pose a serious threat to seniors' health security."

"In 2022, Oz's 'single biggest healthcare holding' was up to $26 million in Sharecare, a digital health company Oz co-founded that became the 'exclusive in-home care supplemental benefit program' for 1.5 million MA enrollees across 400 MA plans through its CareLinx service in 2022," the watchdog detailed. "By 2023, CareLinx was available to over 2 million MA enrollees. Sharecare was taken private in a $518 million private equity deal in 2024, and it is unknown if Oz still holds a stake."

Nick Clemens, Oz's spokesperson on the Trump transition team, told USA TODAY—which first reported on the Accountable.US findings—that Oz sold his stake in Sharecare but did not address further questions.

The group noted that "in 2022, Oz disclosed holding up to $25 million in Amazon and up to $5 million in Microsoft, which CMS called its 'two primary cloud service providers' in its FY 2025 budget document, which requested over $3.3 billion in information technology funding for the year. Notably, Amazon Web Services hosted 74 million Medicaid records as early as 2017 and the company has been contracted to streamline Healthcare.gov, the federal health insurance portal run by CMS."

Accountable.US "reviewed filings with the Securities and Exchange Commission and was unable to find evidence that Oz sold stocks in Amazon or Microsoft since the 2022 filing," according to USA Today—which found that Oz's stakes could be as high as $26.7 million for Amazon and $6.3 million for Microsoft.

When asked if Oz still owned the stocks in the two tech giants, Trump transition spokesperson Brian Hughes only said that "all nominees and appointees will comply with the ethical obligations of their respective agencies."

Given the nominee's TV and investment history, Accountable.US executive director Tony Carrk declared Friday that "seniors deserve a CMS leader who will protect and strengthen Medicare—not someone like Dr. Oz who wants to privatize this vital and hugely popular program for great personal gain."

"If Dr. Oz and Project 2025 had their way, Medicare as we know it would end, replaced with private insurance plans that cost taxpayers more and leave patients vulnerable to denials of care and higher premiums," Carrk continued, citing the Heritage Foundation-led playbook for the incoming Republican president.

"Dr. Oz's conflicts of interest pose a serious threat to seniors' health security," he added, "but as long as big insurance industry megadonors are happy, President-elect Trump doesn't seem to mind."

While Trump has the power to pick the next CMS administrator, the selection requires Senate confirmation—unless the president-elect works around it to install his most controversial nominees.

On Tuesday, Sen. Elizabeth Warren (D-Mass.) and six colleagues wrote to Oz to express their concerns about his qualifications, "advocacy for the elimination of traditional Medicare," and "deep financial ties to private health insurers."

"As CMS administrator, you would be tasked with overseeing Medicare and ensuring that the tens of millions of seniors that rely on the program receive the care they deserve, including cracking down on abuses by private insurers in Medicare Advantage," they pointed out. "The consequences of failure on your part would be grave. Billions of federal healthcare dollars—and millions of lives—are at stake."

The lawmakers sent Oz a list of questions, requesting responses by December 23. They inquired about his views on traditional Medicare and revelations that "private companies overcharge taxpayers and unlawfully deny care." They also asked whether, as administrator, he would commit to "fully divesting of any and all financial holdings related to the insurance industry" and "recusing from any decisions that may impact insurers" in which he has a stake.

Sharing the letter on social media Wednesday, Accountable.US said that Warren "is right: this glaring conflict of interest endangers seniors and puts billions in corporate pockets."