Overall, the #Trump family’s #crypto investments in the past year have increased the family’s net worth by more than $1 billion, at least on paper.
At the same time that the crypto deal came together, the Emirati government secured an agreement with the Trump admin for the export of hundreds of thousands of advanced #chips to power #AI #tech.
#compromised #FARA #law #emoluments #ForeignPolicy #UAE #MiddleEast
@Nonilex
The only policy in effect right now is to collect as much money and power that will keep him out of prison.
The investment, reported earlier by WSJ, was confirmed on Sunday by a spox for the Trumps’ #crypto company, #WorldLibertyFinancial.
Days before his father’s inauguration in Jan 2025, Eric Trump, the president’s middle son, signed the agreement with the investment firm for a $500M investment in World Liberty, WSJ reported. David Wachsman, a World Liberty spox, confirmed the transaction in a statement to NYT.
#Trump #compromised #FARA #law #emoluments #ForeignPolicy #UAE #MiddleEast
That agreement gave the Emirati-backed firm a 49% stake in #WorldLibertyFinancial. 2 top lieutenants to the UAE’s government #NationalSecurity adviser, Sheikh Tahnoon bin Zayed Al Nahyan, joined the board of World Liberty.
Asked about the terms of the deal, including the board seats, the timing & the size of the investment, Wachsman said, “We made the deal in question because we strongly believe that it was what was best for our company as we continue to grow.”
The #Trump family’s business dealings with the Emiratis have blurred the line between government & private enterprise, alarming #ethics experts & congressional #Democrats.
Sheikh Tahnoon, a member of the #UAE royal family, has been a major #ForeignPolicy intermediary with the #US for over a decade on matters varying from combating #terrorism to sharing advanced computer #tech. He runs a sprawling investment empire that includes G42, a tech firm that has become a powerhouse in #AI.
The investment in #WorldLibertyFinancial was one of 2 large transactions last year involving the Trumps’ #crypto firm & the #UAE government. At a conference in Dubai in May, World Liberty executives disclosed that #MGX, another company run by Sheikh Tahnoon, was using $2 billion worth of a digital currency issued by World Liberty, known as a #stablecoin, to make a large investment.
That maneuver alone turned #WorldLibertyFinancial into one of the world’s largest issuers of #stablecoin — a type of #cryptocurrency that maintains a price of $1. The deal was poised to generate tens of millions of dollars a year in revenue for World Liberty [ #Trump].
#compromised #FARA #law #emoluments #ForeignPolicy #UAE #MiddleEast
#Trump, through an entity called DT Marks DEFI LLC, effectively controls a large stake in #WorldLibertyFinancial, which generated $57 million for him just as the company was starting up, acc/to his financial disclosure report last year. Revenues from the company are also shared with #ZachWitkoff, the son of #SteveWitkoff, who is Trump’s #MiddleEast envoy, among other partners.
