Did Trump earn over $50 mn from crypto? POTUS made massive amount by selling watches, sneakers and bibles
The report, released Friday by the Office of Government Ethics, shows Trump earned $57.3 million from his stake in World Liberty Financial, a crypto company.
Trump's "$TRUMP" memecoin wasn't included in the report because it launched in January, but it has reportedly made about $320 million in fees so far.
Trump also made millions in licensing fees. His Mar-a-Lago resort in Florida brought in over $50 million, according to the 234-page report, which appears to cover income from the 2024 calendar year. In comparison, President Joe Biden's financial disclosure was just 11 pages.
$2.8 million from Trump Watches
$3 million from "Save America" coffee table books
$2.5 million from Trump-branded sneakers and cologne
$1.3 million from sales of the Greenwood Bible
$1.05 million from '45' branded guitars
Trump launched the guitars in late 2023. The electric and acoustic models featured an American eagle and sold for $1,500 to $10,500. Earlier in 2024, Trump released his 'Never Surrender' high-top sneakers at $399 a pair.
Also Read: Donald Trump to impose travel restrictions on 36 countries? Here's what we know
Trump has promoted these items to supporters, despite critics accusing him of using his political fame for personal profit.
His crypto work is also getting attention. A Financial Times report last month said Trump's media company plans to raise $3 billion to invest in Bitcoin and other crypto.
Trump Media & Technology Group — which owns Truth Social — is reportedly trying to raise $2 billion in new equity and $1 billion through a bond deal.
Some critics say this raises conflict-of-interest concerns, as Trump could benefit from policies he supports in office.
Last month, Trump held a private dinner at his Virginia golf club for 200 top investors in the $TRUMP memecoin. One ethics group called it 'nakedly corrupt.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
20 minutes ago
- Business Standard
US mulls equity stakes in Micron, Samsung, TSMC after Intel deal talks
US Commerce Secretary Howard Lutnick is reportedly exploring a plan for the Trump administration to secure equity stakes in chip manufacturing companies, including Micron, Taiwan Semiconductor Manufacturing Co (TSMC), and Samsung. According to a report by Reuters, the US government is considering stakes in firms that receive CHIPS Act fundin g to build factories in the country. This follows Washington's ongoing talks to take a 10 per cent stake in Intel in exchange for cash grants. White House backs Intel model White House Press Secretary Karoline Leavitt confirmed on Tuesday that Lutnick was working on a deal with Intel for a government stake. 'The President wants to put America's needs first, both from a national security and economic perspective, and it's a creative idea that has never been done before,' she said. Lutnick told CNBC earlier that the government does not want to direct Intel's operations, but described the move as an unprecedented step that would give Washington greater influence over strategic firms. National security parallels Washington has taken company stakes in past crises to inject cash and boost confidence. Earlier this year, US President Donald Trump approved Nippon Steel's takeover of US Steel after negotiating a 'golden share' that allows the White House to block production cuts, outsourcing, or plant closures. Reuters reported that Treasury Secretary Scott Bessent is also involved in CHIPS Act discussions, though Lutnick is leading the process. The $52.7 billion programme, officially known as the CHIPS and Science Act, is overseen by the Commerce Department. Subsidies already flowing In 2024, the US Commerce Department approved subsidy packages worth $6.2 billion for Micron, $6.6 billion for TSMC, and $4.75 billion for Samsung to expand semiconductor production in the US. Micron is the second-largest recipient of CHIPS Act funds after Intel. Political backing The equity-stake idea is being driven by Lutnick and has found support from Donald Trump, Reuters reported. The move marks a sharp shift in how the US government seeks to protect its economic and national security interests in the semiconductor sector.
&w=3840&q=100)
Business Standard
20 minutes ago
- Business Standard
Gold rate outlook: Will yellow metal decline further? Analyst predicts this
Gold: Under pressure on subdued safe haven demand Performance On Tuesday, August 19, spot gold traded between $3,313 and $3,346. The yellow metal fell for the fourth consecutive day on subdued safe haven demand as investors become hopeful that the US Administration's efforts to stop the Ukraine war may be fruitful. Downside pressure on domestic gold prices intensified due to continued weakness in the USDINR pair coming on positive implications of the Indian government tweaking GST rules and expectations of thawing of geopolitical tensions as the world leaders try to bring an end to the Ukraine war that has lasted for around three and a half years. In the week ending August 15, the yellow metal closed with a weekly loss of 1.76 per cent at $3,335. Tariff and trade The US Treasury Secretary Bessent sees tariff revenue getting revised up substantially from $300 billion this year. He said that they will use tariff revenue to pay down US debt and bring down deficit-to-GDP. Bessent said that the status quo with China is working well. S&P Global said that Trump's tariff war is speeding Beijing's trade and investment drive into developing nations, potentially paving the way for a China-led trade order. US Treasury Secretary on rate cuts On Tuesday, US Treasury Sec Bessent supported the idea of a rate cut as he said that a rate cut by the Federal Reserve could facilitate a pickup in home building and keep prices down for one to two years. Data roundup US housing starts picked up as the US housing starts (July) came in at 1.428 million, a five-month high, Vs forecast of 1.29 million and the prior reading of 1.321 million, though building permits at 1.354 million lagged the estimate of 1.39 million (prior 1.393 million) and fell to the lowest since June 2020. Central Bank watch The markets are placing 85 per cent odds for a Fed rate cut in September. Fed's Michelle Bowman, who voted for a rate cut at the July meeting, said that she has not changed her views. She cited debanking as a problem in the financial system, into which the Fed will look should more cases rise. As per Reuters, 50 of 62 economists polled by Reuters said that they expect the Bank of England to further cut the policy rate by 25 basis points to 3.75 per cent this year. Economists expect inflation to peak around current levels. Geopolitics watch The US President Trump asked Ukrainian President Zelensky and Russian President Putin on Monday to meet face to face with him at a peace conference. However, in an interview with Fox TV on Tuesday, he said that we will let them meet first. As per Bloomberg, a summit between Putin and Zelenskiy may take place within two weeks, but the Kremlin has yet to confirm. Upcoming data Jackson Hope Symposium will be held from August 21 to August 23. Investors look forward to the Fed Chair Powell's speech scheduled for August 22. The US data/reports to be released this week include July 30 FOMC minutes (August 20), S&P Global US PMIs (August 21), leading Index (August 21) and existing home sales (August 21). Eurozone's PMIs will be released on August 21, while Germany's 2Q final GDP will be out on August 22. Japan will release its PMIs and national CPI on August 21 and August 22 respectively. UK CPI data will be reported today. Outlook Gold is under pressure from geopolitical factors as traders expect that the US-driven peace efforts may lead to a breakthrough in the Ukraine war talks. A tentative rebound in the US Dollar Index following elevated CPI and PPI readings is also pressurising the metal. On the other hand, healthy ETF inflows, central banks' demand and fiscal and economic concerns continue to support the metal. ETF holdings have risen nearly 12 per cent YTD and are at a two-year high. The metal may test the support around $3,290 (MCX Gold October contract ₹97,900), though downside ahead of the Jackson Hole Symposium is likely to be limited. Interim support is at $3,307 (₹98,400), resistance is at $3,350 (₹99,700)/$3,375 (₹1,00,500).
Economic Times
20 minutes ago
- Economic Times
Trump's trade adviser Peter Navarro reminds India of America's exorbitant privilege & diktats
Synopsis Peter Navarro's op-ed reveals the US expectation that India, to maintain its strategic partnership and trade benefits, must align its economic policies with Washington's interests. This includes purchasing American weapons without technology transfer demands and ceasing the use of dollar surpluses to buy Russian oil for re-export. Agencies Without saying anything really new, Peter Navarro has revealed something important. If India wants to keep earning dollars by selling goods and services to America, it has to recycle them as per Washington's diktats. The White House trade adviser's op-ed in the Financial Times is aimed at critics who have been shocked by the summary disdain with which President Donald Trump has alienated an ally that past administrations have spent a quarter-century cultivating. Navarro's main message: 'If India wants to be treated as a strategic partner of the US, it needs to start acting like one.' Also Read: Who is Trump's trade guru giving gyan to India? Basically, the White House expects the same level of loyalty as it got from the Germans in 1967. Back then, the Lyndon B. Johnson administration prevailed upon Chancellor Kurt Georg Kiesinger to not exchange any of the Bundesbank's dollar holdings for gold, even though they were well within their rights to do so under the prevailing Bretton Woods arrangement. Bonn made a public pledge to not join the rebellious French who were beginning to question what Valery Giscard d'Estaing called America's exorbitant relations in the 1960s were rooted in the calculus of the Cold War. Historically, New Delhi and Washington have never been as close, yet the latter is going to decide how the most-populous nation will use its trade dollars. That means Prime Minister Narendra Modi has to buy American weapon systems without insisting on technology transfers or local production. The US has no desire to gift cutting-edge military capabilities to a country cozying up to both Russia and China, Navarro says. The second constraint is on how dollar incomes are not to be used. Recycling greenbacks from its $43 billion trade surplus with the US to buy crude oil from Russia — only to sell refined petroleum products to other countries in Asia, Europe and Africa to earn yet more dollars — was 'deeply corrosive of the world's efforts to isolate Putin's war economy,' Navarro says. It has to stop. The tone of the piece suggests that the Trump administration is making a calculated bet. However much Modi tries to flex his muscles against US hegemony, he really can't afford to put $87 billion in annual exports to America at risk of a prohibitive 50% tariff from Aug. 27. Without dollars from its single-largest export destination, how will India pay for the $109 billion it spends on everything from power equipment to kitchen appliances from China? Or buy more from it, as Beijing is bound to insist?One way to square the circle may be to give the Chinese equity stakes in local joint ventures, so that some of their $91 billion bilateral trade surplus comes back as investment. This may well happen. According to a Bloomberg News report this week, India's biggest tycoons — from Gautam Adani and Mukesh Ambani to JSW Group's Sajjan Jindal — have been pursuing under-the-radar deals with Chinese firms that have the most mature and cost-efficient technology in renewable sectors like electric vehicles and lithium-ion Washington sending a natural ally into the arms of its biggest rival? Not really. At best the fraught relationship between the two Asian giants will normalize. After their border clashes five years ago, New Delhi actively suppressed investment proposals from the bigger economy next door. The Modi government announced, with some pride, that between April 2020 and December 2021, China's share in total foreign direct investments into the country had fallen to only 0.43%. Although that would change now, there's little risk of India moving into China's strategic sphere, not after Beijing's liberal defense assistance to Islamabad in the recent India-Pakistan military conflict. Washington's orbit is hard to escape. To see why, it's illustrative to look back at the early days of the India-Russia oil trade after the start of the Ukraine war. Back then, there was a great deal of chest-thumping in New Delhi that Moscow will agree to sell crude for rupees. Russian importers would then pay rubles to buy tea and other stuff from India. The rupee-ruble transactions were supposed to be relayed over SPFS, the Russian alternative to the SWIFT messaging system, the 'financial data panopticon' through which Washington surveils global trade and I noted in April 2022, any such deal wasn't in India's long-term interest. Bypassing SWIFT would help Russia, whose banks faced Western sanctions. New Delhi had nothing to gain. Ultimately, the rupees-for-oil trade didn't even work out. The Russian exporters got tired of holding funds in a non-convertible currency in Indian bank accounts. So refiners went back to buying crude with dollars and dollar-linked UAE dirhams, placing India squarely in the grip of the mighty greenback even as discounted Urals crude came to account for more than a third of its imports, from barely 1% before the Ukraine war. Had the benefits of cheaper oil flowed to local motorists, the middle class would have been all for standing up to Trump. That isn't the case, and Modi has to appease voters now with a long-overdue cut in consumption Chinese have done the same Russian oil trade, and yet the US has singled out India for exemplary punishment. That isn't hard to explain. Not all sides of this relationship are equal. While advanced economies like the US 'are more exposed to China as a supplier, China is becoming less reliant on them as a market,' concludes a new study by Federal Reserve economist Florencia Airaudo, and her coauthors. Control over hard-to-replace inputs, such as rare earths, graphite, and battery materials gives Beijing leverage, they note. New Delhi has no such bargaining chips. The dollars India garners from exporting textiles, carpets, gems and jewelry, shrimp, and software code are its to spend, but not entirely freely. As Navarro reminded the critics of the sudden US-India estrangement, America's exorbitant privilege comes in many hues.
