Inside Trump's big-spender meme coin dinner: Presidential seal and food that looked ‘worse than Spirit Airlines'
A black-tie gala thrown for the top 220 buyers of Donald Trump's meme coin Thursday night at his Virginia golf club featured the president flying in on Marine One and speaking at a lectern emblazoned with the presidential seal, despite the White House arguing that it was a 'private' event and he was 'attending it in his personal time.'
But while the event prompted ethics experts to warn that Trump has crossed a line by potentially profiting directly from his presidency while simultaneously allowing crypto enthusiasts and others to buy access to the office, leaked footage and reports from inside the event reveal that some attendees came away highly disappointed.
Particularly over the meal, which left a lot to be desired. While the menu for the evening was a filet mignon with demi-glaze and pan-seared halibut with a citrus reduction, what was served to the guests wouldn't have looked out of place at Ikea — albeit served on dinner plates emblazoned with a gilded 'Trump Washington, D.C.' logo.
'It was the worst food I've ever had at a Trump golf course,' TikTok personality Nick Pinto, who gained entry by investing $300,000 in the Trump family cryptocurrency, told Wired. 'The only good thing was bread and butter.'
While Pinto said he left the gala hungry, another attendee also gave subpar marks for the food.
'OK, but not top-class,' the guest reviewed the fare served him at the Trump National Golf Club.
After Wired reporter Matthew Champion posted a picture – shared with him by one of the attendees – of a sad plate of food served at the event, it didn't take long for the mockery to go into full swing.
'I've had better food on Spirit Airlines,' snarked CNBC correspondent Steve Kovach, who was not at the event, referencing the discount airline.
Indeed, the photo showed a minuscule portion of food on the large, white-with-gold-leaf Trump plate. A handful of orange sticks – perhaps carrots – sat alongside a lonely slice of squash, while it appeared an ice cream scoop was used to add a dollop of yellow mashed potatoes on the dish. The small piece of halibut looked more like dry chicken, and the filet was covered in brown gravy but still appeared extremely overcooked.
'[T]hey used the catering service from the fyre festival lol,' The Ringer senior staff writer Joel Anderson reacted, invoking the fraudulent 'luxury' music Fyre festival that resulted in a prison sentence for its organizer who had promised gourmet food and accommodations to a Bahamas music festival that in reality amounted to slices of cheese on white bread and flimsy, leaking tents.
Of course, the guests weren't at Trump's gala for the food – they were hoping to get some face time with the leader of the free world. But that, too, brought about some disappointment from those gathered.
After Trump arrived at the golf course via his presidential helicopter, he delivered a 25-minute by-the-numbers speech that only briefly touched on cryptocurrency.
'I think it's really got a great, great future,' Trump said in one clip shared online. 'I think you're on the cutting edge. Everyone think it is just the beginning. And I can just say that we are, we're believers in the whole administration. We're big believers.'
In a separate clip shared by Justin Sun, a Chinese billionaire known for his publicity stunts who has spent more than $20 million on the $TRUMP meme coin, the presidential seal was clearly visible on Trump's lectern.
White House press secretary Karoline Leavitt had previously tried to head off any criticism over the gala, which included The Wall Street Journal editorial board accusing Trump of using his office to enrich himself and his family, by merely insisting it wasn't an official event.
Asked during Thursday's press briefing about the likelihood that most of the top buyers were foreign investors and whether the administration would publish a list of the attendees so the public knew who was buying access to the president, Leavitt said: 'The president is attending it in his personal time. It is not a White House dinner, it's not taking place here at the White House.'
She also grumbled that it was 'absurd for anyone to insinuate that this president is profiting off of the presidency.'
Since the meme coin's debut in January, Trump's businesses have made over $300 million in sales and $43 million in total fees, according to a Washington Post analysis. After the dinner was announced last month, Trump and his business partners have brought in over $3 million in transaction fees alone.
Sun, meanwhile, was charged in 2023 by the Biden-era Securities and Exchange Commission with fraud and market manipulation. Those charges were put on hold by Trump's SEC after Sun invested $75 million in another Trump family crypto project, World Liberty Financial.
While neither the White House nor the gala organizers made the list of the 220 top buyers public and the event was closed to the press, raising additional ethical concerns over the secrecy, Sun said that he topped the buyer leaderboard.
'The contest to attend the crypto dinner ran from April 23 to May 12, and it was not immediately clear how much the meme coin buyers paid to attend the event,' the Washington Post reported. 'The top 25 on an online leader board set up by the Trump-affiliated business to rank their spending hold a total of $140 million in Trump coins.'
While the top 25 on the list were invited to an 'ultraexclusive private VIP reception,' it appeared that the president only spent a short amount of time at the event and didn't even stick around to hand out prizes to the top purchasers of his cryptocurrency.
'Trump could have at least given the top people their watches himself,' Pinto groused. 'He didn't.'
While some attendees told Wired that their overriding memory of the event would be the 'warm welcome' they received as the gala kicked off, walking into the dinner was a whole different story.
Guests, which included one-time NBA star and Kardashian beau Lamar Odom, were greeted by a horde of booing protesters who chanted 'shame, shame, shame' while holding up signs that read 'Stop Crypto Corruption' and 'Don the Con.'
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The move could add more uncertainty for American manufacturers, particularly the auto industry, which has been pushing for easier access. The Journal notes that the move gives China leverage down the line if tensions ratchet back up. From the report: In celebrating the agreement early Wednesday, President Trump noted "any necessary rare earths will be supplied, up front, by China." He did not mention any time limit on loosening those restrictions. Treasury Secretary Scott Bessent, in testimony before Congress on Wednesday, painted Wednesday's agreement as an incremental step on the longer road to a more comprehensive trade deal. "A trade deal today or last night was for a specific goal, and it will be a much longer process," he told a House committee. When asked if current US tariff levels on Chinese imports would not change again, Commerce Secretary Howard Lutnick told CNBC, "You can definitely say that." "We're in a great place with China," Lutnick said Wednesday. While the US-China truce framework is awaiting final word from US President Trump and Chinese President Xi Jinping, Lutnick added, "Both sides are really positive." The agreement is largely viewed as reestablishing the "handshake" that US and Chinese officials reached in Geneva last month, as details on a larger trade pact remain scant. Trump posted on social media this morning that the US has imposed 55% tariffs on China, a number that does not include any new tariffs but instead comprises some preexisting tariffs, Trump's fentanyl tariffs, and 10% "Liberation Day" tariffs. Lutnick touted that, as a result of the two-day talks, the US will gain access to rare earths and magnets, while the Chinese delegation sought to remove the US's export controls. He added that the trade deficit remains an ongoing issue, stating, "We're going to examine how China can do more business with us." May's Consumer Price Index (CPI) report showed inflation pressures eased on a monthly basis despite investor concerns that President Trump's tariffs would accelerate the pace of price increases. The Consumer Price Index (CPI) increased 0.1% on a monthly basis in May and 2.4% on an annual basis, a slight uptick from April's 2.3% gain. Yahoo Finance's Allie Canal reports: Read more here. I would keep an eye on consumer names off the news of a trade deal with China floated by President Trump this morning (see our prior post below). Seeing upticks premarket in heavily China-exposed retailers such as Nike (NKE), Walmart (WMT), Target (TGT), and Abercrombie & Fitch (ANF). The premarket gains here aren't mind-blowing in part because tariffs appear to still be in place. Trump posted on Truth Social: OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!" A variety of market observers quickly weighed in hours after Tuesday evening's unveiling to suggest that the deal may not have a lot of meat on the bones — but at least relations are no longer moving in the wrong direction. The talks perhaps underscored how unlikely a comprehensive trade deal is anytime soon, noted AGF Investments Greg Valliere, "but at least relations may not worsen as talks continue throughout the summer." Both sides promised additional talks in the weeks or months ahead, but none have yet been scheduled. Veronique de Rugy, a professor at the Mercatus Center at George Mason University, suggested the talks continued to show China's leverage. "China is hurting, yes—but they still hold the upper hand on critical resources, and they know how to use them." Any lessening of tensions — and freer flow — of these mineral resources in China would be a significant boost to the global economy with China holding outsized leverage in both the reserves and processing capacity of these key building blocks for everything from computers to electric vehicle batteries to medical devices. Likewise, the US offering concessions on export controls would be a significant move after years where successive US administrations have wielded these controls — especially around the design and manufacture of semiconductors — by saying they need to be tight on China for national security reasons. Read more here. May's Consumer Price Index (CPI) report will be released on Wednesday and its expected to show that prices rose a bit faster than in April. Yahoo Finance's Allie Canal breaks down what to look out for and how President Trump's tariffs are impacting what consumers are now paying for goods and services. Read more here. Now that the US-China trade truce is back on track, both sides are keen to ensure it stays that way. China's Vice Premier He Lifeng said both sides need to now 'show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue.' Bloomberg News reports: Read more here. Reuters reports: Read more here. Despite the US-China trade truce resuming the pain from President Trump's tariffs remains in China, especially among small exporters. Reuters reports: Read more here. Japan warned Wednesday that tariffs threaten its economic growth, the government said in a monthly report. Reuters reports: Read more here. Reuters reports: Read more here. Reuters reports: Read more here. A federal appeals could said on Tuesday that President Trump's sweeping tariffs can continue for now. This is a significant win for Trump, who introduced tariffs back in March and declared "Liberation Day," as he saw them as a way to free the US from what he called unfair trade practices. Bloomberg News reports: Read more here. Early summer sales for Inditex, the owner of fashion retailer Zara, came in weaker, as the company missed expectations for first quarter sales on Wednesday. President Trump's tariffs have impacted consumer demand in the US and other major markets. Reuters reports: Read more here. After weeks of back and forth, the US and China have agreed on a framework to implement the Geneva consensus that helped ease tariffs. The breakthrough came after two days of talks in London, including a marathon session on Tuesday. US Commerce Secretary Howard Lutnick said both sides had to "get the negativity out" before making progress. 'Now we can go forward to try to do positive trade, growing trade,' he said. As part of the deal, Beijing has promised to speed up shipments of rare earth metals, a crucial component for global auto and defense industries. Washington will ease export controls. This marks the first sign of movement on key issues. The proposal will now be presented to President Trump and China's Xi. Still, the discussions also did little to resolve a long-standing issue: China's trade surplus with the US. 'Markets will likely welcome the shift from confrontation to coordination,' said Charu Chanana, chief investment strategist at Saxo Markets. 'We're not out of the woods yet — it's up to Trump and Xi to approve and enforce the deal.' The meeting was set up after a phone call between the two leaders, following weeks of each side accusing the other of breaking the Geneva commitments. Both countries had used chips, rare earths, student visas and ethane as bargaining tools. Josef Gregory Mahoney, a professor at East China Normal University, said trust, not money, has been the biggest casualty of the trade war. 'We've heard a lot about frameworks,' he said. 'But the fundamental issue remains: Chips versus rare earths. Everything else is a peacock dance.' Bloomberg reports: Read more here. Sign in to access your portfolio
