Latest news with #DonaldTrumpJr
NBC News
2 hours ago
- Business
- NBC News
Trump Media builds $2 billion bitcoin hoard, as crypto swells president's net worth
Trump Media and Technology Group said Monday it has accumulated roughly $2 billion in bitcoin and related assets, as President Donald Trump 's highly lucrative pivot to crypto continues to grow his net worth while in office. The bitcoin holdings now account for about two-thirds of Trump Media's total liquid assets, the company said in a press release. Trump Media shares popped as high as 9% when markets opened Monday morning. They were up around 4% at 2 p.m. ET. Trump's stake in the company — which trades on the Nasdaq under his initials, DJT — is worth nearly $2.3 billion. The announcement offered the latest marker of how Trump and his family have embraced digital currency to such a degree that crypto now accounts for most of the president's wealth on paper, according to a Forbes analysis from June. Trump, once a digital-currency skeptic, has vowed to make the U.S. the world's crypto capital. He has already taken multiple steps in that direction by signing an executive order to establish a 'strategic bitcoin reserve,' appointing a 'crypto czar' and urging Congress to pass multiple crypto-related bills. Trump on Friday signed one of those bills, the GENIUS Act, into law after it passed with bipartisan support in the House. Trump has made millions more off of other crypto ventures, including the decentralized finance entity World Liberty Financial and the meme coin $TRUMP, whose initial coin release came just days before his inauguration. The Trump family, which owns much of World Liberty through a business entity, has made about $500 million since the venture's launch in September, according to a Reuters analysis. Trump's spokespeople have said that the president's connection to World Liberty does not create a conflict of interest because his assets are in a trust that is currently managed by his son Donald Trump Jr. But assets in that revocable trust still belong 'indirectly' to the president, who is the trust's grantor and its sole beneficiary. And the funds would be available to him after he leaves office in 2029. Critics, including Democratic lawmakers and ethics experts, warn that Trump's crypto interests and his political power create an environment ripe for corruption. 'As a stakeholder in crypto assets, President Trump will likely profit from the very policies he is pursuing,' the advocacy group Democracy Defenders Fund said in a report in April. Before taking office in January, Trump transferred all of DJT shares to a revocable trust managed by his eldest son, Donald Trump Jr. Some experts were unconvinced Trump was eliminating conflict-of-interest concerns by removing himself from direct control of the shares. Since then, Trump Media has effectively redefined itself as a crypto and financial services company. The company's first product was the Twitter-like social media platform Truth Social, which is used by Trump but has failed to generate much revenue. The company, which went public last year through a merger with a special purpose acquisition company, nevertheless attracted thousands of retail investors In late January, the company announced a FinTech brand called boosted by a $250 million allocation in investments including bitcoin and exchange-traded funds. In February, the company began pursuing what it called a 'strategic acquisition fund with select investors,' and in March it inked a partnership with to launch a series of ETFs. In late May, the company said it raised over $2.3 billion in net proceeds from selling stock and convertible notes to about 50 institutional investors, and that it would those funds to build a bitcoin treasury. Trump Media's announcement Monday morning came less than a week after bitcoin hit an all-time high, making it by far the world's most valuable and popular cryptocurrency. The asset jumped past $120,000 as investors anticipated Congress would pass new U.S. crypto legislation to establish a clearer regulatory framework for the nascent industry. 'We're rigorously implementing our publicly announced strategy and fulfilling our bitcoin treasury plan,' Trump Media CEO Devin Nunes said in Monday's release. 'These assets help ensure our Company's financial freedom, help protect us against discrimination by financial institutions, and will create synergies with the utility token we're planning to introduce across the Truth Social ecosphere,' Nunes said.
CNBC
5 hours ago
- Business
- CNBC
Trump Media builds $2 billion bitcoin hoard, as crypto swells president's net worth
Trump Media and Technology Group said Monday it has accumulated roughly $2 billion in bitcoin and related assets, as President Donald Trump's highly lucrative pivot to crypto continues to grow his net worth while in office. The bitcoin holdings now account for about two-thirds of Trump Media's total liquid assets, the company said in a press release. Trump Media shares popped as high as 9% when markets opened Monday morning. They were up around 4% at 2 p.m. ET. Trump's stake in the company — which trades on the Nasdaq under his initials, DJT — is worth nearly $2.3 billion. The announcement offered the latest marker of how Trump and his family have embraced digital currency to such a degree that crypto now accounts for most of the president's wealth on paper, according to a Forbes analysis from June. Trump, once a digital-currency skeptic, has vowed to make the U.S. the world's crypto capital. He has already taken multiple steps in that direction by signing an executive order to establish a "strategic bitcoin reserve," appointing a "crypto czar" and urging Congress to pass multiple crypto-related bills. Trump on Friday signed one of those bills, the GENIUS Act, into law after it passed with bipartisan support in the House. Trump has made millions more off of other crypto ventures, including the decentralized finance entity World Liberty Financial and the meme coin $TRUMP, whose initial coin release came just days before his inauguration. The Trump family, which owns much of World Liberty through a business entity, has made about $500 million since the venture's launch in September, according to a Reuters analysis. Trump's spokespeople have said that the president's connection to World Liberty does not create a conflict of interest because his assets are in a trust that is currently managed by his son, Donald Trump Jr. But assets in that revocable trust still belong "indirectly" to the president, who is the trust's grantor and its sole beneficiary. And the funds would be available to him after he leaves office in 2029. Critics, including Democratic lawmakers and ethics experts, warn that Trump's crypto interests and his political power create an environment ripe for corruption. "As a stakeholder in crypto assets, President Trump will likely profit from the very policies he is pursuing," the advocacy group Democracy Defenders Fund said in a report in April. Before taking office in January, Trump transferred all of DJT shares to a revocable trust managed by his eldest son, Donald Trump Jr. Some experts were unconvinced Trump was eliminating conflict-of-interest concerns by removing himself from direct control of the shares. Since then, Trump Media has effectively redefined itself as a crypto and financial services company. The company's first product was the Twitter-like social media platform Truth Social, which is used by Trump but has failed to generate much revenue. The company, which went public last year through a merger with a special purpose acquisition company, nevertheless attracted thousands of retail investors In late January, the company announced a FinTech brand called boosted by a $250 million allocation in investments including bitcoin and exchange-traded funds. In February, the company began pursuing what it called a "strategic acquisition fund with select investors," and in March it inked a partnership with to launch a series of ETFs. In late May, the company said it raised over $2.3 billion in net proceeds from selling stock and convertible notes to about 50 institutional investors, and that it would those funds to build a bitcoin treasury. Trump Media's announcement Monday morning came less than a week after bitcoin hit an all-time high, making it by far the world's most valuable and popular cryptocurrency. The asset jumped past $120,000 as investors anticipated Congress would pass new U.S. crypto legislation to establish a clearer regulatory framework for the nascent industry. "We're rigorously implementing our publicly announced strategy and fulfilling our bitcoin treasury plan," Trump Media CEO Devin Nunes said in Monday's release. "These assets help ensure our Company's financial freedom, help protect us against discrimination by financial institutions, and will create synergies with the utility token we're planning to introduce across the Truth Social ecosphere," Nunes said.
Daily Mail
12 hours ago
- Politics
- Daily Mail
Trump demands senator's imprisonment, citing 'big trouble'
'Adam 'Shifty' Schiff is in BIG TROUBLE,' Trump said in a Truth Social post on Sunday night. 'He falsified loan documents.' Trump also went on to slam Schiff for orchestrating an 'American Tragedy' by investigating his son Donald Trump Jr.'s phone records in 2019 amid concerns about the origin of a meeting with Russians held in Trump Tower three years prior. 'He once said my son would go to prison on a SCAM that Schiff, along with other Crooked Dems, illegally 'manufactured' in order to stage an actual coup,' Trump wrote. 'My son did nothing wrong, knew nothing about the fictional story. It was an American Tragedy! 'Now Shifty should pay the price of prison for a real crime, not one made up by the corrupt accusers!' Schiff had threatened to subpoena Don Jr. to glean new details about two phone calls he made to blocked numbers after meeting with a Russian lawyer. At the time, Trump was under investigation for potentially colluding with the Kremlin. He also led the charge to impeach Trump in his role as chair of the House Intelligence Committee. Trump's latest round of attacks on Schiff are yet another example of the president seeking out anyone who has crossed him over the years. This includes New York Attorney General Letitia James who has found herself at the center of a DOJ investigation into her real estate transactions after bringing multiple cases against Trump. James has launched lawsuits against the president during both terms, including for alleged fraud. Since January 20 she has filed at least 15 actions. The Post reports that subpoenas were issued in Virginia concerning a mortgage application in which she affirmed that she intended to make a Norfolk home her primary residence. The outlet said it obtained records which showed the AG's signature granting a power of attorney to her niece to execute the purchase. 'This investigation into me is nothing more than retribution. It's baseless,' James said of the probe. Barbara McQuade, a former U.S. attorney for the Eastern District of Michigan told the publication it was 'awfully coincidental' that Trump's critics have been subjected to home loan investigations. 'You don't get a free pass because you're a public official,' McQuade said. 'But I think they've really undermined the credibility of the department by staking out this ground seeking retribution against Trump's enemies.' Trump said he wanted to see Schiff (pictured) 'brought to justice' through the investigation into his finances. But Schiff maintained his innocence and argued he was being persecuted by the Trump administration as political retribution for his involvement in opposing the family over the years. 'This is just Donald Trump's latest attempt at political retaliation against his perceived enemies,' Schiff wrote on X. 'So it is not a surprise, only how weak this false allegation turns out to be.' A spokesperson for his office insisted the lenders for both of his homes - one in Washington and another in California - were aware that he intended to use both year-round while serving in public office. He maintained neither home is considered a 'vacation' property. Appointing one home as a primary residence can allow a borrower to secure lower rates, because it is considered a less risky investment. Schiff took aim at the president during an appearance on Stephen Colbert's show telling him to '[expletive] off'. 'But before you [expletive] off, would you release the Epstein files?' Schiff asked, to rapturous applause. It is unclear how Trump became aware of Schiff's mortgages, or what involvement he has played in the investigation so far. According to The Washington Post, a confidential memo within Fannie Mae, the lender responsible for the questionable loans, said an investigation has been ongoing amid concerns Schiff 'engaged in a sustained pattern of possible occupancy misrepresentation on 5 Fannie Mae loans'. The internal memo states the company's financial crimes team received a document demand from the Federal Housing Finance Agency on May 12 relating to loan files.
Globe and Mail
20 hours ago
- Business
- Globe and Mail
YT Jia Shares Weekly Investor Update: Faraday X Unveils Two Groundbreaking Global-First Products Along with a Transformative Technology Architecture in Los Angeles on July 17
Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) ('Faraday Future', 'FF' or the 'Company'), a California-based global shared intelligent electric mobility ecosystem company, today shared a weekly business update from YT Jia, Founder and Co-CEO of FF. This press release features multimedia. View the full release here: Faraday Future Founder and Global Co-CEO YT Jia Shares Weekly Investor Update: Faraday X Unveils Two Groundbreaking Global-First Products Along with a Transformative Technology Architecture in Los Angeles on July 17 'Hey everyone, welcome to Investor Weekly Issue 12. This week was huge — besides the big global initial launch on July 17 for our two game-changing products, the FX Super One and the Super EAI F.A.C.E. system, plus the FF EAI Embodied AI Agent 6x4 Architecture, we've got some really exciting news to share. What's New This Week: Today we're starting with Government affairs updates in terms of S7 System and Capability Build-Up. Some great news on the policy front too for our Bridge Strategy. This week, Donald Trump Jr. recently spoke about the U.S. economy and industry, giving a shout-out to homegrown AI and tech innovators like FF as well as multinational giants like Rolls-Royce and Samsung, recognizing their role in driving U.S. manufacturing upgrades and economic growth. His recognition effectively positions us as a strategic contributor and may help to create a more favorable policy environment for FF, FX, and our Global Auto Industry Bridge Strategy. And here's another big one: BlackRock, the world's largest asset manager, recently filed their 13G as of July 17, showing they've boosted their FFAI shares almost 7 times from last quarter. As of June 30, 2025, they own about 5.39 million shares, up from 780,000. That's four quarters straight of increasing their stake! BlackRock's significant increase in holdings shows the top institutional investors increased institutional interest in Faraday Future and belief in FF and FX's business future. Going to S5 Finance and Capital updates: We just secured $105 million in new cash financing commitment, which will help fund the Company's aggressive growth strategy, including the launch of the FX Super One and advancement of the Company's position in the AIEV Market. Huge thanks to our investors for their trust and support — we're really living up to the commitment 'Promises made, promises kept.' Going back to S1, User Ecosystem: This week, we hosted the 717 Global Initial Launch in Downtown LA, set against the city's most beautiful skyline. Super One and Super EAI F.A.C.E. finally got to meet the world. We also officially opened consumer pre-orders for the FX Super One. We offer sincere thanks to everyone who witnessed and co-created this milestone. We are also deeply grateful to our S Tier One suppliers, dedicated partners, and loyal users who have always put their trust in us. Our choice of venue was deliberate. We selected a unique location with breathtaking views of the Los Angeles skyline. I think we are also the first auto company ever to launch a product there. This was about more than a beautiful sunset, it represents the 'dream chaser' DNA FF carries as a company born right here in LA. In fact, just one day before the launch event. We nearly lost our venue due to a series of challenges. We were almost forced to switch to a backup plan. But in the end, true to FF's 'Never Give Up' spirit, the team refused to give up. And they overcame every obstacle to make the impossible possible—once again. I've always believed that achieving anything meaningful requires exactly that kind of determination and faith. FF Forward, Never Give Up. I'll see you all next week.' ABOUT FARADAY FUTURE Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company's mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future's flagship model, the FF 91, exemplifies its vision for luxury, innovation, and performance. The FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. FF is committed to redefining mobility through AI innovation. Join us in shaping the future of intelligent transportation. For more information, please visit FORWARD LOOKING STATEMENTS This press release includes 'forward looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words 'plan to,' 'can,' 'will,' 'should,' 'future,' 'potential,' and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding the Super One MPV, Super EAI F.A.C.E., and EAI Embodied AI Agent 6x4 architecture, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the Company's ability to secure necessary agreements to license or produce FX vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company's ability to homologate FX vehicles for sale in the U.S., the Middle East, or elsewhere; the Company's ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company's ability to secure necessary permits at its Hanford, CA production facility; the Company's ability to secure regulatory approvals for the proposed Super One front grill; the potential impact of tariff policy; the Company's ability to continue as a going concern and improve its liquidity and financial position; the Company's ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company's limited operating history and the significant barriers to growth it faces; the Company's history of losses and expectation of continued losses; the success of the Company's payroll expense reduction plan; the Company's ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company's estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company's vehicles; the Company's ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company's vehicles; current and potential litigation involving the Company; the Company's ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company's indebtedness; the Company's ability to cover future warranty claims; the Company's ability to use its 'at-the-market' program; insurance coverage; general economic and market conditions impacting demand for the Company's products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company's dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company's stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the 'Risk Factors' section of the Company's Form 10-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC.
Yahoo
20 hours ago
- Business
- Yahoo
YT Jia Shares Weekly Investor Update: Faraday X Unveils Two Groundbreaking Global-First Products Along with a Transformative Technology Architecture in Los Angeles on July 17
Donald Trump Jr. recently spoke about the U.S. economy and industry, giving a shout-out to homegrown AI and tech innovators like Faraday Future. BlackRock, the world's largest asset manager, recently filed their 13G as of July 17, showing they've boosted their FFAI shares almost 7 times since last quarter. LOS ANGELES, July 21, 2025--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) ("Faraday Future", "FF" or the "Company"), a California-based global shared intelligent electric mobility ecosystem company, today shared a weekly business update from YT Jia, Founder and Co-CEO of FF. "Hey everyone, welcome to Investor Weekly Issue 12. This week was huge — besides the big global initial launch on July 17 for our two game-changing products, the FX Super One and the Super EAI F.A.C.E. system, plus the FF EAI Embodied AI Agent 6x4 Architecture, we've got some really exciting news to share. What's New This Week: Today we're starting with Government affairs updates in terms of S7 System and Capability Build-Up. Some great news on the policy front too for our Bridge Strategy. This week, Donald Trump Jr. recently spoke about the U.S. economy and industry, giving a shout-out to homegrown AI and tech innovators like FF as well as multinational giants like Rolls-Royce and Samsung, recognizing their role in driving U.S. manufacturing upgrades and economic growth. His recognition effectively positions us as a strategic contributor and may help to create a more favorable policy environment for FF, FX, and our Global Auto Industry Bridge Strategy. And here's another big one: BlackRock, the world's largest asset manager, recently filed their 13G as of July 17, showing they've boosted their FFAI shares almost 7 times from last quarter. As of June 30, 2025, they own about 5.39 million shares, up from 780,000. That's four quarters straight of increasing their stake! BlackRock's significant increase in holdings shows the top institutional investors increased institutional interest in Faraday Future and belief in FF and FX's business future. Going to S5 Finance and Capital updates: We just secured $105 million in new cash financing commitment, which will help fund the Company's aggressive growth strategy, including the launch of the FX Super One and advancement of the Company's position in the AIEV Market. Huge thanks to our investors for their trust and support — we're really living up to the commitment 'Promises made, promises kept.' Going back to S1, User Ecosystem: This week, we hosted the 717 Global Initial Launch in Downtown LA, set against the city's most beautiful skyline. Super One and Super EAI F.A.C.E. finally got to meet the world. We also officially opened consumer pre-orders for the FX Super One. We offer sincere thanks to everyone who witnessed and co-created this milestone. We are also deeply grateful to our S Tier One suppliers, dedicated partners, and loyal users who have always put their trust in us. Our choice of venue was deliberate. We selected a unique location with breathtaking views of the Los Angeles skyline. I think we are also the first auto company ever to launch a product there. This was about more than a beautiful sunset, it represents the "dream chaser" DNA FF carries as a company born right here in LA. In fact, just one day before the launch event. We nearly lost our venue due to a series of challenges. We were almost forced to switch to a backup plan. But in the end, true to FF's 'Never Give Up' spirit, the team refused to give up. And they overcame every obstacle to make the impossible possible—once again. I've always believed that achieving anything meaningful requires exactly that kind of determination and faith. FF Forward, Never Give Up. I'll see you all next week." ABOUT FARADAY FUTURE Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company's mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future's flagship model, the FF 91, exemplifies its vision for luxury, innovation, and performance. The FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. FF is committed to redefining mobility through AI innovation. Join us in shaping the future of intelligent transportation. For more information, please visit FORWARD LOOKING STATEMENTS This press release includes "forward looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "plan to," "can," "will," "should," "future," "potential," and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding the Super One MPV, Super EAI F.A.C.E., and EAI Embodied AI Agent 6x4 architecture, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the Company's ability to secure necessary agreements to license or produce FX vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company's ability to homologate FX vehicles for sale in the U.S., the Middle East, or elsewhere; the Company's ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company's ability to secure necessary permits at its Hanford, CA production facility; the Company's ability to secure regulatory approvals for the proposed Super One front grill; the potential impact of tariff policy; the Company's ability to continue as a going concern and improve its liquidity and financial position; the Company's ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company's limited operating history and the significant barriers to growth it faces; the Company's history of losses and expectation of continued losses; the success of the Company's payroll expense reduction plan; the Company's ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company's estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company's vehicles; the Company's ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company's vehicles; current and potential litigation involving the Company; the Company's ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company's indebtedness; the Company's ability to cover future warranty claims; the Company's ability to use its "at-the-market" program; insurance coverage; general economic and market conditions impacting demand for the Company's products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company's dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company's stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's Form 10-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC. View source version on Contacts Investors (English): ir@ Investors (Chinese): cn-ir@ Media:
