Latest news with #The$TRUMPMemecoinExplosionScrutinyandDefense
Time of India
2 days ago
- Business
- Time of India
How cryptos made cash-starved Donald Trump richer by $1 billion in just nine months
From NFTs to Memecoins: Trump's Crypto Journey Live Events World Liberty Financial and the Rise of a Stablecoin The $TRUMP Memecoin Explosion Scrutiny and Defense (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel US President Donald Trump has earned an estimated $1 billion in just nine months through a series of crypto ventures, according to Forbes. The windfall has reportedly boosted his net worth to $5.6 ventures span a range of crypto products—from NFTs and memecoins to a stablecoin project under World Liberty Financial . These initiatives have not only enriched him personally but also provided critical liquidity as he faces mounting legal judgments. As per the Forbes reoort, Trump was short on cash a year ago with about $400 million on his balance sheet and more than $500 million in legal judgments against him. "Now, however, Trump holds roughly $900 million of liquid assets, about half of which come from crypto ventures," the report crypto foray began in December 2022 with the launch of his "Donald Trump Digital Trading Card " collection. Promoted via a 'MAJOR ANNOUNCEMENT!' on Truth Social, the cards—depicting Trump in superhero poses—were priced at $99 each.'GET YOUR CARDS NOW! Only $99 each!' he public mockery, the NFT launch proved to be a success, pulling in $4.4 million in sales on the first day. Trump received at least $7 million through a licensing deal paid in both cash and crypto. The success marked a turning point for Trump, who had once dismissed crypto as 'highly volatile and based on thin air.'Ahead of the 2024 election, Trump introduced World Liberty Financial, branding it as a step toward making America the "crypto capital of the world."'I promised to Make America Great Again, this time with crypto,' he the project, Trump's company retained 75% ownership after the initial $30 million in token sales, led by crypto investor Justin Sun, who added another $45 million following Trump's election win. Total token sales reportedly reached $550 million, potentially funneling $390 million to Liberty Financial also launched a stablecoin named USD1, which has grown to a $2.2 billion market cap. A firm tied to the president of the United Arab Emirates even planned to use the Trump coin for a $2 billion investment in Binance, underscoring its global days before taking office, Trump announced the launch of $TRUMP, a memecoin with a disclaimer noting it was 'not intended to be an investment opportunity.' Nevertheless, the token generated an estimated $350 million in trading fees and stablecoin revenue for Trump and his initial release included 200 million tokens, with a deal structure granting access to another 800 million over time. So far, Trump's team has unlocked 64 million tokens, roughly 8% of the total, which—at a current price of $11 per token—could be worth around $700 surge in Trump's crypto wealth has raised questions about potential conflicts of interest, particularly as crypto companies pour millions into influencing the 2024 election. Critics argue that Trump's ventures blur the lines between business and the White House has dismissed the concerns. Press Secretary Karoline Leavitt stated:'It's absurd for anyone to insinuate that this president is profiting off of the presidency. This president was incredibly successful before giving it all up to serve our country.'As crypto continues to shape political fundraising and financial strategy, Trump's success in the space may set a precedent for future candidates seeking both influence and income in the digital age.
Time of India
2 days ago
- Business
- Time of India
How Donald Trump made $1 billion in nine months through crypto
From NFTs to Memecoins: Trump's Crypto Journey Live Events World Liberty Financial and the Rise of a Stablecoin The $TRUMP Memecoin Explosion Scrutiny and Defense (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel US President Donald Trump has earned an estimated $1 billion in just nine months through a series of crypto ventures, according to Forbes. The windfall has reportedly boosted his net worth to $5.6 ventures span a range of crypto products—from NFTs and memecoins to a stablecoin project under World Liberty Financial . These initiatives have not only enriched him personally but also provided critical liquidity as he faces mounting legal crypto foray began in December 2022 with the launch of his "Donald Trump Digital Trading Card " collection. Promoted via a 'MAJOR ANNOUNCEMENT!' on Truth Social, the cards—depicting Trump in superhero poses—were priced at $99 each.'GET YOUR CARDS NOW! Only $99 each!' he public mockery, the NFT launch proved to be a success, pulling in $4.4 million in sales on the first day. Trump received at least $7 million through a licensing deal paid in both cash and crypto. The success marked a turning point for Trump, who had once dismissed crypto as 'highly volatile and based on thin air.'Ahead of the 2024 election, Trump introduced World Liberty Financial, branding it as a step toward making America the "crypto capital of the world."'I promised to Make America Great Again, this time with crypto,' he the project, Trump's company retained 75% ownership after the initial $30 million in token sales, led by crypto investor Justin Sun, who added another $45 million following Trump's election win. Total token sales reportedly reached $550 million, potentially funneling $390 million to Liberty Financial also launched a stablecoin named USD1, which has grown to a $2.2 billion market cap. A firm tied to the president of the United Arab Emirates even planned to use the Trump coin for a $2 billion investment in Binance, underscoring its global days before taking office, Trump announced the launch of $TRUMP, a memecoin with a disclaimer noting it was 'not intended to be an investment opportunity.' Nevertheless, the token generated an estimated $350 million in trading fees and stablecoin revenue for Trump and his initial release included 200 million tokens, with a deal structure granting access to another 800 million over time. So far, Trump's team has unlocked 64 million tokens, roughly 8% of the total, which—at a current price of $11 per token—could be worth around $700 surge in Trump's crypto wealth has raised questions about potential conflicts of interest, particularly as crypto companies pour millions into influencing the 2024 election. Critics argue that Trump's ventures blur the lines between business and the White House has dismissed the concerns. Press Secretary Karoline Leavitt stated:'It's absurd for anyone to insinuate that this president is profiting off of the presidency. This president was incredibly successful before giving it all up to serve our country.'As crypto continues to shape political fundraising and financial strategy, Trump's success in the space may set a precedent for future candidates seeking both influence and income in the digital age.
