Latest news with #TheTrumpOrganization
Yahoo
3 hours ago
- Business
- Yahoo
Trump-backed team to reportedly launch trading app and wallet
Trump-backed team to reportedly launch trading app and wallet originally appeared on TheStreet. The team behind President Donald Trump's meme coin is set to launch a branded crypto wallet and trading application, crypto journalist Molly White reported on June 3. The TRUMP meme coin team has joined forces with Magic Eden, a leading non-fungible token (NFT) marketplace, to launch a new website, which asks users to join the waitlist to get the "Official $TRUMP Wallet." It also promises '$1 MILLION in TRUMP REWARDS!' to the users. The meme coin's official X account confirmed the launch of the TRUMP wallet, saying its mission is to "make it super easy for Trump supporters to get into crypto." Magic Eden also confirmed on X that it is behind the TRUMP wallet. The contest begins on June 3 and ends on July 4, and all potential winners are required to create their wallets to claim a prize. The newly launched website says: Is this the Official Trump Wallet?Yes! This is The Official $TRUMP Wallet by President Trump. Magic Eden partnered with to create the first and only $TRUMP Wallet. Have Fun! The app will ask Trump's fans to trade not only TRUMP but Bitcoin and other cryptocurrencies also. Trump's sons, Donald Jr. and Eric, denied that The Trump Organization is in any way involved with the wallet. Donald Jr. wrote on X: The Trump Organization has zero involvement with this wallet product. World Liberty Financial will be launching its own official wallet soon, he added. Eric also backed his elder brother, saying he knew nothing about this project. Molly White speculated that it's likely that there is a breakdown between Bill Zanker's team and Trump's sons. Zanker is a longtime Trump associate who has developed several Trump-branded products, including NFTs, sneakers, and cologne. His company, Fight Fight Fight LLC, is behind the TRUMP meme coin. Both Trump and his wife, Melania, launched the eponymous meme coins ahead of his presidential inauguration on Jan. 20. Both the meme coins have tanked since their launch, with TRUMP and MELANIA trading 85% and 97% lower than their record highs. Trump recently hosted a much-publicized private dinner for top holders of the meme coin, and the crypto team partnered with Magic Eden to gift the promised NFTs to the guests today. The Trump family is involved with multiple crypto ventures such as these meme coins, the World Liberty Financial crypto platform, the USD1 stablecoin, crypto exchange-traded funds (ETFs), and NFTs. His critics, including those in the Democratic Party, have flagged these ventures for alleged conflicts of interest. Trump-backed team to reportedly launch trading app and wallet first appeared on TheStreet on Jun 3, 2025 This story was originally reported by TheStreet on Jun 3, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Newsweek
7 hours ago
- Business
- Newsweek
Trump Business Booms Abroad Amid Ethics Questions
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump's family business, The Trump Organization, has unveiled 12 new overseas projects since his victory in the November 2024 election, already surpassing the total number during his first term in office, The Wall Street Journal reported. The developments—primarily in Asia and the Middle East—include hotels, residential towers and golf courses, and the ramp-up in international deals comes as Trump and his family face renewed questions about potential conflicts of interest relating to business dealings abroad. "Everything President Trump does is to benefit the American people. In order to serve this country, President Trump gave up a life as one of the most successful businessmen in the world and a wildly successful media mogul," White House Communications Director Steven Cheung said in a statement shared with Newsweek. Newsweek reached out to The Trump Organization via email for comment. Eric Trump, executive vice president of The Trump Organization and the U.S. president's son, looks over the proposed plan ahead of a signing ceremony for a development deal with Qatar's Diar and Dar Global in... Eric Trump, executive vice president of The Trump Organization and the U.S. president's son, looks over the proposed plan ahead of a signing ceremony for a development deal with Qatar's Diar and Dar Global in Doha on April 30, 2025. More Karim Jaafar/AFP via Getty Images Why It Matters Trump's administration has faced persistent accusations that the president is eliciting private gain from his office through cryptocurrency ventures as well as his real estate business, now run by his two oldest sons. Watchdog groups and lawmakers have also voiced concerns that these arrangements could open the door to foreign influence over government policy, create real or perceived conflicts of interest while undermining trust in executive leadership and the integrity of American foreign policy. What To Know The Trump Organization, now overseen by Eric Trump and Donald Trump Jr., has announced 12 international real estate projects since Trump's November victory, according to the Journal, which said they are largely premised on a licensing model in which the company provides its branding and management services rather than making direct property investments. Ventures in the Persian Gulf region include a luxury resort in Qatar, a $2 billion cryptocurrency deal with a state-owned Abu Dhabi investment firm and a number of real estate projects in Saudi Arabia, including a Trump Tower in Riyadh. The organization has also announced five projects in India, including a 4.3-acre office complex and a 51-story residential tower. It is also involved in a proposal to lease government-owned land and repurpose the ruins of a Yugoslav defense ministry building in Belgrade, Serbia, into a luxury hotel. An unnamed representative of the president told the outlet that the 12 deals were under contract prior to Trump's 2024 victory. In January, The Trump Organization released an ethics white paper outlining how it would limit potential conflicts of interest during Trump's second term. It said that while the business would pursue deals with private companies abroad, a change from his first term, it would refrain from entering into new contracts with foreign governments during his presidency. However, the Journal reported that some of the 12 new ventures involve partnerships with state-linked entities. One such deal, struck in late April, is between The Trump Organization and Qatari Diar, a property investment company established and controlled by the Qatari Investment Authority, the country's sovereign wealth fund. The Trump Organization said the deal was with a Saudi Arabian partner, Dar Global, rather than Qatari Diar itself, though both were mentioned in announcements by company executives, AP reported. What People Are Saying Eric Trump, in an interview with The Wall Street Journal in October, said he was unsure what impact his father's victory would have on The Trump Organization: "Should I stop all expansion? I don't know what the answer is. I tried to do everything right in 2016 and I got very little credit for it. We still kind of got stomped on." Senator Chris Murphy, a Connecticut Democrat, in a recent debate: "The Trump Organization recently signed a $5.5 billion golf course and real estate deal with Dar Global and Qatar Diar, established by a wealth fund—$5.5 billion, while Trump's in office. It would have been unthinkable for any previous president to enter into a $5.5 billion business deal with anybody, never mind a foreign government, while they are in office. And it still should be unthinkable. "Qatar is a U.S. ally. It's a very important ally, but they are a complicated country. They have their own interests. A foreign government like Qatar should not have a $5 billion gift hanging over the head of a U.S. president." White House Communications Director Steven Cheung, in a statement shared with Newsweek: "These critics simply can't fathom a President doing the right thing for America, especially after Joe Biden and his family used their positions of power to enrich themselves with shady and crooked business deals." New York Times investigative reporter Eric Lipton told Democracy Now: "The Middle East is the nexus of The Trump Organization's global business operations at the moment. It's really their single most important profit center by far." Senator Elizabeth Warren, a Massachusetts Democrat, during a speech in late April: "When he ran for office, Trump promised repeatedly that he would lower costs on day one. Instead of following through on his promise, Trump and his administration have paved the way for the president, his top officials and his billionaire buddies to personally feed at the trough of government corruption." What Happens Next Despite the scrutiny Trump's business dealings have elicited, the company is pressing forward with its growing list of international projects. The 12 developments reported on by The Wall Street Journal are in addition to overseas deals for which The Trump Organization has broken ground in recent months, including a Trump-branded golf and residential development in Vietnam and a Trump International Hotel in Oman, scheduled for completion in 2028.
Newsweek
4 days ago
- Business
- Newsweek
Full List of Trump's Foreign Real Estate Ventures Underway Around the World
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Before stepping into the Oval Office, Donald Trump was widely known as a real estate mogul at the helm of the Trump Organization, the family empire now steered by his sons, Eric and Donald Jr. The family business is rapidly expanding, breaking ground across several continents as Trump, who has stepped aside from its daily operations, serves as president of the United States. Many have raised concerns about potential conflicts of interest involving Trump's family and ongoing U.S. trade negotiations with foreign countries. Newsweek has reached out to the Trump Organization for comment via email on Friday. Why It Matters Concerns over blurred lines between politics and personal business have repeatedly surfaced during both Trump administrations. The Trump Organization continues to pursue real estate ventures across the world while Trump is in the Oval Office. Trump's investments, assets and business interests are in a trust managed by his children. The organization hired an ethics advisor earlier this year, William Burck, who has since been fired over his legal involvement with Harvard University in a case against the president. The administration is actively negotiating trade deals with a range of countries following the president's imposition and sudden temporary suspension of "reciprocal" tariffs, part of a broader effort to reduce the U.S. trade deficit. In addition to real estate, Trump has profited from various business ventures during and after his time in office, including his stake in Trump Media & Technology Group, the parent company of Truth Social, and a cryptocurrency meme coin bearing his name. The two efforts have begun to overlap, with Trump Media recently announcing plans to raise funds to purchase Bitcoin. What to Know The Trump Organization, which operates hotels, residential and commercial buildings, and golf courses, owns and operates dozens of properties worldwide, including in North America, the United Kingdom, the Middle East, and Asia. Photo-illustration by Newsweek/Getty/Canva Breaking Ground in Vietnam The Trump Organization has continued to announce new partnerships and construction projects around the world. In a May 21 statement, the company said it had "officially broken ground on the first Trump-branded golf and residential development in Vietnam – Trump International, Hung Yen." It's the first Trump-branded project in Vietnam and will feature "two championship golf courses," villas, a spa, and dining facilities. Eric Trump said the country "represents one of the most dynamic and promising markets in the world today." Dang Thanh Tam, Chairman of Kinh Bac City Development Holding Corporation, said in the press release: "From the moment we began discussions with The Trump Organization, it was clear we shared a common vision, Hung Yen has the potential to become the premier destination for golf and luxury living in Asia, and with Trump's unmatched global expertise in championship golf developments, we are extremely excited to bring this vision to life." Reuters has reported that in addition, a Trump Tower in Ho Chi Minh City, estimated at around $1 billion, could start next year. Eric Trump visited the country in May. In April, Trump imposed and then paused "reciprocal" tariffs of 46 percent on the country. New Projects in India In early May, the Trump Residences in Gurgaon, India, completely sold out on launch day, "recording an unprecedented ₹3,250 crore in allotments," around $3.8 million, according to a Trump Organization press release. The Trump Towers Delhi-NCR launched in 2018 in Gurugram, India, and has yet to open. Kalpesh Mehta, founder of Tribeca Developers, said in a May 9 press release: "Trump Residences Gurugram is not just a real estate project - it's a landmark moment for India's luxury market." Earlier this year, the Trump Organization announced the launch of "Trump World Center Prune," a 1.6 million square feet commercial real estate venture featuring two glass towers, as well as a "luxury retail boulevard." More Developments in UAE The Trump family is no stranger to the Middle East, with several financial and organizational ties to the region. Dubai, the United Arab Emirates (UAE)'s commercial hub, is already home to the Trump International Golf Club. In April, The Trump Organization announced plans for a new addition, the Trump International Hotel and Tower, a luxury high-rise slated to be in the heart of the city. The tower would be the first in the region and marks the fifth time Dar Global and The Trump Organization are partnering. New Development Planned in Qatar Qatar, which has been in the headlines over its role in negotiating peace deals and gifting Trump with a new Air Force One plane, is also expecting a new Trump development. At the end of April, The Trump Organization announced a new $5.5 billion Simaisma development of a luxury golf resort north of Doha. The development will include Trump-branded beachside villas and an 18-hole golf course. Saudi Arabia Expansion The Trump Organization frequently partners with Dar Global—the international arm of Saudi-based luxury developer Dar Al Arkan—on hotel, tower and golf course projects across the Middle East. In December 2024, the Trump Organization issued a press release about a new development in the coastal Saudi city of Jeddah. Ziad El Chaar, CEO of Dar Global, said in the press release that the firm is "delighted to strengthen our ongoing relationship with The Trump Organization and expand our portfolio by delivering premium properties to redefine Saudi Arabia's high-growth real estate market." The Jeddah Tower is estimated to cost $530 million. Two additional Trump Organization projects in the country's capital, Riyadh, are in the works, with Eric Trump telling Reuters in December that they will include at least a tower and be developed in partnership with Dar Global. Oman Construction A Trump International Hotel in Oman is under development and slated for completion by December 2028, according to the project's website. The venture underscores a broader surge in luxury real estate development across the Gulf region. The $500 million project is close to Oman's capital, Muscat, offering a golf course, 140 rooms, a spa, and other facilities. Serbia Hotel Trump's son-in-law, Jared Kushner, and his firm Affinity Partners signed a deal with the Serbian government to redevelop part of Belgrade. The deal is in partnership with the Trump Organization, but an investigation has been opened into a potential forgery of government documents related to the area's protected status. Open Facilities There are over a dozen already opened and operating Trump Organization facilities, including golf courses across the U.S., in California, Maryland, Florida, New Jersey, North Carolina, and New York. Internationally, the group has golf courses across the United Kingdom, Ireland, Dubai, and Indonesia. Commercially, the company has holdings in major U.S. cities, like the Trump Tower in New York, as well as a handful of others in the city, and one in San Francisco. Residential units are available in New York, New Jersey, Connecticut, Illinois, Florida, Nevada, as well as India, Philippines, South Korea, Turkey, Indonesia, and Uruguay.
Yahoo
23-05-2025
- Business
- Yahoo
Ben Shapiro Slams Don Jr.'s Moneymaking Moves: ‘Not a Good Look'
Conservative pundit Ben Shapiro slammed Donald Trump Jr. for 'making bank' off the back of his father's presidency. Don Jr., who recently said he's not ruling out a White House bid of his own, has been making headlines for his business moves since his father's second term started in January. That has led to 'awkward' questions about the ethics behind his deal-making, Shapiro said on his podcast The Ben Shapiro Show. The MAGA ally, who recently criticized President Donald Trump for accepting a $400 million jet from Qatar, broke rank for a second time this month when he suggested something might be amiss with the eldest Trump son's deal-making. 'Many of the organizations that Donald Trump Jr. is connected to are making an enormous amount of money during this period of time when his father is president. This raises awkward questions, certainly about Trump administration policy ranging from Trump memecoin to World Liberty Financial to gigantic real estate deals in Qatar,' he said. 'None of this is an amazingly good look,' Shapiro added. Trump Jr. has joined at least eight corporate boards or advisory committees since his father won the election in November. He is also executive vice president of development acquisitions at The Trump Organization, the holding company for most of his father's business ventures. In addition, he is the trustee of a revocable trust of which his father is the sole donor and beneficiary. The president and his family also control about 60 percent of World Liberty Financial, a decentralized finance platform. Don Jr. and brother Eric Trump recently announced that they are partnering with an existing firm to create a crypto-mining company. Even MAGA hall of famer and former Fox News host Tucker Carlson conceded that some deals struck with countries in the Middle East last month 'seem like corruption.' The Trump Organization signed a deal with a Qatari royal family-backed real estate company to construct a luxury golf course in the country. The company is also set to lease its brand to two real estate projects in Riyadh, Saudi Arabia. In Jeddah, a Trump Tower is slated for construction. The Trump Organization will be further enriched by a Trump International Hotel and luxury golf development in Oman. Sean Spicer, the president's press secretary during his first term, told CBS News earlier this month that Don Jr. is his father's righthand man. He's the 'most prominent non-elected representative of the MAGA base hands-down, the No. 1 surrogate and power-player in the ecosystem outside of his father,' Spicer said. The 47-year-old is a partner at the 'anti-woke' investment firm 1789 Capital, where he helps invest in U.S.-based MAGA businesses. He joined the fund in November last year rather than join his father's administration in an official capacity. The group has since been granted investment access to major defense contractors. Before Don Jr. joined, the firm had raised less than $200 million in funding. In the three months since Trump Sr. took office, it has raised $500 million and is aiming to collect $1 billion by mid-2025, plus another $3 billion-plus next year. Don. Jr.'s business dealings have led to comparisons with Hunter Biden, the former president's son who was also accused of cashing in on his father's position. A Business Insider article published earlier this month, headlined 'Don Jr. Is the New Hunter Biden,' triggered a furious response from the first son. 'The difference between me and Hunter Biden? I've been a businessman and serial investor my entire life. He became a 'businessman' after his dad got elected,' he wrote on X. The story also rankled the White House, with a spokesperson accusing Axel Springer, the German owner of Business Insider, of 'foreign political meddling.' Trump's second eldest son, Eric, also broke ground on a $1.5 billion golf resort in Vietnam earlier this month. On 'Liberation Day', the president announced a 46 percent tariff on Vietnamese imports. That has since been reduced to 10 percent. Shapiro continued: 'This administration is doing too many important things to be bogged down with conversations about how members of the Trump family or the Witkoff family or any of the other families surrounding the administration are making bank in countries that President Trump is attempting to negotiate with. That is not a good thing. 'At the very least, it is not a useful thing.' Shapiro also spoke out against the idea of a Trump dynasty. The comments come after Don Jr. was asked at the Qatar Economic Forum whether he would like to make a run for president of his own. 'Maybe one day,' he told Bloomberg anchor Joumanna Bercetche, before adding later in a post on X that he doesn't intend to run any time soon. Either way, Shapiro isn't hot on the idea. 'I'm just gonna put it out there right now. No. No. OK. Dynasties are un-American. They are not good,' he said, making the point that presidencies like that of George W. Bush after his father were 'not great for the country.' 'And we elected Donald Trump for a reason, but connection with President Trump's name does not mean that you should be president of the United States,' Shapiro added, saying that a 'leading gambit' of Trump's GOP presidential primary campaign in 2016 was attacking 'low energy' candidate Jeb Bush, brother of George W. Bush. 'Why the American obsession with political dynasties? And that's not a critique of Donald Trump Jr. as a person or as a future politician—that's just a reality that dynasties in American politics are typically bad. Kennedy dynasties, Bush dynasties, none of this is good,' he concluded. Donald Trump Jr. has been contacted for comment.
LeMonde
23-05-2025
- Business
- LeMonde
Trump and cryptocurrency: Serious suspicions of conflicts of interest
"America voted for corruption." That is how Walter Shaub, former director of the United States' Office of Government Ethics, described US President Donald Trump's initial actions to support the cryptocurrency sector, in January 2025. The latest example: a private dinner organized by The Trump Organization on Thursday, May 22, in Washington DC. With the US president attending, the event was billed as a gathering for the biggest buyers of the eponymous cryptocurrency $TRUMP. This influence operation has not gone over particularly well. "The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President's own financial gain," wrote Democratic senators Adam Schiff and Elizabeth Warren, denouncing the move. More and more such statements have been issued by Trump's opponents, all while these kinds of "crypto" projects − which directly benefit the president or his family − have proliferated. In a report published on April 23, the State Democracy Defenders Fund, a left-leaning US nonprofit organization, estimated that cryptocurrency-related assets now represent nearly 40% of Trump's total wealth.
