Latest news with #TrumpJr
Forbes
4 days ago
- Business
- Forbes
Trump Media Is Raising $2.5 Billion To Build A Bitcoin Reserve
Trump Media and Technology Group, the parent company of Truth Social, is raising $2.5 billion through a stock and bond sale—aiming to build a corporate bitcoin reserve, mirroring President Donald Trump's pro-crypto agenda. President Donald Trump delivers the keynote speech at the Bitcoin 2024 conference in July in ... More Nashville. (Photo by) Trump Media said it will sell $1.5 billion in shares and $1 billion in convertible bonds to institutional investors, according to a filing it made with the Securities and Exchange Commission on Tuesday. It says the proceeds will fund a bitcoin reserve—making cryptocurrency a core part of its balance sheet. Shares in the private sale were priced at $25.72; that's 8.7% higher than the $23.5786 they were trading at on the open market as of noon ET Tuesday. The company plans to store its bitcoin with and Anchorage Digital, according to the filing. Similar to Trump Media, the Trump administration has announced plans to create a national strategic bitcoin reserve in March. The administration's reserve plan is being presented as a national economic strategy, while Trump Media's bitcoin fund is a private business move—though the timing highlights the overlapping priorities. Trump Media's announcement also coincides with the start of the bitcoin 2025 conference in Las Vegas where Vice President JD Vance, Trump Media board member Donald Trump Jr. and Eric Trump are expected to speak. Trump Media was formed in early 2021, shortly after Donald Trump left office, and went public in March 2024 via a merger with a SPAC—a shell company designed to take startups public. Beyond Truth Social, it also operates the streaming platform Truth+ and financial technology service Its move to build a bitcoin reserve echoes the aggressive crypto strategy of MicroStrategy CEO Michael Saylor, who has fueled his company's growth by purchasing bitcoin from the proceeds of securities sales. Trump controls 115 million shares—worth $2.7 billion as of noon Tuesday—representing 52% of Trump Media before any dilution from the private sale. The stake is held in a revocable trust, where Trump is the sole donor and beneficiary; Donald Trump Jr. serves as trustee. Trump Media said about 50 institutional investors joined the deal But it's not immediately clear who they are. 'We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets,' Trump Media CEO Devin Nunes said in a statement announcing the sale. 'Our first acquisition of a crown jewel asset, this investment will help defend our Company against harassment and discrimination by financial institutions.' 'I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,' Trump tweeted in 2019. 'Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.' Cantor Fitzgerald advised Trump Media on the transaction, according to a press release. Prior to joining Trump's cabinet, Commerce Secretary Howard Lutnick had been the financial institution's CEO. Lutnick divested his ownership of Cantor Fitzgerald earlier this month, putting the holdings in trusts for his children. Forbes estimates Donald Trump's net worth at approximately $5.2 billion, with the bulk of his wealth tied to his stake in Trump Media. That company reported just $821,000 in revenue last quarter—despite sitting on nearly $759 million in cash. It also posted a $31.7 million net loss and holds $9.8 million in debt. In November 2023, Trump Media sued 20 media outlets, including Forbes, for reporting that included calculations of its financial results while still a private company. The defendants have moved to dismiss the claims. The 3 Easy New Ways Anyone Can Funnel Money Directly To Donald Trump's Businesses (Forbes) Trump Media Executives Launch New SPAC Seeking $179 Million—And Target Crypto, Defense Sectors (Forbes) Truth Social Hosted Party At Trump's Mar-A-Lago (Forbes) Trump-Linked SPAC Spent $10.8 Million On Legal Fees Amid Regulatory Probes (Forbes) When It Comes To Truth Social, Republicans In Congress Aren't Buying What Trump's Selling (Forbes) Trump Media Paid Donald Trump Jr. Nearly A Quarter Of Its Annual Revenue. He Attended Just Two Board Meetings (Forbes)
Telegraph
5 days ago
- Business
- Telegraph
Trump family to seek $3bn for bet on cryptocurrency
Donald Trump's media company is in talks to raise $3bn (£2.2bn) to invest in cryptocurrency, a move expected to ignite fresh controversy over the president's use of the office to enrich himself. Trump Media & Technology Group is reportedly seeking to raise $2bn in equity and a $1bn bond to back digital assets. The company is majority owned by the president through a trust overseen by his son, Donald Jr, meaning Mr Trump and his family would stand to profit from any successful investments. The expected deal is likely to trigger fresh criticism of Mr Trump's refusal to separate business and political matters. Mr Trump's fortunes have been increasingly tied to cryptocurrency and his vocal backing for the sector and his slate of pro-crypto policies have led to accusations of conflict of interest. Since winning back the White House, Mr Trump has cancelled a Biden-era regulatory crackdown on digital currencies, promised to create a US 'stockpile' of digital assets and is pushing through rules to regulate so-called 'stablecoins', one of which is operated by a company he is linked to. The price of Bitcoin has already climbed almost 50pc to more than $110,000 since Mr Trump took office, after he pledged to make the US the 'crypto capital of the world'. Elizabeth Warren, the Democrat Massachusetts senator, has said Mr Trump's policies allow the president to 'line his pockets'. The White House has insisted there is no conflict of interest since Mr Trump's cryptocurrency businesses are held in a blind trust. Two companies affiliated with his family control billions of dollars in novelty $TRUMP cryptocurrency tokens and his family is the biggest shareholder in World Liberty Financial, a cryptocurrency project that counts his three sons as 'ambassadors' and the president as its 'chief crypto advocate'. Mr Trump and his First Lady, Melania, have also lent their names to two volatile 'memecoins', while the president's financial backers include dozens of Silicon Valley cryptocurrency entrepreneurs. The president last week hosted a dinner at the Trump National golf club in Virginia for the 220 largest buyers of his $TRUMP memecoin, who collectively hold $148m in the asset, including a private reception for the 25 biggest holders. Ms Warren labelled the dinner an 'orgy of corruption'. Mr Trump's stake in Trump Media, which owns his social media network Truth Social, is worth around $3bn. The social media business has been expanding into 'America first' cryptocurrency and financial services products marketed at the Republican's supporters. The tech investments have been made alongside property deals struck by Mr Trump's family in the Middle East, where the president has focused much of his attention. Richard Painter, who was chief White House ethics lawyer from 2005-2007, previously told The Telegraph Mr Trump's business empire – spanning hotels, golf clubs, crypto currency and social media – meant he had the worst conflicts of interest since there were slave owners in the White House. Even some die-hard supporters of the president have expressed concerns about his mixing of business and politics. Laura Loomer, a prominent Right-wing activist and Trump loyalist, said the president's recent decision to accept a $400m luxury jet from Qatar was 'a stain' on the administration. The new funding for Trump Media could be announced at a major meeting of cryptocurrency investors in Las Vegas this week, the Financial Times reported, where JD Vance, the vice president, Mr Trump's son's Eric and Donald Jr, and White House adviser David Sacks are all expected to speak. A White House spokesman said: 'The White House is the incorrect entity to reach out to regarding the Trump family's private businesses.'
Irish Independent
22-05-2025
- Business
- Irish Independent
Donald Trump Jr says people are urging him to to run for president
©UK Independent Today at 21:30 Donald Trump Jr has hinted that he could run for the US presidency himself in future, saying 'maybe one day' it will happen and acknowledging 'that calling is there'. Speaking at the Qatar Economic Forum yesterday, Mr Trump Jr (47) – the executive vice-president of the Trump Organisation – was asked by Bloomberg moderator Joumanna Nasr Bercetche whether he would be interested in succeeding his father in the White House.
Telegraph
21-05-2025
- Business
- Telegraph
Don Jr: Maybe one day I'll run for president
Donald Trump Jr has said that 'maybe one day' he will run for president. Asked during an economic forum in Qatar whether he would consider entering the presidential race to succeed his father, Mr Trump initially laughed off the question before admitting he was open to the idea. 'Here we go. Well ... oh boy,' said the president's eldest son to faint applause from the audience in Doha. 'It's an honour to be asked, and an honour to see that some people are OK with it. 'So the answer is I don't know – maybe one day. You know, that calling is there. I'll always be very active in terms of being a vocal proponent of these things. I think my father has truly changed the Republican Party. 'I think it's the America First party now, the Maga party, however, you want to look at it.' Mr Trump, 47, is one of the most prominent figures in the Maga movement and is widely viewed as a potential successor to his father's political legacy. He currently runs the Trump Organisation alongside his brother, Eric, and recently visited the Middle East to sell the family name in exchange for lucrative real estate deals on hotels, resorts and golf courses. But he also played an influential role in shaping his father's second administration, helping to pack his cabinet with loyalists and frequently attacking opponents on social media. Speaking at the Qatar Economic Forum in Doha alongside Omeed Malik – the founder and chief executive of 1789 Capital – Mr Trump, who is a partner in Mr Malik's company, defended his father's policy agenda on trade, arguing that tariffs pose no threat to the US economy. 'Changes take time,' he said, adding that fears concerning the president's trade policies were stoked by media 'hysteria'. Constitutionally limited In March, Mr Trump denied reports he was mulling a 2028 run for the White House, pointing out that he had played an instrumental role in his father's decision to select JD Vance as vice-president. Mr Vance is the runaway favourite to lead the party in 2028, according to a survey from JL Partners, with 46 per cent of Republicans picking him as their choice of nominee. Despite being constitutionally limited to serving two terms, Donald Trump Sr has repeatedly floated the idea that he could run again in 2028. To do so, experts have said that one of his family members could run in his place and then serve as a figurehead president while he makes the key decisions. If Mr Trump were to take over the reins from his father, they would become the third father and son duo to have held the presidency in US history, after George HW Bush and his son George W Bush, and John Adams and his son John Quincy Adams.
CNN
21-05-2025
- Business
- CNN
‘That calling is there': Donald Trump Jr. teases future White House run
Donald Trump Jr. teased a future run for the presidency during an appearance at the Qatar Economic Forum on Wednesday, saying 'that calling is there' when asked if he would 'consider picking up the reins' and 'run for office' when his father, President Donald Trump, leaves the White House. 'Here we go – well, oh – oh boy. Well, it's an honor to be asked,' Trump Jr. replied. 'You never know. You know, right now, this has been my focus,' he answered, referring to his business ventures. 'The answer is, I don't know – maybe one day. That calling is there,' Trump Jr. continued. I'll always be very active in terms of being a vocal proponent of these things – I think my father has truly changed, you know, the Republican Party, I think it's the America First Party now, the MAGA party, however you want to look at it.' Trump Jr. appeared onstage at the Qatar Economic Forum with business partner Omeed Malik, and the two joked about the smattering of applause that greeted the question about the president's eldest son and his political future. 'Well it's an honor to be asked and an honor to see that some people are OK with it,' Trump Jr. remarked, adding, 'That's probably just a couple people we know.' The comments come amid questions about the future of the Republican Party after Trump leaves office, even as the president has floated the possibility of serving a third term, which he is prohibited from doing under the US Constitution. 'This is not something I'm looking to do,' Trump told NBC News earlier this month. 'I'm looking to have four great years and turn it over to somebody, ideally a great Republican, a great Republican to carry it forward.' The president named Vice President JD Vance and Secretary of State Marco Rubio as two potential leaders for the party, while insisting he did not want to 'get involved' in anointing a successor. Trump Jr. was a key proponent of his father's selection of Vance to be his running mate, a role that offers the vice president a prime position entering a potentially crowded field of Republican hopefuls in 2028. In March, the RNC announced that Vance would serve as the committee's finance chair, the first sitting vice president to hold the role. At an Axios event last year prior to the election, Trump Jr. spoke to Vance's strengths as a candidate. 'He's the one guy in that movement that's a politician that's out there that actually really speaks to the America-first people and isn't sort of, 'We'll be right back to the establishment,' Trump Jr. said, adding 'I think there would be a very high chance' that Vance is the Republican presidential nominee in 2028.
