Because of the impact of tariffs, the CEOs of Walmart, Target and Home Depot privately warned Trump that there might be product shortages and price increases. And Trump seemed to acknowledge the impact, saying that American families might have to buy fewer and more expensive holiday toys. But for Trump's inner circle, a real golden age has arrived.
American media Axios said that Trump's first hundred days in office created historic profits. The Trump family used the advantages of power to make billions of dollars in wealth through a large number of opaque business activities. Most American presidents try to avoid using power or public policy for personal gain, even if it only appears to be so on the surface. But Trump is interweaving official power with personal affairs in an unprecedented way, and often without disguising it. Axios, an American media outlet, pointed out sharply that Trump's first term blurred the line between public office and private interests, while his second term completely erased this line of defense.
Trump, his children, and his allies have launched a series of high-value investment projects to make money using their close relationship with the government.
World Liberty Financial is a cryptocurrency and decentralized finance company founded in 2024. The founders include Trump's Middle East envoy and long-time close friend Steve Witkoff and his son Zach Witkoff. The company has raised more than $550 million by selling tokens to buyers around the world.
Trump himself serves as the company's "chief cryptocurrency advocate." Trump's two sons, Donald Jr. and Eric, are actively involved in the company's management. The Trump family reportedly holds a 60% stake in World Free Finance through its business entities and is entitled to 75% of the company's token sales revenue.
At the same time, the Trump administration is promoting a series of policies, including the establishment of a federal cryptocurrency reserve. These policies are believed to help increase the value of assets held by World Free Finance. However, the interweaving of such government policies and private corporate interests has sparked widespread ethical and legal controversy. The New York Times noted that World Free Finance "blurred the line between private enterprise and government policy in an unprecedented way," and its operations raised serious concerns about political corruption and conflicts of interest.
A New York Times investigation also found that World Free Finance secretly solicited millions of dollars from other cryptocurrency startups to provide cross-promotion and close relationships with Trump. World Free Finance denied any wrongdoing and called the promotions industry standard practices. The company promoted these "token swaps" as "co-investments." But several executives believe that this is actually a naked cash endorsement.
In addition, Eric attended a panel discussion at a cryptocurrency conference in Dubai with Zach Witkoff, founder of World Free Finance. Zach Witkoff announced that a venture capital firm backed by the Abu Dhabi government would invest $2 billion using a digital currency provided by World Free Finance. This transaction alone could bring hundreds of millions of dollars in revenue to the Trump family and its partners.
At the end of April, Trump's token website advertised that holders of Trump memecoin ($Trump memecoin) would have the opportunity to have dinner with Trump. Memecoins are cryptocurrencies issued based on popular online memes or celebrity mascots and have no practical use other than speculative use. $Trump memecoin is controlled by a company run by Trump's son and his business partners, but Trump actively encourages supporters to buy it.
The token website said that the first 220 holders would be invited to a special dinner with the president on May 22. The top 25 will attend a special reception before the dinner and a "special VIP White House tour" the next day. The website calls the event "the most exclusive invitation in the world."
Users must register by connecting their wallets on the website to indicate their willingness to participate. Then, they need to start accumulating tokens to ensure they are at the top of the list. This will create buying pressure and push up the price of tokens. Invitations will be based on the average balance as of May 12. At the end of last month, the 25th holder already had more than 1 million tokens, worth more than $13 million. After the ad was released, the price of the token soared by more than 60%, but the official website later deleted the reference to the "White House."
As of April 2025, Trump-related entities have received approximately $349 million in transaction fees. The token project has also been called a "politicized Ponzi scheme" by critics.
Donald Trump Jr. and his business partners are launching an exclusive Washington, D.C. club called "Executive Department" as a private gathering place for donors and business tycoons to communicate with senior Trump officials.
To become a member of the "Executive Branch," you need to pay a $500,000 membership fee. According to organizers, many memberships to the club have already sold out. The private club is expected to open this summer inside a sprawling but defunct Georgetown restaurant called Clubhouse. The club will feature two bars, a lounge, a restaurant and a meeting room, recreating the lobby of the Trump International Hotel in Washington, where Trump's donors and followers once gathered before he sold it after his first term.
The club may soon be filled with Trump family friends, business executives and members of the Trump administration, but the public and most members of the news media will be barred from entering. David Sacks, a founding member of the club and Trump's cryptocurrency adviser, said the goal is not to create a gathering place. "We want to provide a gathering place for younger, trendier, Trump-supporting Republicans in Washington, D.C.," he said in a recent podcast.
Late last month, while Donald Jr. was on a tour of Europe, a celebrity-studded party was held at a hotel near the White House to celebrate the launch of the U.S. executive branch. Attendees included Attorney General Pam Bondi and new SEC Chairman Paul Atkins.
According to ethics watchdog CREW, at least 19 Trump-branded overseas projects will be developed in the next four years.
In late April, Saudi luxury real estate developer Dar Global and the Trump Organization announced plans to build the Trump International Hotel and Tower in Dubai, with a grand celebration at the Dubai World Trade Center. This landmark project marks the completion of the first and only Trump International Hotel and Tower in the Middle East, and is the fifth collaboration between Dar Global and the Trump Organization.
It is reported that the building will be 80 stories high and include a five-star hotel, luxury residential units, a private membership club, and the world's highest outdoor swimming pool. The residential price starts at $1 million, and the penthouse is priced at up to $20 million. The project also accepts cryptocurrencies such as Bitcoin as a payment method for purchasing residential properties. The slogan on the building's brochure is: "Challenge Everything."
In addition to building Trump Tower, the Trump Organization recently announced a partnership with Qatari Diar, a state-owned real estate company in Qatar, and Dar Global to develop a luxury golf resort in the West Ma Isma area, about 40 kilometers north of Doha.
The project is called "Trump International Golf Club", which includes an 18-hole golf course, a clubhouse and a series of high-end villas facing the beach. The entire project covers an area of about 790,000 square meters, and the total investment is expected to reach US$5.5 billion. Qatari Diar is a company wholly owned by the Qatari government, and the Trump Group once made a moral commitment that "it will not cooperate directly with foreign governments" at the beginning of its second term.
Last month, Trump also hosted a Saudi-backed LIV golf tournament at the Doral Club in Florida. It is worth noting that Trump's first visit in his second term will also be to the Middle East. Trump will travel to Saudi Arabia, Qatar and the United Arab Emirates from May 13 to 16, 2025.
Eric Trump noted that many of the projects they are promoting, from cryptocurrency to real estate, were already in the works before their father's re-election. "We are building the world's most iconic project and leading the digital revolution," Eric Trump said in a statement to The New York Times.
While Eric helped the Trump Organization to close a series of real estate project deals, his brother Donald Jr. was also traveling overseas. In late April and early May, Donald Jr. visited Hungary, Romania, Serbia and Bulgaria for a paid speaking tour he called "Trump Business Vision 2025," during which he also visited foreign government leaders and political candidates.
Donald Jr. arrived in Budapest on April 25 and had a brief meeting with Hungarian Foreign Minister Peter Szijjártó before being hired to attend a dinner for business leaders. "I'm not here just for business, I'm here to learn how the world works," Donald Jr. told an executive who organized the dinner. He said he would look for potential new deals in Eastern Europe and the Balkans, and you never know if there will be a Trump real estate deal.
In Serbia, the Trump family plans to build a new hotel on land owned by the local government. He met with Serbian President Vucic, and the hotel project has been approved by the Serbian government. Trump's son-in-law Jared Kushner is also the developer of the project.
Donald Jr. then traveled to Bulgaria and appeared on stage with Anthony Trenchev, co-founder of the cryptocurrency company Nexo. The company was fined $45 million by the U.S. Securities and Exchange Commission in 2023 and agreed to withdraw from the U.S. market. Accompanied by Donald Jr., Trenchev announced that Nexo had communicated with U.S. regulators and would re-enter the U.S. market. "America is back — and so is Nexo," Trenchev said. Donald Jr. denied any suggestion that he had used his father's name to do business, saying he had been involved in business all his adult life. He also slammed Hunter Biden, saying he had been selling paintings while his father was president.
It is ridiculous that the left-wing media should have thought that I should have locked myself in a padded room and stopped doing what I have done for over 25 years to earn a living and support my five children while my father is president. However, if I did, I think I could have tried painting, which is said to be a very lucrative profession.
Trump family allies noted that Donald Jr. and Eric have long pursued business careers independent of their father's political office and said their recent actions were consistent with that. The White House said there were no ethical issues because the Trump sons were running the businesses. White House spokeswoman Anna Kelly said: "The president's assets are managed by his children and there is no conflict of interest." But the financial disclosure report that Trump must submit according to law shows that he still personally benefits from these investments.
American media Axios pointedly pointed out that Trump's first term blurred the line between public office and private interests, and his second term completely erased this line of defense - turning the presidency into a profit engine for his brand and family.
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