WASHINGTON (AP) — From crypto coins to bibles, overseas development deals to an upcoming line of cellphones, President Donald Trump's family businesses have raked in hundreds of millions of dollars since his election.
That flood of money — from billionaires, foreign governments and cryptocurrency tycoons, often with interests before the federal government — has permitted the president to leverage the power of his office for personal gain unlike any of his predecessors.
The sums collected are far greater than those made by the family during Trump's first term, when patronage of his hotels and other properties was de rigueur to curry favor with the famously transactional commander-in-chief.
Here are some takeaways from The Associated Press' reporting on the Trump family's latest money-making ventures:
By the numbers
Trump made money during his first term by turning his hotels and resort properties into destinations for his MAGA allies — and those who sought to curry favor with him.
This time around, the family's ambitions are grander. One of Trump’s cryptocurrencies is conservatively estimated to have pulled in at least $320 million since January, while another received a $2 billion investment from a foreign government wealth fund. A third has sold at least $550 million in tokens.
His sons have jetted across the Middle East to line up new development deals, while his daughter and son-in-law are working with the Albanian government to build a Mediterranean island resort. Even first lady Melania Trump has inked a $40 million documentary deal with Amazon, whose founder, Jeff Bezos, was a frequent target of Trump during his first presidency and whose companies contract extensively with the federal government.
He’s also touted a line of Trump shoes, a Bible that is made in China, and Trump guitars, one of which is a Gibson Les Paul knockoff, featuring “Make America Great Again” fret inlays, that sells for $1,500.
He’s continued to make money from political spending at his hotels, resorts and golf courses, as he has done for over a decade. Conservative groups and Republican committees have spent at least $25 million at Trump properties since 2015, with most of it coming from Trump’s own political organization, campaign finance disclosures show
Is this normal?
Since Richard Nixon resigned in disgrace, presidents have gone to great lengths to avoid the appearance of such conflicts.
Jimmy Carter and Ronald Reagan kept assets in a “blind trust,” while George H.W. Bush used a “diversified trust,” which blocked him from knowing what was in his portfolio. His son, George W. Bush, used a similar arrangement.
Barack Obama was an exception, but his investments were mostly a bland mix of index funds and U.S. treasuries. During his first term, Trump even gave a nod toward ethics, issuing a moratorium on foreign deals. But instead of placing his assets in a blind trust like many of his predecessors, he handed the reins of the Trump Organization to his children, which kept his financial holdings close.
This time, his sons, Eric and Donald Jr., are again running the business. But there is no moratorium on foreign deals. Though the White House says Trump is not involved in its day-to-day decisions, the trust he has established for his holdings continues to profit.
The ‘Crypto President’
Trump was once a skeptic, calling cryptocurrencies "a scam." That changed after he realized he could make money. Business ventures he holds an interest in have since launched three different crypto coins that have collectively pulled in billions of dollars in investments and revenues.
Trump and his family have a majority ownership stake in World Liberty Financial that entitles them to 75% of earnings from their first coin, $WLFI, released last September, according to the company's website. The venture was helped along by some with interests before the Trump administration.
Justin Sun, a Chinese-born crypto billionaire, purchased $30 million worth of $WLFI tokens, which helped the company clear an early capitalization target. He has since disclosed investing at least $60 million more into Trump’s various cryptocurrencies. In February, the Trump administration paused a securities fraud case against him.
Days before his inauguration, Trump announced another cryptocurrency, a meme coin called $Trump.
Often created as a joke with no real utility, meme coins are prone to wild price swings that often enrich a small group of insiders at the expense of less sophisticated investors. $Trump soared to $70, but its price soon collapsed, losing money for many. Trump did well, though. By the end of April, the coin had earned over $320 million in fees for its creators, according to an analysis by the crypto tracking firm Chainalysis.
A third cryptocurrency, a “stablecoin” called USD1, launched in April. It drew a $2 billion investment from a fund controlled by the United Arab Emirates government. The Trump's can invest that money and keep the interest that it earns, estimated to be worth around $80 million a year.
Soon after the purchase was announced, Trump granted the UAE greater access to U.S. artificial intelligence chips, which it had long sought.
What does Trump have to say?
Trump was recently asked at the White House about the conflicts of interest that his family's crypto holdings present. He largely sidestepped the question.
“We’ve created a very powerful industry. That’s much more important than anything that we invest in,” the president said. “I don’t care about investing. You know, I have kids and they invest in it, because they do believe in it.”
He added: “But I’m president, and what I did do there was build an industry that’s very important. And, if we didn’t have it, China would.”
Harrison Fields, a White House spokesman, reiterated that Trump’s crypto boosterism isn’t driven by self-interest.
He “is taking decisive action to establish regulatory clarity for digital financial technology and to secure America’s position as the world’s leader in the digital asset economy,” Fields said.
