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The Trumps Get Richer

The New York Times's profile
The New York Times
16h ago
The Trumps Get Richer

Context:

President Trump, back in office, is witnessing significant financial gains for his family's businesses, with over $2 billion flowing into Trump companies in the last month through ventures including real estate, cryptocurrency, and a new private club. Ethical concerns arise as Trump maintains dual roles as president and a business partner with foreign governments, potentially influencing policy decisions. The family's cryptocurrency, $TRUMP, has seen substantial investment, including $2 billion from the UAE, while real estate projects in Qatar and Saudi Arabia further bolster their wealth. Additional ventures include a planned private club in Washington and the hosting of a Saudi-backed golf tournament at a Trump property. Trump's close relationship with Saudi Arabia continues, evidenced by recent meetings with regional leaders and the potential receipt of a Boeing 747 from Qatar for presidential use.

Dive Deeper:

  • The Trump family has profited significantly with at least $2 billion from various business ventures since President Trump returned to office. These ventures span real estate, cryptocurrency, and a private club with a hefty membership fee, raising ethical concerns due to his dual role as president and business partner with foreign governments.

  • The $TRUMP cryptocurrency, operated by Donald Trump Jr., functions as a collectible with no inherent value, yet has attracted substantial investment, notably $2 billion from the UAE. This investment through World Liberty Financial, managed by Trump's sons, is expected to yield tens of millions annually.

  • Qatar and Saudi Arabia are key players in the Trumps' real estate ventures, with Qatar financing a $5.5 billion golf and villa project and a Saudi firm investing $1 billion in a Dubai hotel project. These branding deals will generate millions for the family in licensing and management fees.

  • Through an agreement with the Serbian government, Jared Kushner, Trump's son-in-law, will construct a Trump hotel on land previously bombed by NATO, funded largely by Middle Eastern sovereign wealth funds. This project underscores the intertwining of political and business interests.

  • Additional ventures include the opening of 'The Executive Branch', a private club in Georgetown, and hosting a Saudi-backed LIV Golf tournament at Trump National Doral in Florida. These activities highlight the continued financial entanglements and potential conflicts of interest.

  • Trump's recent trip to the Gulf featured meetings with Saudi leaders, reflecting a longstanding affinity for the region's opulence and wealth. Discussions included lifting sanctions on Syria and a potential nuclear deal with Iran, underscoring the complex interplay of business and diplomacy.

  • The ethical implications of Trump's business dealings continue to stir debate, as policy decisions may be influenced by personal financial interests, raising questions about corruption and the need for stronger ethics oversight.

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