Trump family business made $2 billion in one month

U.S. President Donald Trump is again facing criticism for allegedly using his position to benefit his family’s private business interests. The New York Times reported that the Trump family’s ventures earned $2 billion in the first month of his second term.

The Middle Eastern countries Trump visited this month, Saudi Arabia, Qatar, and the United Arab Emirates, are all sites where the Trump Organization, now headed by Donald Trump Jr. and Eric Trump, is pursuing major development projects. These include the Trump International Hotel and Tower in Dubai, a Trump golf course in Doha, and a Trump Tower in Jeddah. Local governments and sovereign wealth funds in these countries are reportedly backing the projects.

All three nations have also invested in initiatives led by Affinity Partners, the private equity firm founded by Trump’s son-in-law, Jared Kushner.

The Trump family has recently expanded into the cryptocurrency sector, raising further conflict-of-interest concerns. World Liberty Financial (WLF), a crypto platform launched by the Trump Group in September, includes Donald Jr. and Barron Trump, Trump’s youngest son, as stakeholders. WLF recently secured a $2 billion investment from a UAE-backed firm. On May 22, President Trump invited the top 220 holders of the newly issued $TRUMP meme coin to a White House dinner, including the top 25 investors, who collectively hold an estimated $140 million worth of the token.

Trump has aggressively promoted pro-crypto policies, pledging during his campaign to make the U.S. the “global hub for cryptocurrency.” Since returning to the office, he has reversed Biden-era regulations on digital assets and ordered federal agencies to establish strategic bitcoin reserves.

When asked on May 14 about potential conflicts of interest, Trump told reporters, “I honestly know nothing about it.” Regarding discussions of the LIV Golf tournament—linked to Trump family golf courses and backed by Saudi Crown Prince Mohammed bin Salman and the Saudi Public Investment Fund—Trump claimed, “It wasn’t discussed.”

Trump maintains that there is no conflict of interest because he transferred control of his assets to his family before taking office. However, criticism continues from both Democrats and some Republicans, who argue that the president’s family is profiting directly from his public role. Many have noted the hypocrisy given Trump’s previous attacks on Hunter Biden, son of former President Joe Biden, over his involvement with the Ukrainian energy company Burisma.

Observers have drawn parallels to former President Richard Nixon, who resigned after the Watergate scandal. Nixon once said, “When the president does it, that means it is not illegal.”

In Foreign Policy, Julian Zelizer, a professor of public affairs at Princeton University, wrote that the Trump family appears to believe “doing business in broad daylight in front of the cameras makes it legal.” He warned that unless Congress imposes clearer regulations, the merging of personal business, politics, and public policy risks triggering a renewed “ethical crisis.”


Jeong-Soo Hong hong@donga.com