As President Donald Trump advises Americans to "be patient" amid economic challenges, he, his sons, and their associates have reportedly embarked on a series of lucrative ventures that capitalize on their proximity to the government.
Axios reported Friday that during his first 100 days in office, Trump's family benefited from unprecedented financial gains thanks to their closeness to the president. They are said to have amassed billions through numerous business activities that often raised ethical concerns.
"Most presidents try to avoid even the appearance of using the office or public policy for personal enrichment. But Trump has blended official power and personal business in unprecedented ways — and often in plain sight," the Axios report noted.
World Liberty Financial, a crypto enterprise backed by Trump, whose founders include Trump envoy Steve Witkoff and Trump's sons, has raised over $550 million through the sale of tokens to investors worldwide, per Axios.
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Trump himself acts as the company's "chief crypto advocate." His administration's policies — such as the pursuit of a federal crypto reserve — have allegedly contributed to increasing the value of the firm's assets.
A meme coin associated with Trump also experienced a surge of over 60 percent last week after its website promoted an "intimate private dinner" with Trump for the top 220 coin-holders and a "special VIP" reception along with a White House tour for the top 25. The site later removed references to the "White House."
The president's son, Donald Trump Jr., and his business associates, including Witkoff's sons Zach and Alex, are launching an exclusive Washington, D.C. club with a $500,000 membership fee. It has been marketed as a private venue for donors and business leaders to network with top Trump officials, according to Axios.
Moreover, at least 19 Trump-branded international projects are reportedly planned over the next four years. The Trump Organization recently announced a partnership to develop a luxury golf resort in Qatar.
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The Axios report further noted that in private, leading Republicans are concerned that if Democrats regain control of the House, they will spend the next two years leading high-profile investigations into claims of Trumpworld's financial misconduct, just as the House GOP did after securing the majority in 2022 with an impeachment inquiry aimed at connecting President Joe Biden to his son Hunter Biden's overseas business activities.
AlterNet reached out to the White House for comment.
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