John,
A few weeks ago, I emailed you to talk about Donald Trump’s cryptocurrency ventures. Today, I have an update about Trump’s memecoin: $TRUMP.
On Sunday morning, Trump logged onto the social media platform he owns and promoted the cryptocurrency that he owns. Just look:
Before I go any further, make a contribution today if you think it’s wrong for the president to profit from and promote his own cryptocurrency while in office →
Look John, there are lots of problems with what Donald Trump is doing.
Memecoins are extremely vulnerable to price manipulation because they don’t have any inherent value. So whenever Trump goes online and promotes $TRUMP, its price soars, padding his net worth.
Trump’s ownership share in the coin is not a small part of his wealth: in fact, a recent Fortune analysis estimated that it’s worth $1.8 billion, because a company Trump owns (Fight Fight Fight LLC) controls 80% of $TRUMP. That’s over one-third of Trump’s net worth. Compare that to his share in Mar-a-Lago, which is worth an estimated $250 million…
But it’s not just Trump who benefits—when Trump pumps up the price, it helps make certain investors lots of money. You might ask: who’s profiting? John, we still don’t know.
Cryptocurrency trades are anonymous, so while we don’t know the names of most people profiting, a recent Reuters report says that fifty of $TRUMP’s largest investors have profited over $10 million, while millions of other traders have lost money.
Let’s just recap this scheme John:
- Donald Trump created a memecoin 3 days before becoming president again
- Donald Trump promotes his memecoin on Truth Social, and minutes later several anonymous traders sell their $TRUMP for millions in profits
- Donald Trump’s net worth soars, as a result of him owning 80% of $TRUMP
- Donald Trump eventually could sell $TRUMP making billions
CREW is tracking Donald Trump’s efforts to profit from being president, and this scheme could net him billions. Please, make a contribution to CREW today to help continue our work to hold Donald Trump accountable →
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Thank you,
Robert Maguire
Vice President of Research and Data
CREW
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