Trump reduces stake in crypto venture amid ongoing controversies
- Eric Trump laid the groundwork for a $1.5 billion residential and golf project in Vietnam, aligning with his father's trade talks.
- One of Trump’s companies has quietly reduced its stake in World Liberty Financial from 60% to 40%, signaling possible ethics concerns.
- These business moves highlight the intertwining of Trump's administration policies and family ventures, raising questions about conflicts of interest.
In Vietnam, Eric Trump, executive vice president at The Trump Organization, participated in a groundbreaking ceremony for a $1.5 billion residential development and golf course. This project raises ethical concerns as it coincides with ongoing trade negotiations involving the Trump administration. The Trump family’s business activities in Vietnam are spotlighted amid possible conflicts of interest since they could benefit from favorable government decisions while the administration discusses trade matters. Separately, developments surrounding Donald Trump's cryptocurrency initiatives also surfaced. Notably, one of his companies, previously holding a 60% stake in World Liberty Financial, has recently cut its ownership to 40%. This change occurred within a timeframe of less than two weeks and was executed quietly without public announcement, indicating potential concerns regarding transparency. The crypto venture claims it aims for a financial revolution, yet it is shrouded in vague promises and limited resale opportunities for tokens produced. Furthermore, the financial structure of the Trump family's crypto business had been modified recently. The company, rebranded from DT Tower II LLC to DT Marks DEFI LLC, shows a shift in ownership distribution, with Donald Trump retaining a smaller percentage of interests than family members. This is linked to the influx of significant capital raised through the token sales just before Trump’s inauguration. The family reportedly cleared over $200 million in a rapid token sale, raising eyebrows around the ethics of their financial dealings amidst Trump’s presidency. Despite the significant financial activities and the reduction in their stake, representatives of the Trump Organization and World Liberty Financial have remained unresponsive to inquiries regarding these changes. Observers suggest that the secrecy of these transactions might be aimed at protecting the value of remaining crypto assets as market conditions fluctuate. The changing landscape of crypto investments continues to evolve, impacting potential future sales in the sector, especially given the influence that powerful figures in Washington may wield in further solidifying these financial endeavors.