During a recent appearance on CNBC, Eric Trump exhibited clear discomfort while discussing a significant investment of $500 million from Emirati backers in the Trump family’s cryptocurrency venture, World Liberty Financial. The scrutiny arose in light of the timing of the investment, which came just prior to his father’s inauguration as president.
Host Sara Eisen pressed Eric and his brother, Donald Trump Jr., about the implications of the Emirati investment, particularly after a Wall Street Journal report revealed that a firm linked to the United Arab Emirates’ royal family secured a 49 percent stake in the company. The investment reportedly involved a sum of $187 million flowing to Trump family entities, alongside at least $31 million allocated to associates of Steve Witkoff, Trump’s special envoy.
Eisen confronted Eric Trump with details from the report, questioning whether the investment was intended to gain access to advanced technologies, such as AI chips. In response, Eric seemed to divert the conversation toward the Trump family’s experiences with social media, criticizing major platforms for their decisions to ban him and his family, which he argued inadvertently pushed them toward cryptocurrency.
“It’s crazy. The law of unintended consequences,” Eric stated, proudly noting that following the bans, they launched Truth Social as a viable alternative. He elaborated on the financial difficulties they faced, claiming banks had begun to sever ties with them, prompting a pivot to decentralized finance options. He expressed a belief that this shift indicated the future of finance, emphasizing growing global adoption of cryptocurrency.
In a parallel response, Donald Trump Jr. dismissed the allegations of impropriety, insisting on his father’s lack of involvement in World Liberty Financial and asserting that the investment had no ties to AI chips. He criticized the narrative surrounding the investment, suggesting it had grown stale and that the family was merely responding to legislative pressures threatening their business operations.
The investment has drawn criticism from various quarters, including Senator Elizabeth Warren, who labeled it a case of “corruption, plain and simple.” Democrats on the House Foreign Affairs Committee also condemned the financial dealings, stating that the president appears to be leveraging his office for personal gain while burdening everyday Americans with rising costs.
Donald Sherman, president of Citizens for Responsibility and Ethics in Washington, voiced concerns about the investment, calling it a “blatant, disgraceful conflict of interest.” He highlighted possible violations of the Constitution’s Emoluments Clause in relation to the president’s financial matters.
In response to the backlash, the White House attempted to downplay the situation, with spokesperson Anna Kelly asserting that President Trump acts in the best interests of the American public. She specified that the president’s assets are held in a trust under his children’s management, emphasizing that there are no conflicts of interest.
The Daily Beast has sought comments from both the White House and World Liberty Financial regarding these revelations, although responses have not yet been received.
