Our forthcoming book is The Comeback: The 2024 Elections and American Politics. The second Trump administration is off to an ominous start. Its corruption is unprecedented.
Zachary Basu at Axios:
What's happening: Trump, his sons and their associates have launched a wave of high-dollar projects monetizing their proximity to the most powerful government in the world.
- World Liberty Financial: The Trump-backed crypto venture, where founders include Trump envoy Steve Witkoff and his sons, has raised more than $550 million by selling tokens to buyers around the world. Trump himself serves as the company's "chief crypto advocate," while his administration pursues policies — including a federal crypto reserve — that have boosted the value of assets held by the firm.
- OFFICIAL TRUMP: The president's meme coin surged more than 60% last week after its website advertised an "intimate private dinner" with Trump for the top 220 coin-holders — plus a "special VIP" reception and White House tour for the top 25. The website later scrubbed references to the "White House."
- The Executive Branch: Donald Trump Jr. and his business partners — including Witkoff's sons, Zach and Alex — are launching an exclusive D.C. club with a $500,000 membership fee, pitched as a private hangout for donors and business moguls to rub shoulders with top Trump officials.
- Foreign deals: At least 19 foreign Trump-branded projects will be in development over the next four years, according to ethics watchdog CREW. Just this week, the Trump Organization announced a deal to build a luxury golf resort in Qatar. Trump, whose first foreign visit will be to Saudi Arabia, also hosted a Saudi-backed LIV golf tournament at his Doral club in Florida last month.
- Merchandise: The Trump Organization is selling "Trump 2028" hats, a nod to the president's musings about an unconstitutional third term. Trump hawked Bibles, sneakers, perfume and trading cards during the 2024 campaign, and his political operation continues to rely on MAGA merchandise to raise funds.
- Corporate boards: Dominari Holdings, a small public financial services company with headquarters in New York's Trump Tower, saw its stock price surge more than 1,200% in about six weeks after Trump Jr. and Eric Trump joined its advisory board and took equity stakes worth millions. Trump Jr. also has been named to the board of a digital firearms retailer, called GrabAGun, that's due to go public this summer.
