Eric Trump's American Bitcoin Corp. shares plunge amid AI shift
Business
Eric Trump's crypto company, American Bitcoin Corp. has taken a massive hit. Its stock is down more than 95% from its peak, wiping out over $600 million of Trump's stake.
The drop comes as investors bail on crypto and chase after AI-focused companies instead.
Reverse split fails, buys 500 bitcoin
To avoid getting kicked off Nasdaq, the company tried a 1-for-15 reverse stock split, but shares still hit record lows this week.
Sticking with bitcoin mining has made it tough for them to pivot to new tech trends, especially while competitors are moving into AI data centers.
They're still buying up bitcoin (500 tokens recently), hoping fewer rivals will mean bigger rewards if crypto bounces back.
That's a big if right now.