UAE firm buys 49% of Trump's crypto venture for $500M
What's the story
An investment firm linked to the United Arab Emirates (UAE) has acquired a nearly 50% stake in World Liberty Financial, a cryptocurrency venture co-founded by Donald Trump's family. The deal, worth $500 million, was signed four days before Trump's second inauguration as US President. The investment was made by Sheikh Tahnoon bin Zayed Al Nahyan's lieutenants, who is also the UAE's national security adviser and head of its largest sovereign wealth fund.
Transaction specifics
Investment raises concerns
The firm paid upfront, with $187 million going to Trump family entities and at least $31 million to Witkoff family entities. The deal has raised fresh concerns over potential conflicts of interest for President Trump.
Official response
White House insists no conflict of interest
White House spokesperson Anna Kelly said, "President Trump only acts in the best interests of the American public." She added that Trump's assets are in a trust managed by his children and there are no conflicts of interest. White House Counsel David Warrington also clarified that Steve Witkoff has divested from World Liberty Financial and does not participate in official matters impacting his financial interests.
Investment confirmation
World Liberty Financial confirms investment
World Liberty Financial's spokesperson David Wachsman confirmed the investment but stressed that neither Trump nor Witkoff was involved in the transaction. He also denied allegations that the deal was linked to US access to advanced AI chips.
Historic deal
Unprecedented move in US politics
The transaction marks an unprecedented move in modern US politics, with a foreign government-linked official taking a major ownership stake in a firm linked to the family of a sitting president. Despite the controversy, Wachsman insisted that the decision was based on business considerations and not influenced by any special treatment or political actions.
Company expansion
World Liberty Financial's growth and Trump's crypto vision
Since the investment, World Liberty Financial has grown considerably. The firm recently launched a new governance token, WLFI. Though Trump and Witkoff are now listed as "emeritus" co-founders, their sons continue to promote the company globally. This comes even as Trump strives to establish the US as the "crypto capital of the planet."