Bloomberg: The Trump family's business empire
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Bloomberg: The Trump family's business empire
His net worth has doubled since the start of his campaign to about $5.4 billion.
Navigating Web3 tides with focused insightsBy: Max Abelson, Annie Massa
Translation: Luffy, Foresight News
Donald Trump surrounded by his recent business ventures and investments, with family members and close associates managing affairs nearby
In Trump’s eyes, he is the greatest businessman to ever run for the White House.
“I’m the most successful person ever to run for president,” he told an Iowa reporter in 2015. “My one Gucci store is worth more than Romney’s entire net worth.”
This may be hyperbole, but one thing is true: a decade later, no modern U.S. president has enabled their family to profit as much during their time in office. Since launching his campaign, his net worth has doubled to approximately $5.4 billion.
During this period, the Trump family has accumulated wealth through the following means:
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Driving real estate projects exceeding $10 billion;
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A money-losing social media company valued at several billion dollars;
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A single cryptocurrency project generating over $500 million in revenue;
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Holding stakes in companies providing financial services, firearms, and drone components, earning millions of dollars.
Family members also hold various corporate positions. Just Donald Trump Jr. alone has taken on at least seven new advisory or executive roles.
Compared to the turbulence of presidential governance, the strategy behind Trump’s business empire has remained clear: monetizing the family name. In other eras, such large-scale profiteering by a president might have dominated headlines, but political noise has drawn most of the attention.
In the first few months of his presidency, Trump repeatedly adjusted tariffs, blamed Ukraine for Russian aggression, sent immigrants to foreign prisons, and hinted at an unconstitutional third term. While cutting government staff and budgets, he weakened agencies and departments regulating his publicly traded companies, crypto ventures, and conflicts of interest.
Trump relaxed restrictions imposed by the previous administration on overseas transactions. This week, he plans to dine with major holders of his newly launched meme coin.
More remarkably, Trump once stood near bankruptcy. His first term ended with the Capitol riot, followed by a $454 million civil fraud judgment and a conviction for falsifying business records. Today, his assets are held in a trust managed by his eldest son. Despite recession rumors, the Trump family’s wealth has reached unprecedented heights.
A White House spokesperson said: “President Trump is the most transparent president in history in every respect, including financially. He made enormous sacrifices by handing over a multibillion-dollar business empire to serve the nation. The president discloses his finances through annual financial disclosure reports and will continue doing so.”
Trump Jr. stated that he should not have to change his career because of his father’s power.
“I’m a private citizen and have been a businessman and serial investor since adulthood,” he said in a statement. “It would be absurd to stop my day job—raising five children—just because my father became president.”
Below are the real estate projects, crypto investments, and business partnerships the Trump family has used to accumulate wealth since the 2024 campaign.
Real Estate
Unlike his first term, when Trump resolved conflicts of interest by placing assets into a trust managed by his two sons and pledged not to pursue new overseas deals, this time only new transactions with foreign governments are restricted—other opportunities remain wide open. These real estate developments typically involve licensing the Trump brand for luxury hotels and residences, including in three Middle Eastern countries Trump visited this month, with two projects linking the Trump Organization to government entities in Oman and Qatar.
Trump International Oman
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Affiliated: Trump Organization
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Partners: Dar Global and Omran Group
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Project Value: $500 million
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Launch Date: June 2024
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Location: Muscat, Oman
The Trump Organization has profited from a deal linked to the Omani government. The project includes a hotel, golf course, and residences, establishing a commercial partnership between the presidential family and a U.S. ally. Trump International Oman brands itself as the “ultimate power move,” designed for “investment winners.” Developed by Dar Global, the international arm of Saudi real estate giant Dar Al Arkan, in collaboration with Oman’s state tourism group, it promotes “hands-off investment managed by the Trump family, allowing you to earn passive income easily,” and offers investors lifetime residency visas. Trump Jr. and Eric Trump appeared at the June launch event, where “power move” banners were prominently displayed. Meanwhile, Oman plays a key role in high-stakes nuclear negotiations with Iran.
Jeddah Trump Tower
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Affiliated: Trump Organization
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Partners: Dar Global
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Project Value: $533 million
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Announced: July 2024
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Location: Jeddah, Saudi Arabia
Last December, Dar Global’s head described the “grand” and “ultra-luxurious” Jeddah Trump Tower to officials, framing the Saudi-Trump brand alliance as representing luxury and resilience. Both sides benefit: the tower, set for completion in 2029, offers Saudi residency to buyers spending around $1 million. Eric Trump was among the first to give a standing ovation for the 47-story seaside building.
Riyadh Trump Project
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Affiliated: Trump Organization
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Partners: Dar Global
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Project Value: Approximately $530 million
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Announced: December 2024
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Location: Riyadh, Saudi Arabia
Weeks after the election, the Trump family and Dar Global announced two projects in Saudi Arabia’s capital, offering little detail but plenty of adjectives: iconic, magnificent, prestigious, unparalleled. Another commercial deal in a country of strategic importance to the U.S. government. Indeed, hours after taking office, Trump told reporters he’d happily visit Saudi Arabia if the kingdom purchased “$450 billion or $500 billion” worth of American goods. Mohammed bin Salman, the Saudi crown prince once shunned for orchestrating the murder of Washington Post journalist Jamal Khashoggi, promised increased investment.
Dubai Trump International Hotel
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Affiliated: Trump Organization
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Partners: Dar Global
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Project Value: Over $544 million
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Announced: July 2024
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Location: Dubai, UAE
On the same day Trump accepted the Republican presidential nomination, his company announced the construction of a Trump Tower in Dubai, claiming it would “set a new benchmark for luxury.” An early website stated investors putting in 2 million dirhams (about $545,000) could obtain a “10-year golden visa,” though details were not disclosed.
Simsima Trump International Golf Club
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Affiliated: Trump Organization
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Partners: Dar Global
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Project Cost: About $3 billion
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Announced: April 2025
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Location: Simsima, Qatar
Before his second term, Trump claimed his family business wouldn’t strike new deals with foreign governments. Yet within months, a project launched in gas-rich Qatar appears to contradict that promise. Qatar Diar Real Estate Investment Company, formed by Qatar’s sovereign wealth fund, said it would partner with Dar Global to build a Trump-branded golf club and villas within a new tourism development zone, larger than Disney’s Magic Kingdom. During his first term, Trump accused Qatar of funding terrorism; in May this year, Qatar provided him with a luxury jet to serve as “Air Force One.”
India Trump Projects
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Affiliated: Trump Organization
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Partners: Tribeca Developers
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Estimated Sales Value: $1.75 billion
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Announced: After 2024 election
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Locations: Bangalore, Gurgaon, Hyderabad, Mumbai, Noida, Pune
Trump-branded projects are surging across India. Two Trump residential towers already exist in Pune, and in March this year, the Trump family announced two new office towers named “Trump World Center.” In Gurgaon, southwest of Delhi, another Trump-branded project has long been in progress; in April, the family announced a 51-story Trump Residence. More projects are planned for Bangalore, Hyderabad, Noida, and Mumbai, where a Trump Tower already stands. Most are developed with Indian firm Tribeca Developers; local reports say its founder, Kalpesh Mehta, connected with Trump Jr. through shared Wharton School contacts.
Vietnam Trump Projects
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Affiliated: Trump Organization
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Partners: Kinh Bac City and IDG Capital Vietnam
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Project Investment: $1.5 billion
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Agreement Signed: September 2024
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Location: Hung Yen Province, Vietnam
Before Trump’s second term began, Eric Trump claimed anyone trying to curry favor with the president through the Trump Organization was “barking up the wrong tree.” But the Vietnamese Communist Party may see it differently. During Trump’s campaign, the company announced a $1.5 billion complex of hotels, golf courses, and luxury homes in Hung Yen province in northern Vietnam. A post on the provincial government’s website said the Trump Organization’s project would help “elevate Vietnam’s image on the international stage and relations with the U.S. government.” In September, a senior official attended the signing ceremony, and Trump himself met with Eric Trump and Kinh Bac City chairman Dang Thanh Tam, the project developer. Local reports say the Trump family is also considering building a new tower in Vietnam.
Albania Kushner Project
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Affiliated: Jared Kushner (Trump’s son-in-law)
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Partners: Aman
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Project Value: $1.4 billion
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Preliminary Approval: After 2024 election
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Location: Sazan Island, Albania
Trump’s son-in-law Jared Kushner is turning to ventures beyond the White House, planning to transform a rocky island off Albania’s coast—once home to dilapidated buildings and military bunkers—into a $1.4 billion Aman-branded luxury resort. Just before Trump’s inauguration, a committee chaired by Albanian Prime Minister Edi Rama granted preliminary approval for Kushner’s development on Sazan Island. Critics say Albania’s environmental laws may be altered to accommodate cliffside villa plans. Kushner raised funds primarily from Gulf states and investors, including funds from Saudi Arabia and Qatar. He said his company “preemptively avoided any conflicts, so we won’t need to raise capital for the next four years.”
Belgrade Trump Project
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Affiliated: Jared Kushner and Trump Organization
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Partners: Mohamed Alabbar
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Project Value: $500 million
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Branding Authorized: After 2024 election
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Location: Belgrade, Serbia
Kushner plans to build a luxury hotel with 175 rooms and 1,500 apartments on the former site of Yugoslavia’s Ministry of Defense. After his father-in-law’s re-election, he decided to brand it as a Trump property. “I think this tower will become a great Trump tower,” he said. Serbian President Aleksandar Vučić said he “laughed out loud” when he read claims that he was using the project to influence Trump. Soon after, thousands of protesters gathered to commemorate bombing victims and oppose the project. Kushner and UAE billionaire Mohamed Alabbar plan to start sales this year. In May, Serbian authorities said they detained a former government official suspected of forging documents to pave the way for the project, while Vučić claimed “no forgery occurred” and the project faced no obstacles.
Trump National Doral Golf Club
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Affiliated: Trump Organization
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Project Cost: $3 billion
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Approved: January 2025
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Location: Doral, Florida
This Florida club, with four golf courses and over 600 rooms, was Trump’s top moneymaker before the pandemic. Weeks before his inauguration, he received two pieces of good news: first, the Saudi-backed LIV Golf Championship was scheduled for April; days later, the city council approved the Trump family’s plan to build a 20-story apartment tower on the property. At least one key stakeholder changed their stance: Doral’s Republican mayor, previously opposed, came around after Trump praised her during a campaign stop and adjustments were made, which she called an effort to be a “good neighbor.”
Mar-a-Lago
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Affiliated: Trump Organization
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Membership Fee Increase: $300,000 (raised to $1 million in October 2024)
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Date: October 2024
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Location: Palm Beach, Florida
Other buildings may matter more to Trump’s business or empire, but nothing symbolizes Trump better than this gilded Florida club. Billionaires flock here to pay homage on the president’s turf. One of Trump’s aides told reporters last year that club membership fees would rise from $700,000 to $1 million in October. As former chief strategist Steve Bannon put it, Mar-a-Lago even explains how Trump sees America itself: “It’s prime real estate—you pay a premium to get in.”
Cryptocurrency
Four years ago, Trump called Bitcoin a scam; today, he’s a major promoter of cryptocurrency, endorsing a series of digital products bearing his name. Crypto executives and firms that donated millions to his campaign hope to influence policy. On the weekend of his inauguration, Trump hosted a crypto ball and convened cabinet members and “high-IQ individuals” for the first White House crypto summit, proposing a national Bitcoin reserve and appointing a “crypto czar.” Meanwhile, virtual currency prices affect Trump’s wealth: he has his own meme coin, promotes a crypto platform co-founded by a senior envoy, and his social media company announced plans to sell crypto-based investment products. Below are projects through which the Trump family profits as they turn America into the “global crypto capital.”
World Liberty Financial
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Affiliated: Donald Trump, Donald Trump Jr., Eric Trump, Barron Trump
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Partners: Steve Witkoff, Zach Witkoff, and Alex Witkoff
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Sales: $550 million
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Project Announced: September 2024
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Location: Delaware
A cryptocurrency promoted by Trump and his three sons went on sale weeks before the 2024 election, mostly bought by overseas investors. After the election, crypto entrepreneur Justin Sun injected $75 million into World Liberty Financial during a civil fraud lawsuit with U.S. regulators—a case now paused. Steve Witkoff, a diplomatic envoy who has met global leaders including Russian President Putin, also profits from the project; co-founders include his sons Alex and Zach. A company spokesperson said the project is unrelated to politics, executives aren’t government officials, and there’s no conflict of interest. He called Sun an early supporter and said any suggestion that ties to World Liberty Financial lead to government favors is absurd.
Trump Digital Trading Cards
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Affiliated: Donald Trump
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Partners: Bill Zanker
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Revenue: $7.2 million
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First Released: December 2022
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Location: Park City, Utah
Trump began licensing NFTs as the trend was fading. The cards depict him as a muscular superhero, aerial cowboy, golden statue, and cyborg. The idea for Trump Digital Trading Cards came from friend Bill Zanker, founder of an adult education company and chain of massage parlors, who said Trump fell in love with the “young, ambitious, unregulated” crowd in crypto. Trump’s support helped him gain political backing from crypto billionaires.
TRUMP and MELANIA Tokens
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Affiliated: Donald Trump, Melania Trump
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Transaction Fees and Other Income: $350 million
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First Released: January 2025
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Location: Delaware
Meme coins, essentially useless except for making money from attention, suit the former reality TV star well. Still, Democratic officials and even veteran crypto figures criticized the couple for launching meme coins before taking office. In April, when Trump announced a private dinner for top TRUMP token holders, his meme coin had already lost most of its peak value. Democratic Senator Chris Murphy called it “the most brazen corruption by a president in history.” Previously, regulators considered whether meme coins should be classified as securities, subjecting them to stricter rules. About a month after MELANIA coin launched, the SEC stated meme coins aren’t securities but “collectible-like,” regulated accordingly.
Metaplanet
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Affiliated: Eric Trump
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Stock Price Increase: Over 17%
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Announced: March 2025
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Location: Tokyo, Japan
In March, Eric Trump joined Metaplanet’s newly formed advisory board. This Tokyo-based hotel group, after closing most properties, transformed into a Bitcoin accumulator. The president’s son smiled in an orange Metaplanet cap, calling participation an “honor.” On the announcement day, its stock rose over 17%, despite the crypto pivot already making Metaplanet one of Japan’s top stock market performers.
American Bitcoin
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Affiliated: Donald Trump Jr., Eric Trump
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Partners: Dominari, Hut 8
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Trump Family and Partner Stake: 20%
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Announced: March 2025
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Location: Miami, Florida
For this Bitcoin miner, the relationship between the Trump family and new strategic ventures is complex. After Trump’s inauguration, his two sons partnered with Dominari, an investment bank based in Trump Tower, to create American Data Centers. Eric Trump called this new data venture “critical to the development of AI infrastructure,” despite it having little progress so far. About a month later, the emerging company agreed to transfer majority ownership to Bitcoin mining firm Hut 8. The Trump brothers and their partners hold a 20% stake in the joint venture, now named American Bitcoin, which plans to go public this year.
Corporate Partnerships
Since the night of Trump’s re-election, numerous companies have hired his sons as advisors. Donald Trump Jr. took new roles at a small drone parts manufacturer, an online gun retailer, and a prediction market platform allowing users to bet on Trump-related questions. Eric Trump sometimes overlaps with his brother, sometimes holds independent positions.
1789 Capital
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Affiliated: Donald Trump Jr.
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Partners: Omeed Malik, Rebekah Mercer, and Chris Buskirk
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Fundraising Goal Mid-Year: $1 billion
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Position Announced: November 2024
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Location: Palm Beach, Florida
Less than a week after Trump’s victory, Donald Trump Jr. became a partner at 1789 Capital. Co-founders include former Bank of America executive Omeed Malik, Republican mega-donor Rebekah Mercer, and investor Chris Buskirk, aiming to monetize the president’s vision for American culture by investing in startups with “Make America Great Again” (MAGA) leanings. As Trump seeks to eliminate government and corporate diversity, equity, and inclusion programs, 1789 Capital invests in ventures like Enhanced Games and Polymarket. A spokesperson said: “1789 Capital funds a new era of American prosperity through the core principles of entrepreneurship, innovation, and growth.”
Unusual Machines
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Affiliated: Donald Trump Jr.
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Value of Trump Jr.’s Stake: Over $3 million
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Position Announced: November 2024
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Location: Orlando, Florida
Shortly after the election, this drone parts manufacturer announced Donald Trump Jr. as an advisor, and its stock surged nearly 250% over the next two trading days. According to November filings, he holds over 300,000 shares, then worth over $3 million. His shares are registered for sale, but as of early May, it was unclear whether he had sold any.
PSQ Holdings
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Affiliated: Donald Trump Jr.
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Partners: Omeed Malik
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Trump Jr.’s 2024 Compensation: $3.1 million
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Board Position Announced: December 2024
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Location: West Palm Beach, Florida
PSQ (PublicSquare) operates a so-called “anti-woke” product marketplace, including diaper brand EveryLife, and offers a “buy now, pay later” system for firearms. The company has lost over $100 million in the past two years, but when Trump Jr.—already an advisor—joined the board in early December, the retailer’s stock surged 270%. Regulatory filings show the company paid him over $3.1 million last year; his 1789 partner Malik is one of the largest shareholders. PublicSquare CEO Michael Seifert called Trump Jr. an “outstanding businessman, strategic partner, and marketing expert” who has advised the company since 2022.
Dominari Holdings
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Affiliated: Donald Trump Jr., Eric Trump, Ron Lieberman
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Total Value of Trump Jr. and Eric’s Stakes: Over $17 million
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Position Announced: February 2025
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Location: New York City, New York
Dominari was once a biotech firm that pivoted to become an investment bank, with its stock trading below $1 last year and headquartered in Trump Tower, losing tens of millions over the past three years. But within hours of announcing the Trump brothers’ addition to its advisory board in February, its stock jumped over 80% (with price increases occurring before the public announcement). According to April filings, both are major shareholders, with combined holdings worth over $17 million, most of which are registered for sale. A Dominari spokesperson said this month no advisors have sold shares, and the company remains committed to a “long-term growth strategy.” Trump Organization executive Ron Lieberman was appointed to the board in December last year.
Rumble
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Affiliated: Donald Trump Jr.
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Recent Shareholders: Dan Bongino, David Sacks, Cantor Fitzgerald
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Company Market Cap: Over $3 billion
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Show Launched: January 2023
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Location: Lantana, Florida
Though not a Rumble executive, Trump Jr.’s podcast “Triggered with Don Jr.” has aired on the platform since 2023. By late last year, Rumble’s top shareholders included crypto giant Tether and figures soon to join the Trump administration, such as FBI deputy director Dan Bongino and “crypto czar” David Sacks. Another major shareholder is Cantor Fitzgerald, controlled by Commerce Secretary Howard Lutnick’s family. Rumble has consistently lost money over the past two years.
Kalshi
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Affiliated: Donald Trump Jr.
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Number of Trump-Related Event Contracts: Over 48
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Position Announced: January 2025
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Location: New York City, New York
Kalshi allows users to bet on future events, including elections and even Trump’s next moves (such as how many times he’ll visit Mar-a-Lago this month, or whether he’ll accept a private jet offer from Qatar). Last November, the company fought commodity regulators in court for over a year to allow betting on election outcomes. When Trump Jr. joined this private firm as a strategic advisor, he said it “knew we won hours before the fake news media.” A company spokesperson said employees and advisors are banned from trading on its market, and Trump Jr. did not participate in any legal or regulatory proceedings.
Salem Media Group
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Affiliated: Donald Trump Jr., Lara Trump
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Stock Price Increase: 283%
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Position Announced: April 2025
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Location: Camarillo, California
After Donald Trump Jr. and sister-in-law Lara Trump invested in conservative talk radio network Salem—known for spreading 2020 election conspiracy theory films—its stock surged 283%. Salem also acquired a 30% stake in a mobile news aggregation app co-owned by Trump Jr. A Salem spokesperson said few understand the media landscape better than Trump Jr., and the company is honored to have him on the team.
GrabAGun
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Affiliated: Donald Trump Jr.
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Partners: Omeed Malik
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Value of Trump Jr.’s Stake: At least $3 million
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Board Position Announced: March 2025
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Location: Coppell, Texas
After this gun retailer plans to go public via a blank-check merger, Trump Jr. will join GrabAGun’s board. In a recent investor presentation, the company said the slogan “We sell the guns, you pull the trigger” “resonated with us from the beginning.” Another Trump connection: the special purpose acquisition company (SPAC) pushing the firm public is operated by 1789’s Malik. GrabAGun CEO Marc Nemati said the company “can’t imagine a better fit than Donald Trump Jr.,” calling him a prominent gun rights advocate and successful businessman.
Other Ventures
According to the Bloomberg Billionaires Index, the now-public social media company makes up the bulk of Trump’s wealth. His family also profits from a range of hard-to-categorize new ventures, including a Georgetown private members club, lawsuit settlements reached after Trump returned to the White House, and Melania Trump’s documentary. These diverse new opportunities highlight the family’s willingness to monetize fame and branding, surpassing anything attempted during Trump’s first term.
Trump Media & Technology Group
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Affiliated: Donald Trump, Donald Trump Jr.
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Partners: Crypto.com
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Value of Donald’s Stake: $2.9 billion
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Go Public Date: March 2024
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Location: Sarasota, Florida
Trump’s $2.9 billion stake in his namesake social media startup—publicly listed during last year’s campaign—forms the bulk of his wealth. Without Truth Social’s parent company, he might not rank among the world’s wealthiest. The company’s stock fluctuates like a meme stock. Despite a net loss of about $401 million last year, its share price has risen since September. After Trump’s inauguration, the company expanded into finance, launching products directly benefiting from his policies, including an “America First” fund, coinciding with his sharp tariff hikes and loosened digital asset regulations. Three days after Trump Media announced a partnership with Crypto.com in March, the Singapore-based company said the SEC closed its investigation without enforcement action. Trump’s shares are held in a trust; as president, he continues posting on the platform, with posts labeled “Truths.”
Executive Branch Club
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Affiliated: Donald Trump Jr.
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Partners: Omeed Malik, Chris Buskirk, Zach Witkoff, and Alex Witkoff
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Founding Membership Fee: $500,000
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First Reported: April 2025
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Location: Washington, D.C.
Trump Jr. and friends named their new invite-only club “Executive Branch,” almost flaunting their White House ties. For those who miss the point, the invitation after the White House Correspondents’ Dinner featured a golden eagle emblem (which says it all). According to Politico, members include Sacks and Trump Jr.’s business partner Malik, and there’s already a waiting list.
Lawsuit Settlements
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Affiliated: Donald Trump
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Settlement Amount: About $47 million
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First Reported: After 2024 election
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Location: United States
After Trump’s re-election, major tech and media companies paid tens of millions to settle lawsuits, avoiding courtroom battles with a sitting president. Meta said it would donate $22 million to the presidential library to settle a lawsuit over its illegal ban of Trump’s social media accounts after the 2021 Capitol riot. ABC News, owned by Disney, agreed in December last year to pay $15 million to the presidential foundation or museum to settle a defamation lawsuit involving its anchor’s remarks about Trump. According to the Wall Street Journal in February, Elon Musk’s X platform agreed to pay about $10 million to settle a lawsuit filed by Trump and a former executive.
Amazon
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Affiliated: Donald Trump, Melania Trump, Trump Organization
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Movie Rights Fee: $40 million
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First Reported: January 2025
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Location: Seattle, Washington
Amazon plays a role in multiple Trump family projects. According to the Wall Street Journal, it paid $40 million for the rights to Melania Trump’s documentary—nearly triple the next-highest bid. An Amazon spokesperson said the company bought the film simply because “we thought customers would enjoy it.” This year, Amazon began streaming reruns of “The Apprentice”—the NBC reality competition that reshaped Trump’s career. The Trump Organization also announced an official store on Amazon selling branded merchandise; an Amazon spokesperson said the group “is becoming one of millions of independent sellers.”
Trump Sneakers
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Affiliated: Donald Trump
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Partners: Bill Zanker
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“Never Surrender” High-Top Price: $399
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Announced: February 2024
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Location: Sheridan, Wyoming
While competing for the Republican nomination, Trump appeared at Sneaker Con in Philadelphia to promote his favorite golden high-top sneakers. Trump-branded sneakers and golf shoes are just the tip of the iceberg of presidential merchandise, which commands premium prices. The website shows the “Never Surrender” high-tops are sold out, but fans can still grab limited-edition golden low-tops for $499.
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