Trump's $TRUMP memecoin generates $636 million profit amid ethics concerns

President Trump reversed his earlier stance on cryptocurrency by promoting the $TRUMP memecoin, which debuted days before his 2024 inauguration and quickly rose to around $74 per token. The price collapsed to under $3 by September, erasing nearly $4 billion in losses for most retail investors, though a few early participants pocketed multimillion-dollar profits. Trump and his business partners earned a $636 million share through transaction fees regardless of the token’s market value.

Lawmakers such as Senator Chris Murphy have labeled the operation a "bribery conspiracy," noting substantial investments from Sheikh Tahnoon bin Zayed Al Nahyan of the United Arab Emirates and Chinese entrepreneur Justin Sun, both of whom hold stakes in World Liberty Financial, the firm behind the token. While no direct quid pro quo has been proven, the episode has halted a Senate crypto bill that industry groups had heavily lobbied for, raising concerns about presidential ethics and foreign influence.