But few of his crypto stocks have attracted as much attention or scrutiny as his memecoin.
Unveiled three nights before the presidential inauguration in January 2025, $TRUMP grew out of a partnership between Trump and a longtime associate, serial entrepreneur Bill Zanker. When the coins went on sale, the Trump family and their business partners charged a fee for each transaction, totaling at least $320 million in the first few months.
Last April, the coin’s backers tried to drive more sales by inviting investors to compete for 220 seats at an “intimate private dinner” with Trump at the Virginia golf club. In fact, the contest gave cryptocurrency enthusiasts and even foreign investors a way to funnel money into the Trump family coffers, without public disclosure requirements.
The night of the event, protesters gathered near the club, led by Sen. Jeff Merkley, D-Ore., who called it “the Mount Everest of corruption.” Inside, Trump lashed out at the Biden administration as investors dined on filet mignon and “Trump’s organic green salad.”
The president did not seem fazed by the reaction. This year he organized an even bigger contest.
On March 12, the official Attendees were also promised Trump-branded perfume, a Trump commemorative sign, a Trump collectible card and a “red beauty watch” emblazoned with the president’s name.
The rules of the contest were complicated. For each coin purchased, investors would receive one point on a public leaderboard. Every hour investors held those funds, another point would be awarded for each coin, a system designed to discourage anyone from selling. The contest was scheduled to end on April 10, with the top 297 investors getting spots at Mar-a-Lago; the top 29 would also have access to a smaller reception with Trump.
