In a turn of events that could only be described as a plot twist worthy of a second-rate novel, the Trump family has reportedly seized the reins of World Liberty Financial, thereby pocketing a rather hefty slice of the pie from token sales and future fees. 🍰
According to a rather alarming review of the company’s website changes, as reported by the ever-reliable Reuters on the 31st of March, two of the project’s co-founders, Zak Folkman and Chase Herro, have been unceremoniously replaced by an organization that, lo and behold, is under the majority ownership of the Trump clan. One can only imagine the boardroom discussions—“You’re fired!” must have been the phrase of the day. 🎤
Now, it appears that the Trump family’s company, DT Marks DeFi LLC, has managed to wrangle a 60% share of the platform through a new holding company, WLF Holdco LLC, in a move that could make even the most seasoned corporate raider raise an eyebrow. This acquisition took place in January 2025, a date that will surely be etched in the annals of financial history—or at least in the family scrapbook. 📅
These previously unreported changes signal a seismic shift in WLFI’s ownership and leadership. The Trump family will now control a whopping 60% of the company’s operating profits once the platform is up and running, and they are also entitled to a staggering 75% of the token sales revenue under this new arrangement. One can only hope they have a good accountant! 💰
According to the estimable calculations of Reuters, they are expected to rake in about $400 million from the funds raised. However, a mere 5% of the $550 million raised thus far will be available for platform development after the co-founders have taken their cut. Talk about a financial diet! 🍽️
World Liberty Financial was founded in 2024 with the noble aim of offering blockchain-based financial services and eliminating those pesky intermediaries like banks. By selling WLFI, its governance token that grants holders the ability to vote on platform decisions, the company managed to raise a tidy sum, including a $75 million investment from Tron founder Justin Sun. Who knew blockchain could be so lucrative? 💸
Despite the company’s lofty decentralized finance goals, the platform’s governance structure has raised a few eyebrows. Critics are quick to point out that the Trump family’s political clout could lead to some rather interesting conflicts of interest. It seems that meaningful financial involvement from outside investors might be as rare as a unicorn in a board meeting. 🦄
Meanwhile, the Trump family continues to dive headfirst into the cryptocurrency pool. On the same day, March 31, Eric and Donald Trump Jr. launched American Bitcoin, a Bitcoin (BTC) mining business, in collaboration with the cryptocurrency infrastructure company Hut 8. The Trump brothers own a modest 20% of this venture, while Hut 8 holds the remaining 80%. One can only wonder if they’ll be mining for gold next! ⛏️
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2025-04-01 10:56