Trump’s Son Wipes $600M From Family Fortune With Disastrous Bet
One of Donald Trump’s sons got ahead of reports that he lost the first family more than $600 million by posting a cloying online tribute to his father.
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“I am deeply honored that at 5:01 a.m., Trump Force One will be the first plane to land at the newly renamed Palm Beach International Airport—now and forever President Donald J. Trump International Airport,” Eric Trump wrote on X in the early hours of Thursday morning.
“There is no person who has done more for Florida and our country, and no one more deserving of this incredible honor,” he went on. “As a son, and someone who flies out of this airport nearly every day, I will forever be proud to see the initials ‘DJT’ on my boarding pass. Congratulations Dad — I’m happy to have played a big role in making this happen.”
Eric Trump spearheaded efforts to rename the airport in his father’s honor. He also, according to a Bloomberg report published less than two hours after his post, played a big role in wiping hundreds of millions of dollars from his family’s holdings with a disastrous bet on the crypto industry.
The American Bitcoin venture, which the younger Trump helped launch and now steers as chief strategy officer, has cratered since going public last year, the outlet writes, shedding over 95 percent from its September high.
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Things got so bad this week that the company had to pull an emergency maneuver, bundling every 15 shares into one, just to stay listed on the Nasdaq stock index. The price hit a record low on Wednesday.
Bloomberg calculates that the crash has wiped out more than $600 million of Eric Trump’s stake in the space of 10 months. His brother Donald Trump Jr. also advises the firm. Their father raked in over $1.4 billion in crypto last year, the outlet adds.
Eric’s move had been to bet big on Bitcoin itself. As the coin’s price sank and investors piled onto artificial intelligence last year instead, rival miners like Riot Platforms and MARA Holdings rented out their computing power to AI companies—and their stocks soared.
American Bitcoin did not follow that lead, Bloomberg writes. It instead gambled that stockpiling the coin through the slump would eventually pay off. It hasn’t yet, even as Eric refuses to sell. “Just hold on, guys,” he said at a Las Vegas crypto conference in April. “Just hold on.”
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The Daily Beast has contacted American Bitcoin for comment on this story.
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