(AP Photo/Evan Vucci)
Just hours before taking office, President-elect Donald Trump has reportedly struck it rich to the tune of tens of billions of dollars — thanks to the $TRUMP meme coin.
According to Axios, Trump’s position in the coin was — as of Sunday morning — worth a whopping $58 billion. The outlet reports the new windfall, on paper, now accounts for roughly 89 percent of Trump’s net worth, and is enough to make him one of the world’s 25 richest people.
Ethics watchdogs are up in arms about the launch of the coin right before he begins his second term as president.
“It is literally cashing in on the presidency — creating a financial instrument so people can transfer money to the president’s family in connection with his office” Adav Noti — executive director of Campaign Legal Center, a nonprofit ethics group — told The New York Times on Saturday. “It is beyond unprecedented.”
The coin comes with a disclaimer on its official website — which declares that it is “not intended to be… an investment opportunity.”
Still, even some supporters — such as Barstool Sports founder Dave Portnoy — are questioning the venture.
“Can I string up my own coin now and tell people it’s a Ponzi scheme from the jump and I’m gonna rug pull at some point and you better just hope you’re out when I do it and that would make the entire thing legal?” Portnoy posted on X Saturday — later claiming he made “a quick milly” on the coin.
As of this writing, the $TRUMP coin is trading at roughly $68, after hitting a high above $74 early Sunday.
