The family business

A $620 million Pentagon loan for a company Don Jr.'s fund had just backed

$620M Pentagon loan

1789 Capital, where Donald Trump Jr. is a partner, invested in the rare-earth startup Vulcan Elements; about three months later the Pentagon committed its lending office's largest loan ever to the company. ProPublica reported the request came from White House adviser Peter Navarro and staff were pushed to move unusually fast. The Financial Times counted more than $735M in federal awards to 1789-backed companies in 2025.

Their response: Trump Jr.'s spokesperson: he “had no involvement in negotiations with the government.” 1789 says it “played no role in Vulcan getting the loan.” Pentagon: “No company receives preferential treatment.”

Sources: ProPublica · Financial Times

Don Jr. and the prediction markets

$300M investment (reported)

Trump Jr. became a paid adviser to the betting market Kalshi in January 2025. Federal investigations of its rival Polymarket ended in July 2025; a month later his fund invested and he joined its advisory board. Forbes reported the fund would put $300M into Polymarket's next round in September 2026.

Their response: Kalshi says his work concerns marketing, not regulatory matters.

Sources: CNBC · NPR

The $500,000 club

$500,000 to join

Donald Trump Jr., his business partners, and Steve Witkoff's sons opened a private club in Washington called Executive Branch with a reported $500,000 membership fee. Cabinet officials and regulators attended the launch.

Their response: A person close to the club said it does not want “a lot of lobbyists joining.”

Sources: NBC News

Ten companies backed by Don Jr.’s fund got $1.6 billion in federal awards in 500 days

$1.6B in federal awards to 10 fund-backed firms in 500 days (CNN)

A CNN analysis of federal contracting data published July 20, 2026 found that ten defense, space and software companies backed by 1789 Capital, where Donald Trump Jr. became a partner days after the 2024 election, were awarded more than $1.6 billion in federal contracts and grants in the first 500 days of the term, 79% more than in the last 500 days under Biden; the share tied to no-bid contracts rose to about 18% from about 7.5%. The award figures are documented; that the family tie played any part is an inference, and CNN said there is no evidence the firm or Trump Jr. pushed for the money. One portfolio company received less than before, and CNN left SpaceX out of the count. Three Democratic senators questioned the Pentagon in January 2026, and CNN reported the Defense Department inspector general was preparing a response to House Oversight Democrats.

Their response: Thomas Clare, attorney for 1789 Capital, asked whether anyone at the firm discussed federal contracts with the administration: “the answer is unequivocally no.” Trump Jr.’s spokesman: “Don does not interface with the Federal Government as part of his role with any company that he invests in or advises.” White House spokeswoman Anna Kelly: “There are no conflicts of interest.” Acting Pentagon press secretary Joel Valdez: “outside affiliations, investors, or political connections play absolutely no role in the Department’s funding decisions.”

Sources: CNN (July 20, 2026) · Sens. Warren, Blumenthal and Kim, letter to the Defense Secretary (Jan. 22, 2026) · Rep. Raskin, letter to 1789 Capital (Aug. 26, 2026)

Don Jr.’s venture fund grew from $150 million to $3.5 billion; about 40% is foreign money

$3.5B under management, about 40% of it foreign

1789 Capital managed a reported $150 million in 2024, before Donald Trump Jr. joined as a partner days after the election. It reached about $1 billion by August 2025, $2.7 billion at the end of 2025 and about $3.5 billion by May 2026, according to the Guardian’s review of SEC filings and a partner’s statement to the Financial Times. About 40% of the money comes from foreign investors, SEC filings show, and the filings do not say from which countries. Trump Jr. told a Saudi investment conference in 2025: “We understand what the administration wants to do, because we helped craft some of that messaging.” House Judiciary Democrats opened an inquiry on Aug. 26, 2026; in the minority they cannot issue subpoenas.

Their response: AJ Merton, counsel for 1789 Capital, called the Democrats’ claims “unsubstantiated talking points” and said: “Repackaging press clippings on congressional letterhead does not turn news headlines into evidence.” Founder Omeed Malik challenged a moderator to find “any asset manager that has over half a billion under management that doesn’t have money from the Gulf.” The firm’s lawyer told CNN other funds often have higher shares of foreign investors and that 1789 backs only US companies.

Sources: CNN (July 20, 2026) · The Guardian (Aug. 27, 2026) · Rep. Raskin, letter to 1789 Capital (Aug. 26, 2026) · The Guardian (Dec. 19, 2025) · GBC News, Gibraltar (Nov. 2025)

Up to $1.6 billion in U.S. financing lined up for a Kazakh tungsten mine tied to a firm Trump’s sons part-own

Up to $1.6B in U.S. letters of interest (SEC filing); not final loans

At a Washington summit in November 2025, Trump and Kazakhstan’s president announced a venture giving a small U.S. company, now Kaz Resources, 70% of one of the world’s largest undeveloped tungsten deposits. The Export-Import Bank issued a letter of interest for up to $900 million and the Development Finance Corporation one for up to $700 million; these are preliminary, not final loans. The New York Times reported on June 28, 2026 that within weeks of the talks, investors with Dominari Securities, a Trump Tower firm partly owned by Donald Trump Jr. and Eric Trump, joined partners in taking a 20% stake in an entity tied to the project, and that the firm run by Commerce Secretary Lutnick’s sons helped a lead investor raise $210 million. SEC filings show that Skyline Builders, a Nasdaq-listed company whose IPO Dominari underwrote, took an approximately 20% interest in an unnamed minerals company in November 2025 and agreed in April 2026 to merge with the mine’s owner.

Their response: The Times article could not be opened directly, so any response it carried is not quoted here. The agency’s stated rationale, from DFC chief Ben Black: the project is about “mobilizing private capital to secure the supply chains that matter most to U.S. economic growth and security.”

Sources: Skyline Builders / Cove Kaz press release, SEC Form 6-K exhibit (Apr. 30, 2026) · U.S. Embassy in Kazakhstan release on the DFC letters of interest (Feb. 11, 2026) · Common Dreams, relaying the New York Times (June 30, 2026) · Dominari Holdings press release, SEC Form 8-K exhibit (Feb. 2025) · Kursiv, relaying the Financial Times (June 11, 2026)

A Putin-linked Russian oligarch paid for part of Donald Trump Jr.’s wedding celebrations

Hundreds of thousands of dollars (ProPublica)

ProPublica reported on Sept. 14, 2026 that Umar Kremlev, head of the International Boxing Association and an ally of Vladimir Putin who is under Ukrainian sanctions, covered hundreds of thousands of dollars of costs at Trump Jr.’s May 2026 wedding weekend in the Bahamas, including renting a private island and a fireworks show, paid through an IBA-affiliated entity in Dubai. Trump Jr. and his wife confirmed the payments the same day and called them a wedding gift. Why Kremlev paid is not known and nothing given in return has been shown. The top Democrat on House Oversight opened an inquiry, and Republican Sen. John Curtis asked the Senate Judiciary Committee to subpoena Trump Jr.; the president said he was told the money would be reimbursed.

Their response: Donald Trump Jr. and Bettina Trump, joint statement: it was “an extraordinarily generous wedding gift from a friend, and something for which we were and remain incredibly grateful” and “sometimes a wedding gift is simply a wedding gift.” A Trump Jr. spokesperson said Kremlev is “not someone he has a business relationship with.” President Trump: “I have no idea who Umar is, never heard of him, and he didn’t pay for Don and Bettina’s wedding, which took place at a totally different location, and on a different day from the wedding. It was an ‘afterparty’ given in their honor. Not a big deal!”

Sources: ProPublica (Sept. 14, 2026) · The Guardian (Sept. 14, 2026) · The Guardian (Sept. 15, 2026) · The Guardian (Sept. 22, 2026)

ProPublica: Don Jr. secretly held a stake in a Texas refinery startup that then drew Ambani money

$100M+ from Reliance (“nine-figure”, per ProPublica)

ProPublica reported on June 9, 2026 that Donald Trump Jr. “secretly acquired a stake” in America First Refining, a struggling Texas startup, citing records and seven people familiar with the company. About four months after Trump Jr. visited Anant Ambani in India in November 2025, the startup announced a “nine-figure” investment from the Ambani family’s Reliance Industries at a valuation of at least $1 billion. ProPublica wrote that the investment “coincided with” U.S. moves Reliance had lobbied for: a February 2026 trade deal that cut tariffs on India, a reported license to buy Venezuelan oil, and a waiver to buy Russian crude. The size of Trump Jr.’s stake and what he paid are not known, and no evidence shows any decision was made in return.

Their response: A spokesperson for Trump Jr.: “The entire premise of this story relating to Don is false,” adding, “Don does not interface with the Federal Government on behalf of any company that he invests in or advises.” Reliance: “There is no connection between Reliance’s investment in AFR and any unique measures associated with general U.S. trade, tariff, sanctions or licensing outcomes.” The White House said “there are no conflicts of interest.” America First Refining: “The claims in this story are false.”

Sources: ProPublica (June 9, 2026)

Drone parts maker that gave Don Jr. stock for an advisory role became an Army supplier

$12.8M defense order (company release, cited by senators)

Unusual Machines named Donald Trump Jr. to a new advisory board in November 2024, weeks after the election, and gave him 200,000 shares as compensation; securities filings showed he held 331,580 shares. In October 2025 the company announced an Army order for 3,500 drone motors, with plans for 20,000 more components in 2026, and senators cite a $12.8 million defense order it announced in September 2025. The 2025 budget law set aside $1.4 billion to expand small-drone production. The orders and the stake are documented; a link between them is an inference, and the watchdog group CREW said it found no evidence of a clear quid pro quo and that the advisory agreement appears to have lapsed after a year.

Their response: Unusual Machines chief executive Allan Evans, on Trump Jr.’s role: “It’d almost be like Oprah joining the WeightWatchers board, right? What does Oprah need to do? Not a lot.” A 1789 Capital spokesperson told the Intercept: “Don, as a private citizen who has never served in government, is permitted to continue to pursue his decades-long career in business.” The Intercept said Unusual Machines, the Trump Organization and the White House did not respond.

Sources: CREW (Jan. 15, 2026) · The Intercept (July 28, 2025) · Sens. Warren, Blumenthal and Kim, letter to the Defense Secretary (Jan. 22, 2026) · ProPublica (May 28, 2026)

Drone maker backed by Trump’s sons pitched Gulf states under Iranian attack and eyed Pentagon money

Stakes “worth millions” (AP); no contract reported yet

In March 2026 Aureus Greenway Holdings, a golf company backed by Eric Trump and Donald Trump Jr., announced a merger to take Florida drone maker Powerus public, with Dominari Securities hired to raise about $9 million; each brother owns roughly 6% of Dominari. The Associated Press reported the deal gives the brothers stakes worth millions, that Powerus was demonstrating drone interceptors to Gulf states under Iranian attack in the war their father launched, and that it is aiming at $1.1 billion the Pentagon set aside for US drone manufacturing. It followed a $1.5 billion February 2026 tie-up between Israeli drone maker Xtend and JFB Construction Holdings, which the Guardian described as another of the sons’ drone investments. No government contract for Powerus has been reported.

Their response: Eric Trump, to AP: “I am incredibly proud to invest in companies I believe in. Drones are clearly the wave of the future.” Powerus co-founder Brett Velicovich: “We should be thankful anyone is trying to invest in American manufacturing now. That idea transcends politics.” A spokesman for Trump Jr. said he does not “interface” with the government on his portfolio companies and that “the idea that he should cease living his life and making a living to provide for his five kids just because his dad is president, is quite frankly, a laughable and ridiculous standard.”

Sources: The Guardian (March 9, 2026) · Associated Press via The Guardian (April 2, 2026) · Associated Press via Los Angeles Times (April 13, 2026)

Sons’ blank-check firm said it would target companies seeking federal money, then cut the line

$345M raised from investors (not public money)

New America Acquisition I Corp, a blank-check company set up in August 2025 with Eric Trump and Donald Trump Jr. as advisers, raised $345 million from investors in an initial public offering to buy stakes in US companies tied to reviving domestic manufacturing. The Associated Press reported that a regulatory filing said the firm would target companies seeking federal grants, tax credits and government contracts, and that after AP asked Trump’s chief business lawyer about the wording he filed a new document with it removed. Forbes estimated Trump Jr.’s two million shares were worth more than $20 million when trading began in December 2025. No acquisition has been reported.

Their response: No comment specific to the filing was found. The Trump Organization told AP in April 2026 that it is “fully compliant with all applicable ethics and conflicts of interest laws” and that “the implication that politics has enriched the Trump family is unfounded.”

Sources: Associated Press via Los Angeles Times (April 13, 2026) · Forbes (Dec. 8, 2025) · CREW (Jan. 15, 2026)

Consumer bureau dropped its probe of a lender whose parent company has Don Jr. on its board

On Aug. 19, 2025 the Consumer Financial Protection Bureau told Credova Financial, a buy-now-pay-later lender owned by PSQ Holdings (PublicSquare), that its investigation was closed. Donald Trump Jr. joined the parent’s board in December 2024 and owned 697,403 shares worth roughly $1.1 million; Credova also finances purchases at GrabAGun, the gun retailer he backs. The bureau’s letter said the Biden-era probe “exemplifies the type of weaponization against disfavored industries and individuals” the administration wants to end. The closure is documented; that his role caused it is an inference, and the bureau was dropping many other cases at the time; AP noted dozens of consumer complaints and two state settlements involving Credova.

Their response: Andy Surabian, spokesman for Trump Jr.: he “had nothing what so ever to do with this and it’s a classic cheap media tactic to imply otherwise when the AP knows that they have no evidence to the contrary.” PublicSquare chief executive Michael Seifert said the closure “confirms the strength and integrity of our company.”

Sources: Associated Press (Aug. 22, 2025) · CREW (Jan. 15, 2026)

Forbes: Eric Trump’s fortune rose tenfold and Don Jr.’s sixfold in the year after the election

Family worth about $10B (Forbes estimate, Sept. 2025)

Forbes estimated in December 2025 that Eric Trump was worth about $400 million, ten times his worth on the eve of his father’s return, and Donald Trump Jr. about $300 million, up from about $50 million; in September 2025 it put Barron Trump’s proceeds from World Liberty token sales at an estimated $80 million and the whole family, including Jared Kushner, at about $10 billion, nearly double its level at the election. Most of the gain is from crypto ventures launched around the election. These are Forbes’s own estimates built from SEC filings, the president’s financial disclosures and share prices, with assumptions about how the family splits proceeds that Forbes says it cannot confirm.

Their response: Eric Trump told CNN: “Nothing I do has anything to do with the White House.” Donald Trump Jr., at a 2025 forum in Qatar: “We were businessmen both before, we will be businessmen after my father’s presidency.” President Trump told CNBC on July 2, 2026: “I tell my kids, ‘stay away.’ But they also have a life.”

Sources: Forbes (Dec. 4, 2025) · Forbes (Dec. 8, 2025) · Forbes (Sept. 22, 2025) · CNBC (July 2, 2026)

Trump’s sons met officials of eight foreign governments while seeking business abroad, watchdog finds

8 foreign governments (CREW count)

The watchdog group CREW counted, as of March 2026, meetings between Donald Trump Jr. or Eric Trump and senior officials of eight foreign governments during the second term: Serbia, Hungary, the UK (Scotland’s first minister), Qatar, Vietnam, Saudi Arabia, Somaliland and Israel. Several coincided with Trump Organization projects, including a March 2025 meeting with Serbia’s president and a May 2025 groundbreaking with Vietnam’s prime minister. CNN separately counted trips by Trump Jr. to at least 19 foreign countries and territories since the election. The sons hold no government post and the meetings are not illegal; what was discussed is mostly undisclosed.

Their response: Eric Trump, to the New York Times in October 2024: “The first term we did everything imaginable to avoid any appearance of impropriety, and frankly, we got crushed anyway...We can’t just sit out in perpetuity, and I won’t.” White House press secretary Karoline Leavitt: “Neither the president nor his family have ever engaged, or will ever engage, in conflicts of interest.”

Sources: CREW (March 2, 2026) · CNN (July 20, 2026) · The Guardian (Nov. 30, 2025)

On a hot mic at the Gaza summit, Indonesia’s president asked Trump for a meeting with Eric

At the Gaza peace summit in Sharm el-Sheikh, Egypt, in October 2025, a live microphone caught Indonesian President Prabowo Subianto asking Trump: “Can I meet Eric?” Trump replied: “I’ll have Eric call. Should I do that? He’s such a good boy. I’ll have Eric call.” Eric Trump is an executive vice-president of the Trump Organization, which opened its first Trump-branded golf club in Indonesia in March 2025 and lists two more Indonesian properties as coming soon. The audio does not make clear whether the two were discussing business.

Sources: The Guardian (Oct. 14, 2025)

Kushner’s firm joined a $108 billion media bid needing federal approval, then pulled out

$108.4B bid; Affinity’s share not disclosed

When Paramount Skydance launched a $108.4 billion hostile bid for Warner Bros Discovery in December 2025, a regulatory filing showed its outside funders included Jared Kushner’s Affinity Partners alongside the sovereign wealth funds of Saudi Arabia and Qatar. Any deal needed clearance from federal regulators, and Trump had said he expected to be “involved”. Affinity withdrew on Dec. 16, 2025 after scrutiny of Kushner’s role. Paramount won the contest in February 2026 when Netflix declined to raise its offer. The Justice Department cleared that deal over the summer, 12 states that had sued to block it settled in September, and the takeover closed on Oct. 6, 2026.

Their response: Affinity Partners, to Bloomberg News: “With two strong competitors vying to secure the future of this unique American asset, Affinity has decided no longer to pursue the opportunity. We continue to believe there is a strong strategic rationale for Paramount’s offer.”

Sources: The Guardian (Dec. 16, 2025) · The Guardian (Feb. 26, 2026) · Associated Press via KSAT (Oct. 6, 2026)

Kushner and Trump Organization tower in Belgrade was abandoned after a Serbian minister was indicted

$500M planned project (abandoned)

Jared Kushner’s Affinity Partners and the Trump Organization planned a $500 million Trump-branded hotel and apartment tower on the site of the bombed former Yugoslav army headquarters in Belgrade. Serbia’s government lifted the site’s protected status nine days after Trump’s November 2024 election, and parliament passed a special law for the project on Nov. 7, 2025; the head of the heritage institute said after his arrest that the paperwork had been falsified. On Dec. 15, 2025 prosecutors indicted the culture minister and other officials, and Affinity withdrew. The Guardian reported that none of the allegations relate to the conduct of the Trumps or Kushner.

Their response: Affinity Partners spokesperson: “Because meaningful projects should unite rather than divide, and out of respect for the people of Serbia and the City of Belgrade, we are withdrawing our application and stepping aside at this time.” Serbian finance minister Sinisa Mali: “it is obvious that the [Trump real estate] project had no bearing on recent policy decisions.”

Sources: The Guardian (Dec. 16, 2025) · The Guardian (Nov. 30, 2025) · CREW (March 2, 2026)

Albania cleared protected coast for a Kushner and Ivanka Trump resort; mass protests followed

$1.6B planned resort (private investment)

Albania’s government gave preliminary approval on Dec. 30, 2024 to a resort planned by Jared Kushner’s Affinity Partners on Sazan island and the Zvernec peninsula, a project put at 1.4 billion euros (about $1.6 billion), after parliament amended laws protecting environmentally sensitive zones. When bulldozers began clearing a protected area in 2026, daily protests spread across the country; Albania’s anti-corruption prosecutor opened an inquiry into the 2024 law changes, the European Parliament called for a halt, and a visiting lawmaker warned on July 1, 2026 that EU accession was at risk. Kushner serves as Trump’s Special Envoy for Peace; the Guardian reported no evidence that he had any role in the law change.

Their response: Asher Abehsera, chair of the development company working with Kushner’s firm: “Our focus remains on responsible stewardship, environmental enhancement, job creation, and creating long-term value for local communities.” Prime Minister Edi Rama: “It was not related to Trump but to Jared as an American investor with a great project.” Kushner, in 2024: “I never met Prime Minister Rama when I was in government. But even if I had, it’s not a conflict of interest.”

Sources: The Guardian (June 4, 2026) · The Guardian (June 22, 2026) · The Guardian (July 1, 2026) · The Guardian (June 24, 2025)

Trump made his daughter’s father-in-law, whom he had pardoned, ambassador to France

The Senate confirmed Charles Kushner, father of Trump’s son-in-law Jared Kushner, as ambassador to France and Monaco by 51 to 45 on May 19, 2025; Cory Booker was the only Democrat to vote yes. Trump had pardoned him in 2020 for federal crimes including tax evasion and witness tampering. France summoned him in August 2025 over an open letter accusing it of failing to fight antisemitism, and in February 2026 its foreign minister said he would lose access to ministers after he skipped a second summons; he then phoned the minister and the two agreed to meet. The anti-nepotism law (5 U.S.C. 3110) does not list a child’s father-in-law as a relative, and presidents of both parties routinely give about 30% of ambassadorships to political allies and donors.

Their response: US Embassy in Paris, after the February 2026 call: Kushner and Foreign Minister Jean-Noel Barrot “spoke today in a frank and amicable call, reaffirming their shared commitment to working together.” Barrot’s office said Kushner “took note, expressed his willingness not to interfere in our public debate.”

Sources: US Senate roll call vote 261, 119th Congress (May 19, 2025) · Associated Press via NPR (Feb. 24, 2026) · BBC News (Aug. 2025) · NPR (Dec. 11, 2024) · 5 U.S.C. 3110, Cornell Legal Information Institute

Tiffany Trump’s father-in-law was made the State Department’s senior adviser for Africa

Massad Boulos, whose son Michael is married to Tiffany Trump, was named senior adviser to the president on Arab and Middle Eastern affairs in December 2024, and on April 1, 2025 the State Department said he had also been appointed senior adviser for Africa. Semafor reported that made him the most senior official the administration had appointed for the continent, after three failed attempts to fill the top Africa job, and that he was heading to Congo and Rwanda with peace talks and a critical-minerals deal on the agenda. He is a businessman whose ventures in Nigeria included a trucking and heavy machinery company. The anti-nepotism law’s list of relatives does not include a child’s father-in-law.

Sources: Semafor (April 1, 2025) · NPR (Dec. 11, 2024) · 5 U.S.C. 3110, Cornell Legal Information Institute

Don Jr.’s former fiancee Kimberly Guilfoyle was confirmed as ambassador to Greece; she resigned in October 2026

Trump announced on Dec. 10, 2024 that he would nominate Kimberly Guilfoyle, a former Fox News host who chaired fundraising for his 2020 campaign and got engaged to Donald Trump Jr. in 2020, as ambassador to Greece. The Senate confirmed her on Sept. 18, 2025 by 51 to 47, in a single vote covering a block of nominees. NPR noted she followed Charles Kushner and Massad Boulos as picks with close ties to his children. She was never a legal relative, so the anti-nepotism law does not apply, and presidents of both parties have long given roughly 30% of ambassadorships to political allies. On Oct. 12, 2026 Trump said he was “looking at” firing her after Wall Street Journal reports alleging improper conduct before and during her posting, which her lawyers deny. The next day the administration asked her to leave her post, and she resigned on Oct. 13, 2026.

Their response: President-elect Trump, announcing the pick: “For many years, Kimberly has been a close friend and ally. Her extensive experience and leadership in law, media, and politics along with her sharp intellect make her supremely qualified to represent the United States, and safeguard its interests abroad.” On the October 2026 reports, her lawyers said: “Ambassador Guilfoyle has served, and will continue to serve, with integrity, honor and distinction.” Trump said: “We’re not happy.” On resigning, Guilfoyle said she would “vigorously defend” herself.

Sources: US Senate roll call vote 526, 119th Congress (Sept. 18, 2025) · NPR (Dec. 11, 2024) · Associated Press via ClickOnDetroit (Oct. 12, 2026) · PBS News / Associated Press (resignation, Oct. 13, 2026)