U.S. President Donald Trump added more than 3 trillion won to his fortune within a year of returning to office, prompting a stream of criticism that he is effectively pursuing private gain through his own policies. Moreover, not only the president himself but his family and close aides are relentlessly involving themselves in national projects and making money without hesitation, keeping controversy over moral hazard alive. Above all, the greater problem emerging is that trust in global financial markets is eroding due to Trump's conduct in treating the running of the state like a family business. Some argue that the United States should revise a regulatory framework that exempts the president from conflict-of-interest laws and leaves the matter to conscience, but this is seen as a measure unlikely to materialize anytime soon.
Trump earned 3.4 trillion won last year alone through cryptocurrency and other means... bought 327 blue-chip stocks just before pausing reciprocal tariffs
On the 3rd (local time), the U.S. online outlet Axios reported that if the Democratic Party becomes the majority in the November 3 midterm elections, it will intensively attack Trump's wealth issues and accelerate impeachment attempts. Axios said the Democrats are preparing an adversarial investigation targeting administration insiders regarding Trump's accumulation of wealth. The outlet forecast that if the Democrats seize the House in the midterms, they will issue a series of subpoenas demanding congressional testimony from figures around Trump. Those named as potential subpoena targets included Trump's eldest son and Trump Organization Executive Vice President Donald Trump Jr., his second son and Trump Organization Executive Vice President Eric Trump, Commerce Secretary Howard Lutnick and his two sons, and Trump's eldest son-in-law Jared Kushner. Axios said, "The Democrats' strategy is to use Trump's profits as part of the public debate over the cost of living," and predicted that "the Democrats will argue that Washington works only for a connected few, while everyone else pays the price."
Indeed, according to U.S. media on the 1st, Trump submitted a financial disclosure report to the U.S. Office of Government Ethics (OGE) that day, declaring that he earned more than $2.2 billion (about 3.42 trillion won) last year alone. That was $1.6 billion more than the roughly $600 million he declared in 2024, just before his return to office.
Revenue from cryptocurrency-related businesses accounted for the largest portion of the wealth increase. Last year, Trump earned $588 million through the family-owned cryptocurrency firm "World Liberty Financial," $636 million through his own meme coin (a coin whose value is based on online popularity without any particular technical purpose) "$Trump," and $197 million through the sale of his stake in stablecoin (value-stable digital asset) holding company Holdco. Trump has accelerated the easing of cryptocurrency regulations since early in his term, including signing the so-called GENIUS Act in July last year, which brings stablecoins into the regulated system.
In particular, Trump made a bulk purchase of 327 blue-chip stocks through his investment account a day before announcing the pause on reciprocal tariffs in April. This raised controversy over whether he had used the market-boosting decision to delay tariffs as undisclosed information for his own benefit. The U.S. federal ethics law enacted in 1978 does not impose on the president a mandatory provision requiring "the disposal of assets that could create a conflict of interest." Even without a separate provision, past U.S. presidents voluntarily disposed of or placed in a blind trust assets that could pose conflicts of interest. Trump is the first leader since the law's enactment not to follow this tradition.
Nevertheless, Treasury Secretary Scott Bessent said of Trump's cryptocurrency profits on CBS on the 2nd, "I don't think there's a problem on the surface." Bessent argued, "Trump is carrying out an innovative presidency," and "Whether it's digital assets, artificial intelligence (AI), or everything happening in the tech ecosystem, all Americans are benefiting from it."
First leader not to place conflict-of-interest assets in a blind trust... repeated 'buying stock and promoting the company on social media' dozens of times
Suspicions of self-dealing surrounding Trump do not end there. On the 16th, CNN reported that in 44 instances involving 21 companies last year alone, Trump favorably mentioned a company, its executives, or its products on the social network service Truth Social within a week of buying its stock. This was the result of CNN reporters using AI to analyze the stock transaction records contained in Trump's financial disclosures and his Truth Social posts.
A representative example was Nvidia, the world's largest company by market capitalization. On April 15 last year, Trump referred to Nvidia's plan to build an AI supercomputer in the U.S. and said, "All necessary permits will be processed and issued swiftly." This came just days after Trump had bought $200,000 to $500,000 worth of Nvidia stock.
In March of the same year, he bought $17,000 worth of Tesla stock and, days later, posted a video on Truth Social of himself examining vehicles including the Cybertruck with CEO Elon Musk at the White House. Even during last summer, when there were rumors of a rift with Musk, Trump continued to buy the company's stock while hinting at cutting government subsidies to Tesla and the possibility of deporting Musk. On July 23 last year, after buying $500,000 to $1 million worth of Tesla stock, he stated the following day that he had no intention of cutting subsidies to Tesla. At the time, Trump posted on Truth Social, "I wish Musk and all companies in the U.S. to prosper," hinting that the conflict between the two men had been resolved.
Trump also bought stock in GE Aerospace, Eli Lilly, and Apple, and mentioned all three companies at once two days later. When an American Eagle jeans advertisement featuring actress Sydney Sweeney became controversial, he bought the company's stock and then wrote on social media, "The jeans are selling like hotcakes." In January last year, just before his return to office, Trump also announced on Truth Social on the very day he bought U.S. Steel stock, "The tariff measures I am planning will make U.S. Steel a more valuable company." Just before referring to the F-22 Raptor fighter jet as "the greatest, most beautiful fighter of all time," Trump bought stock in RTX, Boeing, and Northrop Grumman, which were involved in producing the model, while selling the stock of Lockheed Martin, its main manufacturer.
There were also 17 instances involving eight companies in which he attacked a company after buying its stock. After buying stock in the broadcasting and telecommunications company Comcast, Trump criticized the company and its affiliated channels NBC and MSNBC. He also criticized Microsoft (MS) for hiring a figure from the former Joe Biden administration after buying the company's stock.
Of course, there is no definitive proof that Trump used his fame and power to boost stock prices. White House spokesperson Anna Kelly also denied the suspicions, saying, "Trump's assets are held in a fully discretionary account managed by an independent third-party financial institution." CNN, which analyzed Trump's trading patterns, also stated, "There is no evidence that Trump posted about specific companies to raise the value of his own assets."
Trump's sons and son-in-law reap huge profits from Middle East businesses... Lutnick's sons also strike it rich in mineral business
Suspicions of Trump's self-dealing do not stop at his own affairs. Truth Social, which is cited as a channel for boosting stock prices, has seen its value soar since last year simply because Trump favors it. Truth Social's parent company, Trump Media, is a firm in which a trust owned by Executive Vice President Trump Jr. holds a 50.09% stake. Furthermore, companies invested in by 1789 Capital, a venture capital firm where Trump Jr. is a partner, recently signed contracts worth hundreds of millions of dollars with the U.S. Department of Defense, sparking conflict-of-interest controversy. Backed by Trump's deregulation, Executive Vice President Trump Jr. and Executive Vice President Eric also earned large profits from the cryptocurrency business. Trump Jr. is also significantly expanding into overseas real estate businesses in partnership with Middle Eastern capital.
Jared Kushner, Trump's eldest son-in-law, who handles Middle East diplomacy [BODY]
Steve Witkoff, the presidential special envoy to the Middle East, is also suspected of focusing more on expanding his own business than on securing national interests. Both are Jewish former real estate developers with little diplomatic experience. Despite failing to display real diplomatic skill during last year's Gaza crisis and this year's phase of war with Iran, both men have held firmly onto their posts.
According to Bloomberg, the assets of Affinity Partners, the private equity firm where Kushner serves as founder and CEO, grew by about 30% last year alone. Sovereign wealth funds from Gulf states hostile to Iran—Saudi Arabia, the United Arab Emirates (UAE) and Qatar—are listed as major investors in the firm. This is why critics say he is preoccupied with securing business opportunities rather than achieving diplomatic results, using the Middle East conflict as a pretext.
On the 28th of last month, The New York Times (NYT) revealed that the sons of President Trump and Secretary Lutnick were deeply involved in a tungsten mine development project in Kazakhstan that was pursued under the pretext of national security. According to the NYT, when Secretary Lutnick met Kazakh President Kassym-Jomart Tokayev at New York's St. Regis Hotel in September last year, President Trump joined the meeting by phone. He then helped seal the deal so that the U.S. company Cove Kaz Resources could secure the tungsten mining rights. Tungsten is a key strategic mineral used in missile warheads, fighter jets and semiconductor production. In the process, Dominari Securities—an investment firm in which Vice Chairman Trump Jr. and Vice President Eric Trump hold stakes—acquired a 20% stake in a company related to the project just before the deal.
Around the same time, Cantor Fitzgerald, the financial firm run by Secretary Lutnick's sons, is reported to have raised $210 million (about 320 billion won) for a partner firm involved in the deal and received a substantial fee. The Trump administration pre-approved up to $1.6 billion (about 2.47 trillion won) in federal financial support for the project through the U.S. Export-Import Bank and other channels.
The NYT further warned that the Kazakhstan case may be just the tip of the iceberg. According to federal government data, at least 14 mineral-related companies connected through financial ties to the families of President Trump or Secretary Lutnick have received government support or are awaiting Commerce Department approvals. The scale of federal funds already committed to or under consideration for investment in these companies exceeded $8.9 billion (about 14 trillion won).
Speechwriter Bets in Prediction Markets... Trillions in Political Donations Including From Korean Firms
According to ABC and CNN on the 16th, even Gabriel Perez, deputy assistant to the president and technology adviser who handles Trump's speech drafts, made large sums of money using nonpublic government information on the U.S. prediction market "Kalshi." According to the outlets, Deputy Assistant Perez placed bets in "mention markets," which predict what words or phrases prominent figures, including President Trump, will use publicly. Perez is one of a small number of people who can see the final versions of Trump's speeches, which are revised repeatedly until the last minute. Perez's annual salary of $175,000 (about 250 million won) is also on the higher end at the White House. Nevertheless, he is accused of exploiting his position of advance knowledge of the president's speech content to win nearly $100,000 (about 150 million won) on Kalshi.
ABC reported that Perez is attempting to reach a settlement with the U.S. Commodity Futures Trading Commission (CFTC), which is investigating the insider trading allegations, on the condition of returning the proceeds. Federal prosecutors in Manhattan, New York, also decided not to file criminal charges against him. White House press secretary Karoline Leavitt explained at a briefing that day that President Trump had placed Perez on unpaid leave. In April, an active-duty U.S. service member was arrested on charges of earning about $400,000 on Polymarket using information about an operation to oust former Venezuelan President Nicolás Maduro.
Moreover, the Trump family is embroiled in all manner of noise not only over stocks, corporate stakes, cryptocurrency and gambling sites, but also over various lobbying funds and political donations delivered through opaque channels. On the 14th, the NYT reported that a Korean company engaged in a trade dispute with the U.S. government paid $2 million (about 3 billion won) to the Trump Organization, President Trump's holding company. The reason for the payment was part of a "letter of intent" and a "nonrefundable development fee."
According to the report, the company is an affiliate of the Base Group, led by Chairman Kim Sung-jip, who has built a decade-long personal relationship with the Trump family. The Base Group runs wine and golf course businesses with the Trump family through its distribution affiliate Keumyang International and construction affiliate Camus E&C (013700). Keumyang International imports and sells wine produced at the Trump Winery in Virginia. After attending Trump's inauguration in January last year, Chairman Kim met Vice President Eric Trump at the Trump National Doral Golf Club in Florida in the spring of that year. In February, he also invited Vice President Eric Trump to the Base Group's Seoul headquarters.
The trade dispute the NYT raised concerns a case in which Korea Aluminum, a subsidiary of Camus E&C, is under investigation by the U.S. Commerce Department. Korea Aluminum sells aluminum products used in prescription drug packaging and ice cream cone containers, and is suspected of rerouting Chinese-made products to the United States. According to the NYT, the Base Group's position is that the $2 million given to President Trump is related to a not-yet-announced golf course business unrelated to the investigation.
Coupang, which has recently been portrayed as a case of "suppression of an American company" and placed at the center of the Korea-U.S. trade dispute, also appears to be actively lobbying the White House. According to data released by the U.S. Senate on the 15th, Coupang paid $250,000 (about 370 million won) to the lobbying firm Ballard Partners in the second quarter of this year. The lobbying targets included the White House, the federal House of Representatives and the U.S. Trade Representative (USTR). President Trump was confirmed to have traded shares of Coupang Inc., the parent company of Korea's Coupang listed on the New York Stock Exchange, 18 times between October last year and May this year.
The U.S. President Is Exempt From Conflict-of-Interest Law... Democrats Signal Focus on Wealth Issues After Midterms
Along with this, The Wall Street Journal (WSJ) pointed out on the 16th that Trump has conducted fundraising on an unprecedented scale during his second term, amassing money in organizations and institutions controlled by himself and his associates. According to the WSJ, donations and various contributions that flowed to Trump-related organizations since the 2024 U.S. presidential election total at least $781.95 million (about 1.15 trillion won). The WSJ estimated that the actual amount raised is likely far larger, as many organizations do not fully disclose their donor lists. The largest organization was the super PAC "MAGA (Make America Great Again) Inc." The group raised $393 million after the November 2024 election and still had $382 million left as of the end of May this year. Tobacco company Reynolds donated a total of $8 million, of which $5 million came ahead of a decision to ease regulations on flavored e-cigarettes. Foris DAX, the parent company of Crypto.com, donated $35 million to advance legislation institutionalizing cryptocurrency.
The second-largest organization was the "Trump-Vance Inaugural Committee," set up for Trump's inauguration, which raised a total of $241 million. More than 130 donors gave over $1 million each, with the largest donors including poultry company Pilgrim's Pride and cryptocurrency firm Ripple.
The "Trump Library Foundation," chaired by Vice President Eric Trump, also raised more than $103 million. Three companies—ABC, Facebook parent Meta and Paramount—donated funds to this foundation, rather than to the Treasury or a third-party institution, as part of settlements of lawsuits against Trump. Japan's SoftBank is also reported to have donated $50 million to the foundation earlier this year.
The "National Mall Trust," a nonprofit foundation launched to preserve the National Mall, a historic site in Washington, D.C., was used as a conduit for private donations to build a White House ballroom. Meta, cryptocurrency exchange Coinbase and defense contractor Palantir donated, and the donors have won more than $50 billion in government contracts in recent months. [BODY]
The atomic firms were invited to a private dinner with Trump last October. Google's YouTube agreed to pay $22 million to the trust as a settlement for a lawsuit filed by President Trump, and Lockheed Martin contributed about $5 million to build a helicopter landing pad at the White House.
After Dell CEO Michael Dell—head of the world's largest PC maker—and his wife, Susan Dell, chair of the Michael and Susan Dell Foundation, donated $6.25 billion (about 9.37 trillion won) to the so-called "Trump savings account" program at the White House in Washington, D.C., on December 2 last year, President Trump bought the company's stock in four separate purchases totaling $1.03 million to $5.11 million between February 10 and March this year. On February 19, nine days after he began buying the stock, Trump urged supporters at a campaign event in Georgia to "buy Dell, which makes phenomenal products." At a "Mother's Day" event held at the White House on May 8, Trump also called on people to "go out and buy the really great Dell." That day, Dell's share price surged 13.11% on that comment alone. On May 27, even the U.S. Defense Department stepped in, signing a contract with Dell worth $9.7 billion (about 14.6 trillion won). What appeared to be a simple act of goodwill has become a textbook case of collusion between business and government.
The U.S. Congress has made sporadic moves since last year to enact laws restricting the president's stock trading, but these attempts have effectively failed. Unlike in Korea, critical sentiment toward wealth accumulation by the elite differs, causing the drive to lose momentum. With stock market volatility already greater than ever amid the Middle East war, debate over peaking AI-related share prices, and the possibility of rate hikes, Trump's self-interested moves could become a significant variable in the market. Given that considerable suspicion already surrounds Trump's Truth Social posts—typically uploaded around the close of the New York stock market—that he "makes remarks to profit right after buying or selling stock," it means investor distrust in the honesty of U.S. policy could also grow.
※ "Trump Stocker" is a column delivering on-the-ground stories and issue analyses on U.S. markets, companies, policy, politics, and diplomacy that may aid investment in the era of President Donald Trump. Subscribe to receive useful news from the United States.
