(Bloomberg) – The pitch was straightforward: Invest in the cryptocurrency venture of Donald Trump and his family, back the industry’s most powerful ally at the peak of their influence, and share the spoils.
What is unfolding has no precedent in American financial life. A sitting president’s family holds financial stakes in a live token project — one setting governance rules, directing treasury sales, collecting proceeds — while the people who signed up find themselves with limited options to exit.
Hey, one of his schemes didn’t go bankrupt for once. I guess that’s progress?
Iirc, people who bought in weren’t allowed to sell for ?2 years?, which made it such an obvious con job. Obviously, there’s some MAGA who bought in - possibly high in number, but not very much money held by them. But my personal suspicion is that the biggest purchases were from billionaires, millionaires, and corporations who wanted to launder their bribes.
I’d imagine there are several rubes that managed to go bankrupt after getting fleeced by this scheme though.