As he assumes the presidency for a second time, Donald Trump brings with him a broad expanse of business relationships and financial entanglements — and the possibility that those associations could influence his decision-making in the White House.
Trump’s team dismisses such concerns. “President Trump removed himself from his multibillion-dollar real estate empire to run for office and forewent his government salary, becoming the first President to actually lose net worth while serving in the White House,” Trump spokesperson Karoline Leavitt said in a statement. “Unlike most politicians, President Trump didn’t get into politics for profit — he’s fighting because he loves the people of this country and wants to make America great again.”
But questions remain. Here’s a look at the various connections and potential conflicts in Trump’s second administration.
Launched in 2021, Winning Team Publishing is run by Donald Trump Jr. and Sergio Gor, a Trump adviser selected by the president-elect to run the White House personnel office. Gor also led the pro-Trump super PAC Right for America.
Trump has earned at least $11.6 million in royalties over the last two years from two of his books produced by Winning Team, according to financial disclosure statements filed with the U.S. Office of Government Ethics.
“Letters to Trump” is an anthology of correspondence from celebrities and politicians written to him over the years. “Our Journey Together” features hundreds of photos from his first presidential term with captions “handpicked” by Trump. Another coffee table book, “Save America,” features reminiscences from Trump’s presidential campaigns and term in office, as well as a lengthy reflection about his brush with death during a July assassination attempt during a rally in Pennsylvania.
Campaign finance records show Trump’s political fundraising committees have paid Winning Team Publishing more than $242,000 for unspecified books and printing services.
The company also publishes titles written by Trump’s staunchest supporters, including GOP Rep. Marjorie Taylor Greene of Georgia, Fox News host Jeanine Pirro and conservative provocateur Charlie Kirk.
Trump’s name and image are branded on a dizzying array of merchandise that he promotes and profits from through licensing agreements, including Bibles, diamond-encrusted watches, gold-colored sneakers and guitars that cost as much as $10,000.
Thousands of copies of the “God Bless the USA” Bible Trump sells were printed in China, a country he has repeatedly accused of stealing American jobs and engaging in unfair trade practices. As president, Trump would be able to exempt Bibles and other religious texts from hefty tariffs he’s threatened to impose on imported Chinese products.
Trump’s endorsement of a line of guitars led to a “cease and desist” letter from Nashville-based Gibson Guitars. A company representative said in a brief statement the design of the Trump guitars infringes upon Gibson’s exclusive trademarks, particularly the body shape of the company’s iconic Les Paul model.
Judgments of more than half a billion dollars from civil lawsuits hang over Trump and will be more difficult to avoid than the criminal cases brought by the federal government and then abandoned after his election in November.
A New York judge ordered Trump and his companies earlier this year to pay more than $450 million after ruling he had manipulated his net worth in financial statements to secure favorable loans. That penalty came shortly after Trump was ordered to pay $83.3 million to the writer E. Jean Carroll for damaging her reputation after she accused him of sexual assault. A separate jury awarded Carroll $5 million from Trump for sexual abuse and defamation.
Trump has appealed the rulings in the fraud case and one of the Carroll cases. His latest financial disclosure list more than $101 million in liabilities stemming from the two cases.
As president, Trump can’t pardon himself for penalties imposed in civil cases unrelated to his official government duties, said Richard Briffault, a professor at Columbia Law School in New York. And because the trials have already occurred, he’ll have difficulty arguing the cases are an undue burden on his time.
The constellation of high-end golf resorts Trump owns or manages generated hundreds of millions of dollars for him in 2024 and may pull in even greater sums once he’s back in the Oval Office.
Trump’s financial disclosure reported close to $267 million in “golf-related” income, with another $161 million in combined “golf and hotel” proceeds from his Doral golf club in Miami.
During his first term, Trump frequently promoted his golf courses and routinely played at them with a large, taxpayer-funded entourage in tow, leading to criticism that he was using the power of the presidency to enrich himself. Trump pushed to host the international Group of Seven summit at the Doral property in 2019. But he dropped the plan amid accusations he would violate the emoluments clause of the Constitution that bans presidents from receiving gifts or payments from foreign governments.
The golf courses may also attract foreign officials and special interest groups hoping to gain access and curry favor by spending large sums at Trump properties.
Since the start of Trump’s first term in office, the cost to join his private Mar-a-Lago resort in Palm Beach, Florida, has soared to $1 million, allowing wealthy people to mix pleasure with politics and government business during his frequent visits to the club.
While Trump collects income from Mar-a-Lago — $111 million over the last two years — he’s been accused of charging the U.S. Secret Service “exorbitant” room rates of more than $800 per night for agents assigned to protect him when he traveled there and to other Trump family properties.
Who Trump meets with while at Mar-a-Lago and what he discusses are largely hidden from public view. The Secret Service has no electronic systems to screen or monitor presidential visitors to the estate, according to a 2020 federal appeals court ruling.
Trump launched his social media platform, Truth Social, in early 2022, after he was banned from major sites such as Facebook and the platform formerly known as Twitter following the Jan. 6 attack on the U.S. Capitol.
While he’s since been reinstated to both, Trump has often used Truth Social for more personal commentary, leaving traffic on X and other platforms for more formal statements and pronouncements. The company hasn’t disclosed how many users it has, so it’s hard to know how broad Trump’s reach there is.
But what is clear is that Trump is the primary player in Trump Media & Technology Group, which started trading on the NASDAQ stock market in March. The incoming president has a majority stake in the company, and said shortly after his general election win that he had “NO INTENTION OF SELLING” his shares, which have significantly boosted Trump’s net worth, and at that time were valued at around $3.5 billion.
Trump has promised to make America the “crypto capital of the planet” as he returns to the White House, a promise that would likely pay off for him personally.
Amidst the 2024 campaign, Trump launched a new venture to trade cryptocurrencies that he has promoted on the same social media accounts he used for his campaign. His two eldest sons, Donald Jr. and Eric, have also posted about their new platform, called World Liberty Financial, as has his daughter-in-law, Lara Trump, who is married to Eric and also serves as co-chair of the Republican National Committee.
The new moneymaking venture could explode in value if Trump pushes through legislative and regulatory changes long sought by crypto advocates.
During his first term, Trump said he was “not a fan” of cryptocurrency but he has since taken a more favorable view — from announcing in May that the campaign would begin accepting donations in cryptocurrency to attending a Bitcoin conference in Nashville, promising to make the U.S. the “crypto capital of the planet” and create a Bitcoin “strategic reserve” using the currency that the government currently holds.
Several of Trump’s cabinet nominees, including Commerce Secretary nominee Howard Lutnick and Trump’s pick for the Securities and Exchange Commission, Paul Atkins, have substantial cryptocurrency investments.
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