Trump’s Political Career Crashed Last Night. So Did His Crypto.
The Trumps have enjoyed a highly lucrative two years, riding a wave of crypto deals and other business enterprises into billions of dollars in new wealth. But around 7:10 p.m. ET Tuesday night—as some of the early election results were just beginning to stream in—the first family’s fortunes changed. That’s when markets started turning against […]
The Trump family's recent financial success, stemming from various cryptocurrency and business ventures, came to a dramatic halt around 7:10 p.m. ET on Tuesday night. As early election results began to trickle in, the first family's wealth began to wane. The decline started with the $TRUMP meme coin, a creation of the president himself, which had seen a significant drop in value after peaking at $74.
The token, once valued at $74, had plummeted to as low as $1.23 by Wednesday afternoon, marking a decline of over 20 percent in less than a day. Similarly, the WLFI token, issued by the Trumps' decentralized finance company, World Liberty Financial, experienced a sharp decline from 5.1 cents to 4.7 cents during the same period. Additionally, shares in Trump Media & Technology Group, the parent company of Trump's Truth Social platform, took a nosedive following after-hours trading, closing at a record low of $4.60.
These financial setbacks may be attributed to the changing political landscape, with the sudden possibility of Democratic control in Congress and the potential for increased scrutiny via subpoena power. The rebuke voters delivered to Trump last night has made him and his businesses less attractive investments, potentially discouraging those who sought to gain access through investments in Trump-linked assets.
Written by urgent.news from Mother Jones's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
