Business
Trump’s Cryptocurrency Surges to Become One of the World’s Most Valuable
The Trump family’s new crypto token surged in just two days to become one of the most valuable forms of digital currency in the world, creating the potential for a multibillion-dollar payout to the family but also generating a storm of questions about the conflicts of interest the new venture creates.
President-elect Donald J. Trump announced the launch of the new token, $Trump, on Friday night as hundreds gathered for a crypto-inspired inauguration ball not far from the White House.
The venture won praise by some as a sign of how digital currencies are now going mainstream in the United States.
But economists and even some longtime crypto investors said the new digital coin, known as a memecoin, might also emerge as a landmark moment in the speculative history of crypto trading and the potential dangers it poses to the financial system. Memecoins are a type of cryptocurrency tied to an online joke or a celebrity mascot.
“If people want to gamble, I don’t really care,” said Lee Reiners, a former Federal Reserve economist who is now a lecturer for a center studying global economic markets at Duke University. “What I care about is when this crypto bubble bursts — and it will burst — it will end up impacting people across the economy even if they don’t have direct investment in crypto. And this new coin is making it worse.”
Eric Trump, one of Mr. Trump’s sons, who helped launch the token, declined to comment on Sunday.
At least on paper, the Trump tokens in the market as of Sunday late afternoon had a total trading value of nearly $13 billion, and a total of $29 billion worth of trades had taken place in just two days. That calculation is based on the nearly $64 value of each of the 200 million tokens issued, according to CoinGecko, an industry data tracker.
This suggests, as of Sunday, that Mr. Trump’s coin was the 19th most valuable form of cryptocurrency in the world, the CoinGecko tally indicated.
The Trump affiliates appear to control another 800 million tokens that, at least hypothetically, could be worth as much as $51 billion — a total that would make Mr. Trump one of the richest people in the world.
Before the coin started trading, Forbes had listed Mr. Trump’s net worth as $6.7 billion, most of that coming from Trump Media and Technology Group, another speculative venture the Trump family helped start, which runs the money-losing social media platform Truth Social.
The Trump family late on Sunday moved to add a second new crypto token, this one called $Melania, with Mr. Trump and Melania, his wife, both promoting it on Truth Social, just as Mr. Trump was about to start a rally in Washington celebrating his inauguration.
“The official Melania Meme is live!” the social media posting said.
That move then coincided with a dive in the value of Mr. Trump’s own token, dropping to as low as $41, before starting to rise again, as doubts appeared to emerge over just how valuable these new tokens would actually be. Mr. Trump did not appear to be deterred.
“Bitcoin has shattered one record after another,” Mr. Trump said at his rally, referring to another form of cryptocurrency. He added during his remarks that “these are all investments that are only being made because we won the election.”
But Mr. Trump’s newfound crypto wealth would likely vaporize if he moved to sell his trove of coins. New cryptocurrencies often shoot up in price, making traders billionaires on paper, only to collapse when the coins’ holders start selling.
That is especially true of memecoins, which are prone to rapid swings in price as their internet popularity fluctuates. Prices can also vary across platforms, making it difficult to pin down a coin’s actual value. In 2021, one of the first memecoins, a dog-based digital currency called Dogecoin, minted millionaires overnight, only to lose much of its value just as quickly.
The launch of the Trump memecoin caught many of the industry’s power brokers off guard.
When the president-elect announced the coin on Friday night, hundreds of the most influential executives in the industry were drinking cocktails and singing along to Snoop Dogg at an inauguration party in Washington dubbed the Crypto Ball. (One executive who attended the ball said he was “annoyed” that trading in the coin had begun while the industry’s leaders “weren’t paying attention,” making it difficult for them to profit.)
Nonetheless, some traders have already cashed in.
Within a minute of the coin’s launch, a crypto trader had accumulated a $1 million position, according to an analysis of public transaction data by the crypto data firm Bubblemaps, which posted its findings on social media.
The coin’s price surged, and the trader’s account soon sold off holdings worth $20 million. The analysis prompted speculation on social media about whether an insider with advance knowledge of the coin’s launch had been able to make quick profits. (Bubblemaps did not immediately respond to a request for comment.)
Conor Grogan, a director at Coinbase, one of the largest trading platforms in the United States, estimated in a social media post that as of Saturday, the Trump team had made $58 million in fees from all of the $Trump sales — even without selling its own reserve of tokens to the open marketplace.
It also appears that the Trump team may be transferring some of its tokens onto an overseas trading platform called Bybit, which is not allowed to execute trades in the United States, Mr. Grogan noted. Bybit has recently been the focus of enforcement actions by international cryptocurrency regulators.
The Trump coin’s launch immediately created new opportunities for executives, crypto traders and even major companies to curry favor with the Trump administration.
Anyone can spin up a memecoin for a few dollars, and the vast majority of the tokens are not available to buy and sell on mainstream digital currency marketplaces, which often focus on larger, more established coins. But within hours of Mr. Trump’s announcement, the crypto exchange Kraken began offering the new coin, and Coinbase, the largest exchange in the United States, said it would also list it.
Coinbase and Kraken are fighting lawsuits filed by the Securities and Exchange Commission, which conducted a wide-ranging crackdown on crypto firms during the Biden administration. The companies are among a large group of crypto firms that stand to benefit from the more relaxed approach to tech regulation that Mr. Trump promised on the campaign trail.
A onetime crypto skeptic, Mr. Trump embraced the digital currency industry last year, giving a speech at a major industry conference in which he promised to turn the United States into the “crypto capital of the planet.”
After winning the election, Mr. Trump made a series of moves that appear poised to benefit the crypto industry. He chose someone to lead the S.E.C. who has a track record of working closely with crypto companies, and tapped the venture capitalist David Sacks, a digital currency enthusiast, to oversee crypto and artificial intelligence policy for his administration.
At the Crypto Ball, Mr. Sacks announced from the stage that “the reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun,” according to a video posted on social media by Eric Trump.
The president-elect’s family was personally invested in the crypto market even before the memecoin launched. In September, he and his sons helped start a crypto business, World Liberty Financial, that also has a digital coin associated with it, WLFI.
World Liberty is not directly owned by the Trumps. But Mr. Trump is a promoter of the venture, and he receives a cut of the profits from token sales.
For the most part, the crypto industry has responded enthusiastically to Mr. Trump’s crypto ventures. But some executives expressed concern this weekend that the memecoin launch would end up hurting amateur traders.
A popular crypto podcaster called it a “gratuitous cash grab” that would be “bad for humanity.” Erik Voorhees, a prominent Bitcoin investor, wrote on social media that the memecoin was “stupid and embarrassing.”
Still the Trump family’s embrace of cryptocurrencies shows no sign of slowing down.
“It’s time to celebrate everything we stand for: WINNING!” Mr. Trump wrote on Friday as he announced the birth of the new crypto token. “Join my very special Trump Community. GET YOUR $TRUMP NOW.”
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April 18, 2026
Business
Civil case against Alec Baldwin, ‘Rust’ movie producers advances toward a trial
Nearly two years after actor Alec Baldwin was cleared of criminal charges in the “Rust” movie shooting death, a long simmering civil negligence case is inching toward a trial this fall.
On Friday, a Los Angeles Superior Court judge denied a summary judgment motion requested by the film producers Rust Movie Productions LLC, as well as actor-producer Baldwin and his firm El Dorado Pictures to dismiss the case.
During a hearing, Superior Court Judge Maurice Leiter set an Oct. 12 trial date.
The negligence suit was brought more than four years ago by Serge Svetnoy, who served as the chief lighting technician on the problem-plagued western film. Svetnoy was close friends with cinematographer Halyna Hutchins and held her in his arms as she lay dying on the floor of the New Mexico movie set. Baldwin’s firearm had discharged, launching a .45 caliber bullet, which struck and killed her.
The Bonanza Creek Ranch in Santa Fe, N.M. in 2021.
(Jae C. Hong / Associated Press)
Svetnoy was the first crew member of the ill-fated western to bring a lawsuit against the producers, alleging they were negligent in Hutchins’ October 2021 death. He maintains he has suffered trauma in the years since. In addition to negligence, his lawsuit also accuses the producers of intentional infliction of emotional distress.
Prosecutors dropped criminal charges against Baldwin, who has long maintained he was not responsible for Hutchins’ death.
“We are pleased with the Court’s decision denying the motions for summary judgment filed by Rust Movie Productions and Mr. Baldwin,” lawyers Gary Dordick and John Upton, who represent Svetnoy, said in a statement following the hearing. “He looks forward to finally having his day in court on this long-pending matter.”
The judge denied the defendants’ request to dismiss the negligence, emotional distress and punitive damages claims. One count directed at Baldwin, alleging assault, was dropped.
Svetnoy has said the bullet whizzed past his head and “narrowly missed him,” according to the gaffer’s suit.
Attorneys representing Baldwin and the producers were not immediately available for comment.
Svetnoy and Hutchins had been friends for more than five years and worked together on nine film productions. Both were immigrants from Ukraine, and they spent holidays together with their families.
On Oct. 21, 2021, he was helping prepare for an afternoon of filming in a wooden church on Bonanza Creek Ranch. Hutchins was conversing with Baldwin to set up a camera angle that Hutchins wanted to depict: a close-up image of the barrel of Baldwin’s revolver.
The day had been chaotic because Hutchins’ union camera crew had walked off the set to protest the lack of nearby housing and previous alleged safety violations with the firearms on the set.
Instead of postponing filming to resolve the labor dispute, producers pushed forward, crew members alleged.
New Mexico prosecutors prevailed in a criminal case against the armorer, Hannah Gutierrez, in March 2024. She served more than a year in a state women’s prison for her involuntary manslaughter conviction before being released last year.
Baldwin faced a similar charge, but the case against him unraveled spectacularly.
On the second day of his July 2024 trial, his criminal defense attorneys — Luke Nikas and Alex Spiro — presented evidence that prosecutors and sheriff’s deputies withheld evidence that may have helped his defense . The judge was furious, setting Baldwin free.
Variety first reported on Friday’s court action.
Business
California’s gas prices push Uber and Lyft drivers off the road
The highest gas prices in the country are making it tougher for some gig drivers to make a living.
Gas prices have shot up amid the war in the Middle East. On average, California gas prices are the most expensive in the United States, according to data from the American Automobile Assn. The average price of regular gas in California is almost $6. The national average is a little above $4.
While Uber and Lyft drivers have concocted clever ways to cut gas consumption, they say that without some relief they will be forced to leave the ride-hailing business.
John Mejia was already struggling to make money as a part-time Lyft driver when soaring gas prices made his side hustle even harder.
“Unfortunately, it’s the economics of paying less to drivers and gas prices,” he said. “It actually is pulling people out of the business.”
Guests at The Westin St. Francis hotel get into an Uber.
(Jess Lynn Goss / For The Times)
Gig work offers drivers the freedom to work for themselves and more flexibility, but being independent contractors also means they must shoulder unexpected costs.
Ride-sharing companies say they’re trying to help, but drivers say the gas relief comes with caveats. For now, drivers say they’re being pickier about what rides they accept, cutting hours and are looking at other ways to make money.
Mejia, who started driving for Lyft more than a decade ago, said in his early days, he would sometimes make $400 in three hours. Now it takes 12 hours to rake in $200.
The San Francisco Bay Area consultant is an active member of the California Gig Workers Union, so he knows he isn’t alone. California has more than 800,000 gig rideshare drivers, according to the group, which is affiliated with the Service Employees International Union.
On social media sites such as Reddit and Facebook, gig workers have posted about how the higher gas prices are eating into their earnings. Among the tricks they are suggesting: reducing the number of times the ignition is turned on or off, avoiding traffic, working in specific neighborhoods and at times with high demand and switching to electric vehicles.
Gig drivers usually have only seconds to decide whether to accept a ride on the app, but they have become more strategic about which rides and deliveries they accept.
That means they are more likely to sit back in their cars and wait for higher fares for quick pick-up and drop-off.
“I highly recommend the ‘decline and recline’ strategy, rejecting unprofitable rides until a better one appears,” wrote Sergio Avedian, a driver, in the popular blog the Rideshare Guy.
Pedestrians cross the street in front of a Lyft and Uber driver on Wednesday. High gas prices have made it hard for gig drivers to make a living, cutting into their profits.
(Jess Lynn Goss / For The Times)
Uber, Lyft and other companies have unveiled several ways to help drivers save on gas.
Uber said drivers can get up to 15% cash back through May 26 with the Uber Pro card, a business debit Mastercard for drivers and couriers. Based on a worker’s tier, they can get up to $1 off per gallon of gas through Upside — an app that offers cash rewards — and up to 21 cents off per gallon of gas with Shell Fuel Rewards. The company also offers incentives for drivers who want to switch to electric vehicles.
“We know the price of gas is top of mind for many rideshare and delivery drivers across the country right now,” Uber said in a blog post about its gas savings efforts.
Lyft also said it’s expanding gas relief through May 26 because the company knows that the extra cost “hits hardest for drivers who depend on driving for their income.”
The company is offering more cash back, depending on the driver’s tier, for drivers who use a Lyft Direct business debit card to pay for gas at eligible gas stations. They can get an additional 14 cents per gallon off through Upside.
Drivers say the fine print on the offers dictates which card they use and where they fill up gas, making it difficult for them to save money.
“If I do the math, it’s ridiculous,” Mejia said. “They’re offering us nothing.”
Uber declined to comment, but pointed to its blog post about the gas relief efforts. Lyft also referenced the blog post and said “the gas savings were structured through rewards to maximize stackable opportunities.”
Guests at The Westin St. Francis hotel get into an Uber.
(Jess Lynn Goss / For The Times)
Gig workers have struggled with rising gas prices in the past.
In 2022, Lyft and Uber temporarily added a surcharge to their fares amid record-high gas prices following Russia’s invasion of Ukraine. This year, Uber is adding a fuel charge to its fares in Australia for roughly two months to offset the high cost of gas for drivers. Lyft said it hasn’t added a fuel charge in the U.S. or elsewhere.
Margarita Penalosa, who drives full time for Uber and Lyft in Los Angeles, started as a rideshare driver in 2017. Back then, gas was cheaper. She would easily hit her goal of making $300 in eight hours. Now she’s making just $250 after working as much as 14 hours.
Gas prices, she said, used to be less than $3 per gallon. Now some gas stations are charging more than $8 per gallon.
“Take out the gas. Take out the mileage from my car and maintenance. How much [do] I really make? Probably I get $11 for an hour,” she said.
Jonathan Tipton Meyers wants to spend fewer hours as a rideshare driver.
He already juggles multiple gigs even while driving for Uber and Lyft in Los Angeles. He’s a mobile notary and loan signing agent, a writer and performer.
Driving is “a very challenging, full-time job,” he said. “It’s very taxing and, of course, wages were just continually decreasing.”
John Mejia, a longtime Lyft and Uber driver, poses for a portrait before attending a meeting about unionizing gig drivers.
(Jess Lynn Goss / For The Times)
Even if oil continues to flow through the Strait of Hormuz, which Iran reopened Friday, it could take a while for gas prices to come down to earth, said Mark Zandi, the chief economist at Moody’s Analytics.
“There’s an old adage that prices rise like a rocket and fall like a feather,” he said. “I think that’ll apply.”
In the meantime, it will be survival of the fittest drivers. If enough of them decide to leave the apps, the ride-hailing companies could be forced to raise fares further to attract some back.
“Those who approach rideshare driving strategically, tracking expenses, choosing trips carefully, and optimizing efficiency are far more likely to weather periods of high gas prices,” wrote Avedian in the Rideshare Guy blog. “For everyone else, a spike at the pump can quickly turn rideshare driving from a side hustle into a money-losing venture.”
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