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.”
Business
Disney’s ABC challenges FCC, escalating fight over free speech
Walt Disney Co.’s ABC is forcefully resisting Federal Communications Commission efforts to soften the network’s programming, accusing the federal agency of an overreach that violates 1st Amendment freedoms.
Last week, the FCC took the unusual step of calling in the licenses of eight Disney-owned television stations for early review. The move — widely interpreted as an effort to chill the network’s speech — came a day after President Trump demanded that ABC fire late-night host Jimmy Kimmel over a joke about First Lady Melania Trump.
The FCC separately has taken aim at ABC’s daytime discussion show, “The View,” which delves deeply into politics.
The FCC has questioned whether the show, which prominently features Trump critics Whoopi Goldberg and Joy Behar, could continue toclaim an exemption to rules that require broadcasters to provide equal time for opponents of political candidates.
In its response this week to the FCC, Disney’s Houston television station raised the stakes in “The View” dispute, calling the commission’s actions “unprecedented” and “beyond the Commission’s authority.” The ABC station’s petition for a declaratory ruling said “The View,” has long qualified as a “bona fide” news interview program with freedom to conduct interviews of legally qualified political candidates.
“The Commission’s actions threaten to upend decades of settled law and practice and chill critical protected speech, both with respect to The View and more broadly,” the Houston station KTRK-TV said in the filing.
The network’s firm stance sets up a clash with the Trump administration, including the president’s hand-picked FCC Chairman Brendan Carr, who has made no secret of his disdain for Kimmel and other ABC programming. Earlier this year, Carr announced that decades-old exemptions from the so-called “equal time rule,” for some programs, including “The View,” were no longer valid.
In a statement, the FCC said it would “review Disney’s assertion that ‘The View’ is a ‘bona fide news program’ and thus exempt from the political equal time rules,” according to a spokesperson.
“Decades ago, Congress passed a law that generally prohibits broadcast television programs from putting a thumb on the scale in favor of one political candidate over another,” the spokesperson said. “The equal time law encourages more speech and empowers voters to decide the outcome of elections.”
ABC’s strenuous arguments mark a turning point for the Disney-owned outlet.
In December 2024, a month after Trump was elected to a second term, the network quickly settled a lawsuit over statements made by news anchor George Stephanopoulos that Trump found offensive. ABC agreed to pay Trump $15 million to end his legal fight — sparking an outcry among free speech advocates, who accused the network of caving on a case it may have won.
But, over the past year, the network has weathered several storms, including a threat by Carr in September to punish ABC if it didn’t muzzle Kimmel for comments he made in the wake of conservative activist Charlie Kirk’s death. ABC briefly benched Kimmel to allow tensions to cool but, during the week his show was off the air, protesters loudly bashed Disney, demanding the legendary company stand up for free speech.
Thousands of consumers canceled their Disney+ and Hulu subscriptions in protest.
Protesters swarmed Hollywood Boulevard, protesting ABC’s move to bench Jimmy Kimmel in September over comments he made about the shooting of right-wing influencer Charlie Kirk.
(Genaro Molina/Los Angeles Times)
Some conservatives, including Sen. Ted Cruz (R-Texas) and commentator Ben Shapiro also criticized Carr’s handling of 1st Amendment issues.
“The days of the FCC as a paper tiger are numbered,” the FCC’s lone Democrat, Anna M. Gomez, said Friday in a statement. “What the public will remember is who complied in advance and who fought back. I’m glad Disney is choosing courage over capitulation.”
The high-profile dispute presents an early challenge for Disney Chief Executive Josh D’Amaro, who succeeded longtime chief Bob Iger in March.
ABC has asked for the full commission — a three member panel of Carr, Gomez and Commissioner Olivia Trusty, a Republican — to rule on the equal time exemption for “The View.” ABC said that, in 2002, it received a ruling from the FCC that granted the exemption, and the show’s format has not changed. “The View” is produced by ABC News.
“Some may dislike certain — or even most — of the viewpoints expressed on The View or similar shows,” the station said in its filing. “Such dislike, however, cannot justify using regulatory processes to restrict those views.”
ABC described a logistical nightmare of providing equal time for political opponents by pointing to California’s crowded primary field of gubernatorial candidates. “Affording equal time would mean accommodating over 60 legally qualified candidates, regardless of their perceived newsworthiness,” the station wrote.
The network said it makes show bookings based on newsworthiness, not partisan politics. It also noted it has invited politicians from both sides of the aisle to appear on “The View,” but some, including Vice President J.D. Vance, Health Secretary Robert F. Kennedy, Jr., Secretary of State Marco Rubio and entrepreneur Elon Musk, have declined the invitation.
The station also noted that, while the FCC has questioned the exemption for “The View,” the agency hasn’t shown interest in regulating programs on other networks, “including the many voices — conservative and liberal — on broadcast radio.” The FCC also oversees radio station licenses.
“The danger is that the government will simply decide which perspectives to regulate and which to leave undisturbed,” ABC said.
On April 28, Carr called for a review of Disney’s broadcast licenses, including for the Houston station and KABC-TV in Los Angeles, two years before any of them were set to expire. The FCC said the review was part of the agency’s year-old inquiry into Disney’s diversity, equity and inclusion policies and whether they violated federal anti-discrimination rules.
In its Thursday petition, ABC said it had fully complied with the FCC’s request for documents related to its diversity and hiring.
The company has produced more than 11,000 pages of documents to comply with the request, Disney said.
The same week that Disney sent documents to the FCC, Kimmel made a joke on his show about Melania Trump, comparing her glow to that of “an expectant widow.” On April 25, a gunman tried to breach security at the Washington Hilton, where the first couple were on stage for the White House Correspondents’ Assn. Dinner. Shots were fired outside the ballroom.
Three days later, the FCC announced it was requiring early license renewal applications for the Disney-owned stations.
Business
U.S. Targets Iran’s Missile and Drone Program With Sanctions
The United States on Friday announced a flurry of new sanctions intended to increase pressure on Iran’s economy, targeting people and companies in China and Hong Kong that have been helping the Iranian military gain access to supplies and war equipment.
The sanctions came ahead of a major summit between President Trump and China’s leader, Xi Jinping, in Beijing next week. China’s support for Iran has become a flashpoint with the Trump administration, which has been trying to compel independent Chinese refineries to stop purchasing Iranian oil.
China is Iran’s biggest buyer of oil, and the Trump administration has said that it is sponsoring terrorism by propping up the Iranian economy.
The new sanctions are aimed at Iran’s military industrial supply chain, and are intended to make it harder for Iran to secure access to the material it needs to build drones and missiles. In addition to China, the sanctions also target people and companies based in Belarus and the United Arab Emirates.
“Under President Trump’s decisive leadership, we will continue to act to keep America safe and target foreign individuals and companies providing Iran’s military with weapons for use against U.S. forces,” Treasury Secretary Scott Bessent said in a statement.
The Trump administration has been looking for ways to squeeze Iran’s economy and pressure the Iranian government to reopen the Strait of Hormuz, a conduit for the flow of global oil. Oil tankers have had sporadic access to the critical waterway since the war started earlier this year, and the United States and Iran have been fighting over who should control it.
U.S. warships that have been trying to transit the strait have been attacked by Iranian forces. The United States on Friday fired on and disabled two Iranian-flagged oil tankers as they tried to reach an Iranian port.
The Treasury Department has also imposed sanctions on the Chinese “teapot” refineries this month. The independent refineries are major purchasers of Iranian oil. But China invoked a domestic policy ordering its companies to disregard the sanctions.
Mr. Bessent said earlier this week that he expected Mr. Trump to urge Mr. Xi to use the country’s leverage over Iran to pressure it to allow oil cargo to travel.
“Let’s see if China — let’s see them step up with some diplomacy and get the Iranians to open the strait,” Mr. Bessent told Fox News on Monday.
Business
General Motors to pay $12.5 million to settle claims that it illegally sold California driver data
General Motors has agreed to pay $12.5 million dollars to settle claims that the automaker illegally sold location and driving data of hundreds of thousands of Californians, state officials said Friday.
The settlement is an example of how automakers are facing more scrutiny over allegations that they share driver data with the insurance industry, influencing how much people pay for coverage. California, though, has a law that bars insurers from using driving data to set rates.
“If we get word that a company is illegally collecting, storing or selling consumer data, we won’t hesitate to look under the hood and hold them accountable to the law,” California Atty. Gen. Rob Bonta said in a news conference.
The settlement is the largest California Consumer Privacy Act penalty in the state’s history, Bonta said.
The act gives California consumers the right to request that businesses disclose what data they collect. They can also opt out of the sharing or sale of their personal information and request that businesses delete their data.
Investigators found that from 2020 to 2024, GM sold driver data, including names, contact information, location data and driving behavior data, to data brokers Verisk Analytics Inc. and LexisNexis Risk Solutions. The data came from a driver’s use of OnStar, which is owned by GM and provides roadside assistance, navigation and other services.
GM said the agreement addresses a product called OnStar Smart Driver that the company discontinued in 2024. The product was meant to help improve people’s driving but faced privacy concerns from consumers. In 2024, GM also ended its partnership with the two data brokers and said it would enhance privacy controls.
“Vehicle connectivity is central to a modern and safe driving experience, which is why we’re committed to being clear and transparent with our customers about our practices and the choices and control they have over their information,” a GM spokesperson said in a statement.
Various district attorneys throughout the state, including in Los Angeles and San Francisco, were involved in the investigation and settlement.
Technology has been playing a bigger role in the auto industry, but the data collected from drivers can reveal personal information about people’s daily habits, including where they drop off their kids and doctor visits.
The California Privacy Protection Agency in 2023 started investigating the privacy practices of connected cars. As the state was looking into the automakers, the New York Times reported in 2024 that GM was sharing consumer driving behavior with insurance companies. Nationwide, GM reportedly made roughly $20 million from selling data to Verisk and LexisNexis.
The state’s privacy protection agency has taken action against other automakers before. Ford Motor Company was fined $375,703 in March and Honda was fined $632,500 in 2025 for privacy violations.
Under the GM settlement, which still needs court approval, the automaker would delete any driving data the company kept within 180 days and request that the two data brokers do the same. They would also stop selling driving data to consumer reporting agencies for five years and develop a privacy program that includes assessing and mitigating the risks of data collected from OnStar.
California’s settlement with GM came after the Federal Trade Commission in 2025 also took action against the automaker and OnStar for its privacy practices, barring them from disclosing location and driver behavior data to consumer reporting agencies for five years.
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