President-elect Donald Trump took on another business venture on the eve of his inauguration over the weekend, when he announced the launch of his new cryptocurrency token.
Trump, who is set to be sworn into office as the 47th president of the U.S. on Monday, announced on Friday in a Truth Social post the launch of his new official "$TRUMP" meme coin to celebrate "WINNING." While the price of the token rose sharply soon after its launch, it saw a steep decline by Sunday.
According to Coinbase, while meme coins are cryptocurrencies often inspired by internet memes or trends, they are also typically considered risky and volatile trading assets.
"Engaging with meme coins carries risk and is something you should only attempt armed with research and experience," Coinbase states on its website.
However, meme coins have increased in visibility in recent years largely due to endorsements from high-profile individuals and the role of meme coins in digital culture, according to Coinbase.
This isn't the first time Trump has used photos of himself to sell various items. In recent years, these have included collectible digital trading cards featuring him as a superhero, $399 gold high-top sneakers, $100 "MAGADonalds" T-shirts, and $60 "God Save America" Bibles, which reportedly netted him $300,000 overall.
In September, "TRUMP Watches" were launched, with Trump asking his supporters to spend at least $499 to join "President Trump's Watch Community."
Newsweek has taken a look at Trump's current estimated net worth.
How Has Token Affected Donald Trump's Net Worth?
According to Forbes, Trump's net worth stands at a staggering $6.7 billion, as of press time. The number shows a slight dip, after Forbes reported that his net worth surged from $6.2 billion to just over $7 billion on January 13.
These numbers stand in stark contrast to the weekend, following the Friday launch of Trump's cryptocurrency token. According to Axios, Trump's crypto holdings were worth as much as $58 billion on paper as of Sunday morning.
It meant that the token accounted for a whopping 89 percent of Trump's net worth at the time. This boost saw Forbes temporarily rank Trump among the world's 25 richest people.
However, by Sunday night, things had shifted dramatically, as the value of the token suddenly plummeted later on Sunday, dropping from a $15 billion market cap to $9 billion, according to Crypto News.
As of press time, Trump stands as the 472nd richest person in the world on Forbes' list.
Space X and Tesla CEO Elon Musk, who Trump has appointed as co-lead in the newly created Department of Government Efficiency (DOGE), stands as the richest person in the world with a fortune of $433.9 billion, per Forbes.
What Assets Does Trump Have?
Much of Trump's wealth has been derived from real estate. He started off under the tutelage of his father, Fred Trump, with whom he oversaw the development of low-cost housing in New York City boroughs Brooklyn and Queens.
Over the years, the younger Trump has built up a sizable portfolio. His real estate licensing conglomerate the Trump Organization owns several residential and commercial properties around the world. Among these is his storied Mar-a-Lago members club in Palm Beach, Florida.
The incoming president's most valuable properties include New York City landmarks 40 Wall Street and Trump Tower, and Trump National Doral in Miami. He has 30 percent ownership of Chicago's Trump International Hotel and Tower, New York City's Trump Park Avenue, and San Francisco's 555 California Street.
His Trump International Golf Club brand includes a collection of golf courses across the U.S., including California, New Jersey, and Virginia. He has also golf courses in Scotland and Ireland.
Donald Trump is also the majority owner of Trump Media & Technology Group, the media and technology company that owns his Truth Social platform. The service was launched in February 2022, one year after the GOP figurehead was suspended from X, then known as Twitter. Elon Musk acquired the platform in October 2022.
Has Trump Ever Filed for Bankruptcy?
While Trump has become known for his billionaire status, a number of his companies have filed for Chapter 11 bankruptcy protection over the years.
In April 1990, the former host of The Apprentice opened his Taj Mahal casino in Atlantic City, New Jersey. In July 1991, the company filed for bankruptcy. Per The Washington Post, he also declared bankruptcy on two other casinos in the coastal gambling haven in 1992 after struggling to keep up with debts.
Also in 1992, Trump's Plaza Hotel in New York City declared bankruptcy.
According to PolitiFact, Trump Hotels and Casinos Resorts filed for bankruptcy in 2004, amid a $1.8 billion debt. The most recent of the recorded bankruptcy filings was for Trump Entertainment Resorts in 2009, following the 2008 recession.
How Much Have Trump's Legal Troubles Cost?
Trump is on course to be first ever convicted felon to be sworn in as U.S. president, after he was found guilty last May of 34 felony counts of falsifying business records.
The charges stemmed from allegations that he directed his then-lawyer, Michael Cohen, to pay $130,000 to adult film star Stormy Daniels to keep an alleged affair she had with Trump a secret ahead of the 2016 election. Trump denied all the charges.
Earlier in January, Trump received an unconditional discharge in his New York hush money case, meaning the conviction will stand without additional penalties such as jail time.
Trump is also facing 10 charges in Georgia for his alleged efforts to overturn the results of the state's 2020 election. Eighteen of his allies were indicted alongside him in the sprawling racketeering case.
The hush money trial was the only one of Trump's four criminal cases that led to a conviction. The other three—for alleged illegal interference in the 2020 election, for allegedly hiding classified documents, and for alleged election interference in Georgia—cannot go ahead while Trump is president. It is doubtful that any of them will continue after he leaves office.
In March 2024, The New York Times reported that Trump had spent north of $107 million on legal bills across his various cases.
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