Profit from political power: Trump is doing it, why can't Ambani or Adani?
Donald Trump’s mix of profit and politics sets a precedent for billionaires like Ambani and Adani to seek direct political power in democracies worldwide
By Sanjay Dubey
After becoming President, Donald Trump chose the Middle East for his first official foreign visit. Held from May 13 to 16, the trip unfolded with considerable fanfare. While diplomacy and official business took place on one side, reports of the rapid expansion of Trump’s private business empire in the Middle East were also making headlines.
While Trump touted the U.S.'s multi-trillion-dollar agreements with Middle Eastern governments, media reports highlighted a parallel stream of ethically questionable financial deals — all, in one way or another, connected to him. These reports mentioned a $5.5 billion Trump-branded golf resort in Doha backed by the Qatari government, a $1 billion Trump hotel in Dubai, and several new real estate agreements involving Trump-affiliated companies in Saudi Arabia.
A company linked to the UAE royal family, MGX, struck a deal to purchase cryptocurrency worth 2 billion dollars just ahead of Trump’s visit. The cryptocurrency, called USD1, is issued by a company named World Liberty Financial. Donald Trump is one of the co-founders of this firm, and the largest stake in it is held by his family.
The key figures running the company include Eric Trump, Donald Trump Jr., Barron Trump, and Jack Witkoff. Witkoff is the son of Steven Witkoff, who serves as the Trump administration’s Middle East envoy. In other words, while senior Trump and Witkoff have been shaping America’s relations with the UAE, their children have been busy expanding their family businesses there.
Right after the Pahalgam terrorist attack, a Pakistani government body — the Pakistan Crypto Council — also signed a major agreement with World Liberty Financial. This agreement raises serious questions about the shift in Donald Trump’s behavior during the India-Pakistan conflict. Initially, Trump appeared largely indifferent, but later, he essentially ended up siding with Pakistan.
World Liberty Financial has rapidly emerged as one of the fastest-growing — and arguably the most controversial — cryptocurrency firms in the world. Reports suggest that not only do its investors reap profits, but so do the associates of the companies it chooses to invest in.