PUBLIC CITIZEN: TRUMP’S CRYPTO INVESTORS ARE $4.7 BILLION UNDERWATER — HE POCKETED $1.4 BILLION HIMSELF, RISK-FREE

Public Citizen ran the math on every crypto product carrying the Trump name, and the split is almost too clean to be an accident. Investors are $4.7 billion underwater — most of it in a memecoin that went from $73 to $2.73 while a million of the 1.6 million wallets that bought it now sit at a loss. The people who got in during the first two days took nearly all the gains; everyone who came after funded their exit. World Liberty Financial’s token cost one buyer $1.46 billion and is down 91% since. Trump Media’s 9,477 bitcoin, bought for $1 billion, are now worth $557 million on paper. Trump himself banked at least $1.4 billion, because — as the report notes — his tokens were allocated to him, not purchased, so almost none of it was ever at risk. That’s the whole difference between this and Bitcoin in one line: no cap on the supply, no cost basis, no risk for the house. Twenty-one million coins doesn’t care whose name is stamped on it. This was never Bitcoin. It was a name license with a ticker attached, and retail paid the bill.