In a new interview, Donald Trump provided contradictory answers about his profits from the TRUMP meme coin, despite his affiliated entities owning 80% of the supply, amid his renewed commitment to supporting crypto and attacking China's influence in the sector.
U.S. President Donald Trump gave contradictory answers about whether he made profits from the meme coin he launched in January, just days before returning to the White House.
In an extended interview with journalist Kristen Welker on the Meet the Press program on NBC News, published on May 4, Trump said:
"I do not make profits from anything," in response to critics who accused him of exploiting his presidential position for gains from cryptocurrency.
When Wilker asked him:
"Are you saying that you don't make profits from cryptocurrency at all?"
Trump replied:
"I haven't even looked at it."
He then added:
"But I'll tell you something, if I own shares in a company and my business is successful, and the market goes up, I think I'm making a profit."
Trump meme coin
Trump launched his meme coin (TRUMP) on January 17, which peaked at $73.43 two days later, on the day before his official inauguration on January 20, according to CoinGecko data.
But the price of the coin began to decline since its launch, before recording a rise at the end of last month after the official site of the coin announced an opportunity for its largest holders to have dinner with Trump on May 22.
Currently, the coin is trading at $11.35, which is a decline of about 85% from its peak.
It seems that Trump was not aware of this recent increase, as he kept asking during the interview about the current price of the coin.
Documents show that two companies owned or affiliated with Trump - CIC Digital LLC (part of the Trump Organization) and Fight Fight Fight LLC (which shares ownership with CIC Digital) - own 80% of the total supply of the coin, which amounts to one billion units.
It is noted that most of these coins are locked, and will be gradually released until 2028. The first batch was already launched on April 18, where CIC Digital obtained 40 million tokens worth $454 million.