economy
Trump family got about $500M from crypto venture
Eric Trump and Donald Trump Jr. celebrated a deal with Alt5 Sigma that generated roughly $500 million for the Trump family. The company's shares are down 93%.
TL;DR
- AI Financial Corp., formerly Alt5 Sigma, is facing potential delisting from Nasdaq due to its stock price falling below $1.
- The company's partnership with World Liberty Financial, co-founded by Eric and Donald Trump Jr., resulted in the Trump family being entitled to roughly $500 million.
- AI Financial's stock has fallen 93% since the August deal, and the company has issued a warning about its ability to continue as a going concern.
- Questions have been raised about the company's disclosures and leadership changes, leading to calls for an SEC investigation.
- Major hedge funds and investment firms that participated in the deal have either exited their positions or are holding shares at a significant paper loss.