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Time of India
12-07-2025
- Business
- Time of India
As Truth Social business struggles, Trump Media goes big on crypto
Trump has no official position at Trump Media and does not advise it on corporate policy. But he is the company's largest shareholder, and he and his family have become big crypto boosters over the past year. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Donald Trump has reinvented himself many times over, going from real estate developer to TV personality to world his social media company, Trump Media & Technology Group, which is the parent of the president's Truth Social site, is undergoing its own metamorphosis, becoming a major player in the crypto just the past few months, Trump Media has raised $2.5 billion in cash to invest in bitcoin and is working to bring crypto-related exchange traded funds, or ETFs, to has no official position at Trump Media and does not advise it on corporate policy. But he is the company's largest shareholder, and he and his family have become big crypto boosters over the past pivot to crypto highlights the reality of one of the president's highest-profile business interests. Truth Social may serve as Trump's online megaphone, which he uses to attack his enemies, praise his allies and announce executive orders, tariffs and ceasefires. But the 3-year-old social media platform has struggled to generate advertising has made Trump Media, which went public in March 2024, a consistently money-losing company, and its stock has been shedding value since its debut. This year, shares of Trump Media are down 43%.In June, Truth Social had a bit of a moment. Trump amassed more than 10 million followers. And the platform saw a big surge in daily visitors, according to Similarweb, a digital market intelligence Truth Social is still small compared with X, the social platform owned by Elon Musk, Trump's billionaire 80% of the traffic last month to Truth Social's website was to view the comments from the president, according to is one reason Trump Media has struggled to expand its user base and attract advertisers beyond those selling products geared to Trump's base. The Florida-based company with just 29 employees has also never made a big commitment to selling ads and has just a few people on staff charged with that Media incurred a $31 million net loss in the first quarter of this year and has yet to post a profit since going Devine, a Trump Media spokesperson, said, "The New York Times, in a typical partisan and brainless hit piece that reads like it was written by an AI chatbot, fails to note that Trump Media is rigorously fulfilling our plan: build up our core infrastructure, then expand throughout the patriot economy -- while amassing around $3 billion in liquid assets."The company's move into bitcoin has been fast and April, Trump Media entered into a four-year partnership with a Singaporean-based cryptocurrency exchange, to launch at least three ETFs, which are slated to trade on the New York Stock ETF is an investment fund that invests in a particular asset -- stocks, bonds, gold or crypto -- and trades like a stock. New ETFs normally need to be approved by the Securities and Exchange year's end, investors may be able to buy and sell shares of Truth Social Bitcoin ETF and Truth Social Bitcoin Ethereum ETF. (Ethereum is the platform behind the second-most-popular digital asset after bitcoin.) On Tuesday, the company filed for a blended crypto ETF called Truth Social Crypto Blue Chip ETF, which will invest in five different crypto Media is just licensing the Truth Social name to promote the securities, according to a company regulatory filing. The filing does not disclose any information about financial remuneration to Trump filing also says any marketing information for the ETFs will carry a disclaimer that says Trump Media does not take a position "regarding the advisability of investing in this fund."Trump Media will be competing with about a dozen other bitcoin-focused ETFs, including one sponsored by iShares, a division of BlackRock, the world's largest asset management firm."My guess is they look to compete based on the Trump name," said Bryan Armour, the director of ETF research with Morningstar, an investment research firm. "There's not much to distinguish them."In May, Trump Media said it had raised $2.5 billion to invest in bitcoin by selling stocks and bonds to dozens of hedge funds and the Wall Street trading firm Jane Street Capital. The deal could eventually make Trump Media the fourth-largest public company to hold bitcoin in the world."Trump's connections have likely played a critical role in securing such significant funding," said Vetle Lunde , the head of research for K33, a crypto firm. "This development further entangles Trump's financial interests with the crypto sector."Trump has drawn criticism over his family's deepening involvement with the crypto industry and the light-touch regulatory approach to digital assets adopted by his administration. One of his first steps as president was to signal his strong support for crypto and to rein in the companies donated nearly $18 million to Trump's inaugural committee. The corporate parent of for instance, gave $1 million to the inaugural in March, said the SEC had notified it that an investigation into the platform's activities had been closed. In all, the SEC has dismissed or closed about a dozen matters involving crypto companies since Trump was sworn into representatives did not return requests for comment."The concern you come back to with all Trump products are whether they are being used as a way to curry favor with the administration," said Hilary Allena professor of law at the American University Washington College of Law who has specialized in crypto 115 million shares are worth about $2 billion -- though at the stock's peak his stake was worth nearly $6 billion. Trump's shares are held in a trust managed by his eldest son, Donald Trump Jr., who is a Trump Media board member and crypto proponent himself."President Trump's assets are in a trust managed by his children," said Anna Kelly, a White House spokesperson. "There are no conflicts of interest."Some individual investors in Trump Media and regular Truth Social users are open to seeing if the shift to crypto Nedohin, a part-time pastor who has been one of Trump Media's biggest proponents, said he had personal and religious objections to crypto, which he said had a "scammy culture." But he recognizes the company needs to do something to make money and enable Truth Social to survive."Social media is not actually a profitable business," said Nedohin, who started a popular message board on Truth Social that was focused on the company's prospects. "This administration is extremely pro-cryptocurrency, and thus bitcoin is likely to rise significantly during President Trump's term."Greg Bowden, a supporter of Trump and a day trader, said he had bought and sold Trump Media shares on and off over the past year. He said he had last sold Trump Media shares around the time of Trump's inauguration, but would look to get back into it when it gets over $17. It's currently trading around $ said moving into bitcoin made sense strategically for Trump Media, given the growing popularity of some investors in Trump Media are buying in as a show of support for the president, Bowden has no illusions about Trump's ultimate goals when it comes to all of his business ventures."Trump's in it for the money," he said.
Time of India
09-07-2025
- Business
- Time of India
Cryptocurrency boom: Dubai Emirates adopts cryptocurrencies payments, Donald Trump company goes big on crypto
Cryptocurrency getting major acceptance from the mainstream industry players. Dubai's Emirates has signed a preliminary deal with that will allow its customers to make payments through the crypto trading platform's payment service, the Gulf carrier's parent company said in a statement on Wednesday. Donald Trump's social media company, Trump Media & Technology Group, which is the parent of the president's Truth Social site, is undergoing its own metamorphosis, becoming a major player in the crypto industry. Dubai Emirates Crypto The United Arab Emirates has been emerging as a key hub for crypto companies in recent years, with several setting up shop or seeking to expand, and has enabled payments via cryptocurrencies in areas like real estate, school fees and transportation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo In Dubai, which set up watchdog VARA in 2022 to regulate the emerging virtual asset sector, one of the city's largest free zones, the DMCC, hosts more than 650 crypto firms. Other airlines have in recent years adopted cryptocurrencies as payment options. In the Gulf, Dubai-listed Air Arabia said in May it would accept UAE dirham-backed stablecoin AE Coin for flight bookings. Live Events "The partnership, which is expected to come into effect next year, is aimed at tapping into "younger, tech-savvy customer segments who prefer digital currencies", Adnan Kazim, Emirates' deputy president and chief commercial officer, said in a statement. Trump Company and Cryptocurrency In just the past few months, Trump Media has raised $2.5 billion in cash to invest in bitcoin and is working to bring crypto-related exchange traded funds, or ETFs, to market. The company's move into bitcoin has been fast and furious. In April, Trump Media entered into a four-year partnership with a Singaporean-based cryptocurrency exchange, to launch at least three ETFs, which are slated to trade on the New York Stock Exchange. An ETF is an investment fund that invests in a particular asset -- stocks, bonds, gold or crypto -- and trades like a stock. New ETFs normally need to be approved by the Securities and Exchange Commission. By year's end, investors may be able to buy and sell shares of Truth Social Bitcoin ETF and Truth Social Bitcoin Ethereum ETF. (Ethereum is the platform behind the second-most-popular digital asset after bitcoin.) On Tuesday, the company filed for a blended crypto ETF called Truth Social Crypto Blue Chip ETF, which will invest in five different crypto currencies. President Donald Trump has no official position at Trump Media and does not advise it on corporate policy. But he is the company's largest shareholder, and he and his family have become big crypto boosters over the past year. FAQs Q1. What is ETF? A1. An ETF is an investment fund that invests in a particular asset -- stocks, bonds, gold or crypto -- and trades like a stock. New ETFs normally need to be approved by the Securities and Exchange Commission. Q2. What is Donald Trump's position in Trump media? A2. President Donald Trump has no official position at Trump Media and does not advise it on corporate policy. But he is the company's largest shareholder, and he and his family have become big crypto boosters over the past year.
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Business Standard
02-07-2025
- Business
- Business Standard
Lack of new US sanctions allows Russia to replenish its war chest
Since President Trump returned to office in January, the United States has issued no new sanctions against Russia related to the full-scale invasion of Ukraine. In some cases, the administration has eased restrictions. And without new ones, analysts say, existing measures lose their force. The result has created an opening for new dummy companies to funnel funds and critical components to Russia, including computer chips and military equipment that would otherwise be cut off to the Kremlin, trade and corporate records show. Sanctions became the center point of the Western-led effort to isolate the country after it invaded Ukraine in 2022. The effort evolved into an international game of cat-and-mouse, as evasion schemes regularly sprang up around the world. During his presidency, Joseph R. Biden Jr. imposed thousands of so-called maintenance sanctions targeting new schemes. But this year, those actions have come to a standstill, according to a New York Times analysis of restrictions on trade, financial transactions and other activities connected to Russia and its president, Vladimir V. Putin. 'Trump's approach to economic statecraft is to impose pressure and get leverage and try to get the best deal possible,' said Edward Fishman, a senior research scholar at the Center on Global Energy Policy at Columbia University. 'For whatever reason, with Russia, he doesn't want to have any leverage over Putin.' The Biden administration placed, on average, over 170 new sanctions a month on entities linked to Russia from 2022 to 2024. The targets included oil and weapons production, tech procurement and banking. In total, the Biden administration imposed more than 6,200 blocks on individuals, companies, vessels and aircraft linked to Russia. In Biden's final weeks in office, the United States ramped up pressure even further, issuing nearly three times the monthly average, according to a Times analysis of data from the Treasury Department. The effects of that pressure are already beginning to erode. A Times review of trade records, online listings and corporate filings identified more than 130 companies in mainland China and Hong Kong that are advertising immediate sales of restricted computer chips to Russia. None of the companies is under sanctions. One of these firms, HK GST Limited, advertises chips essential to Russian cruise missiles, including the Kh-101, which was recently used in a strike on Kyiv that killed 10 civilians. The firm was incorporated in Hong Kong nine months ago, and its website was set up in February. An analysis of website hosting data, domain ownership, code patterns and contact details links the company to a network of four similar electronics distributors, including Singaporean-based ChipsX and Carbon Fiber Global, a high-performance drone part manufacturer based in China. All of these companies were set up within the last three years. Several companies in the network have sent restricted components to Russia in violation of U.S. export controls, trade data, online listings and corporate registration records show. A representative for Carbon Fiber Global denied that the company or ChipsX had sold restricted goods to Russia but declined to address questions about other companies in the network. For sanctions to work, 'you need to keep running just to stay still,' said Elina Ribakova, an economist at the Peterson Institute for International Economics. She added that, without 'continuous maintenance' of restrictions, Russia's workarounds could take hold, including the establishment of shadowy companies like HK GST Limited and ChipsX. The United States' abrupt shift on sanctions underscores Mr. Trump's hands-off approach toward Russia, even as fighting has escalated in the region. Since the start of the year, Russia has intensified its campaign in Ukraine, launching waves of drone and missile attacks that have left scores dead and widespread damage to civilian infrastructure. Analysts say the Kremlin has been quick to seize on growing American disengagement to press its advantage on the battlefield. Mr. Trump's relative inaction has drawn criticism from both Republican and Democratic lawmakers, who argue that the administration is undermining the Western effort to confront Russian aggression. In a statement, a White House spokesperson said Mr. Trump was urging leaders from Russia and Ukraine 'to stop the killing while keeping all options on the table.' The Treasury Department did not respond to a request for comment. The president has used sanctions aggressively elsewhere, the data shows. Mr. Trump has imposed more than 280 new restrictions on Iran in the past six months, targeting people involved in terror financing. He has also penalized judges at the International Criminal Court for investigating potential Israeli war crimes. And he has used sanctions to crack down on narcotics trafficking and cyber-criminal groups. By contrast, the Trump administration has eased some restrictions on Russia. In April, the Treasury Department, which is responsible for administering and enforcing sanctions, quietly lifted limits that had been placed on Karina Rotenberg, the wife of a Russian oligarch. Ms. Rotenberg's husband, Boris, made a fortune in construction and energy, and as a childhood friend of Mr. Putin's he has been a central figure in the Russian president's inner circle for decades. The announcement, buried at the bottom of a routine bulletin published in April, provided no explanation for Ms. Rotenberg's removal from the sanctions list. It was an unusual deletion. Ms. Rotenberg, an American citizen, was among the first Russian nationals to face sanctions after the Russian invasion. The Rotenbergs did not respond to requests for comment. The Treasury Department declined to comment on the move, and instead referred questions to the State Department. A State Department spokesperson said in a statement that the delisting was 'independent from our ongoing efforts to advance a negotiated end to the war,' but that the department was 'unable to comment on the specifics of this delisting.' In February, the Justice Department shuttered the KleptoCapture task force, a unit formed in 2022 to identify and seize assets belonging to Russian oligarchs around the world who were under sanctions. The task force had coordinated investigations across agencies, leading to high-profile seizures of luxury yachts, real estate and private jets. The Department of Justice recently established a task force with a similar structure to focus on Hamas, according to Andrew Adams, the former head of KleptoCapture. The Department of Justice declined to comment on the closure of the task force. Russia was also notably left off the White House's 'Liberation Day' tariffs, which took aim at trade with almost every other country. The United States imported more than $3 billion in Russian goods in 2024, more than it brought in from Greece or Egypt, according to data from the Census Bureau. The tariff omission stood out to experts, especially as Mr. Trump has boasted about the ability of import taxes to bring countries to the bargaining table. He has used tariffs not just as a trade tool but as 'a form of sanction,' according to Mr. Fishman. Together, these actions signal that the United States is now more willing to tolerate Russia's war and less interested in cracking down, said Maria Shagina, a senior researcher at the International Institute for Strategic Studies. The American pullback has left the European Union to take the lead on imposing sanctions on Russia. E.U. restrictions so far have been far less comprehensive overall, especially when it comes to companies and individuals outside Russia who help Moscow sidestep sanctions, according to a Times analysis. These so-called third-country networks are important back channels for the Kremlin to keep its wartime supply chains alive. The number of sanctions issued by the United States to date outnumbers the European Union's more than two to one. But that's beginning to shift, experts say. In the past, the United States led that effort for geopolitical reasons. 'But that has changed dramatically,' said Maximilian Hess, a fellow in the Eurasia Program at the Foreign Policy Research Institute. 'Europe has picked up the slack.' Members of Congress, though, have begun to push for legislative efforts to target Russia. A new bill, co-sponsored by Senators Lindsey Graham, Republican of South Carolina, and Richard Blumenthal, Democrat of Connecticut, would impose sweeping new restrictions. The legislation includes a 500 percent tariff on any country that continues buying Russian energy, including China and India. The bill has broad bipartisan support, though its critics argue that it could upend global trade and ensnare allies in Europe. Mr. Blumenthal, who recently returned from Kyiv, said Ukrainian officials were growing increasingly anxious for U.S. support. In an interview, he argued that the sanctions would give the United States a chance to level the playing field. 'The Ukrainians are outnumbered, they're outgunned,' he said. 'We have the opportunity to correct that imbalance.'
Yahoo
11-06-2025
- Business
- Yahoo
ASX extends record breaking run
Australia's sharemarket continued its record breaking run higher on Wednesday, amid trade hopes between the US and China. The benchmark ASX 200 index eked out a small gain of 4.90 points or 0.06 per cent to 8,592.10 to continue its record run higher. The broader All Ordinaries also finished in the green up 6.90 points or 0.08 per cent to 8,819.60. The Australian dollar slipped 0.23 per cent and is now buying 65.12 US cents. On Wednesday, shares jumped on the opening bell, surpassing the previous 8,614 mark set on February 14 hitting a high point of 8,639.1, before falling during the afternoon's session. Australia's market ran up off the back of US Commerce Secretary Howard Lutnick saying the second days of negotiations in London between China and the US had been 'productive'. This saw seven of the 11 sectors still finished higher, led by energy, the major miners and real estate. Australian iron ore miners were among the major winners on the back of this news, as prices of the commodity rose. BHP shares jumped 1.48 per cent to $39.05, Rio Tinto rose 0.24 per cent to $109.38, Fortescue leapt 3.45 per cent to $16.21 and Mineral Resources gained 3.17 per cent to $25.71. Woodside energy led oil stocks higher, up 1.9 per cent to $23.5 while Santos rose 0.60 per cent to $6.70. CBA mining and energy commodity research director Vivek Dhar said the spot iron ore price fell below $95 a tonne in the days leading up to the talk, before bouncing on news of a temporary pause. 'The agreement at least shows that both sides are keen to keep de‑escalating the trade war,' he wrote in an economic note. 'However, we think any bounce in iron ore prices linked to today's agreement will be less material than the bounce observed last month after the 90‑day pause on high tariffs.' The financial sector slid with Commonwealth Bank snapping its record run as it fell 0.3 per cent to $181.40. NAB shares also traded lower down 0.26 per cent to $39.07. Westpac shares are up 0.39 per cent to $33.63 while ANZ is also in the green up 0.37 per cent $29.94. In corporate news shares in Qantas declined after announcing it was pulling the pin on its Jetstar Asia Singaporean-based airline. In an announcement to the ASX, the airline said it is expected to post a $35m underlying Earnings Before Interest and Taxes (EBIT) loss this financial year, prior to the closure decision. Buy now, pay later provider Zip shares were the best performing for the second day running after releasing its latest trading update. Zip said its business continued to see momentum in the month of May, with US total transactions volumes rising by more than 40 per cent year-on-year as well as no material changes to credit loss for the March quarter across its US and Australian business. Fertility group Monash IVF shares soared 13 per cent, following a 27 per cent drop on Tuesday as the shares began recovering from news of a second major bungle in three months, which led to the wrong embryo being implanted. Error in retrieving data Sign in to access your portfolio Error in retrieving data
West Australian
11-06-2025
- Business
- West Australian
ASX closes at a record high as trade talks continue
Australia's sharemarket continued its record breaking run higher on Wednesday, amid trade hopes between the US and China. The benchmark ASX 200 index eked out a small gain of 4.90 points or 0.06 per cent to 8,592.10 to continue its record run higher. The broader All Ordinaries also finished in the green up 6.90 points or 0.08 per cent to 8,819.60. The Australian dollar slipped 0.23 per cent and is now buying 65.12 US cents. On Wednesday, shares jumped on the opening bell, surpassing the previous 8,614 mark set on February 14 hitting a high point of 8,639.1, before falling during the afternoon's session. Australia's market ran up off the back of US Commerce Secretary Howard Lutnick saying the second days of negotiations in London between China and the US had been 'productive'. This saw seven of the 11 sectors still finished higher, led by energy, the major miners and real estate. Australian iron ore miners were among the major winners on the back of this news, as prices of the commodity rose. BHP shares jumped 1.48 per cent to $39.05, Rio Tinto rose 0.24 per cent to $109.38, Fortescue leapt 3.45 per cent to $16.21 and Mineral Resources gained 3.17 per cent to $25.71. Woodside energy led oil stocks higher, up 1.9 per cent to $23.5 while Santos rose 0.60 per cent to $6.70. CBA mining and energy commodity research director Vivek Dhar said the spot iron ore price fell below $95 a tonne in the days leading up to the talk, before bouncing on news of a temporary pause. 'The agreement at least shows that both sides are keen to keep de‑escalating the trade war,' he wrote in an economic note. 'However, we think any bounce in iron ore prices linked to today's agreement will be less material than the bounce observed last month after the 90‑day pause on high tariffs.' The financial sector slid with Commonwealth Bank snapping its record run as it fell 0.3 per cent to $181.40. NAB shares also traded lower down 0.26 per cent to $39.07. Westpac shares are up 0.39 per cent to $33.63 while ANZ is also in the green up 0.37 per cent $29.94. In corporate news shares in Qantas declined after announcing it was pulling the pin on its Jetstar Asia Singaporean-based airline. In an announcement to the ASX, the airline said it is expected to post a $35m underlying Earnings Before Interest and Taxes (EBIT) loss this financial year, prior to the closure decision. Buy now, pay later provider Zip shares were the best performing for the second day running after releasing its latest trading update. Zip said its business continued to see momentum in the month of May, with US total transactions volumes rising by more than 40 per cent year-on-year as well as no material changes to credit loss for the March quarter across its US and Australian business. Fertility group Monash IVF shares soared 13 per cent, following a 27 per cent drop on Tuesday as the shares began recovering from news of a second major bungle in three months, which led to the wrong embryo being implanted.
