On Wednesday, the president said that he was considering renaming the Persian Gulf (which is thousands of miles away from U.S. shores) the “Arabian Gulf,” just days after his family announced billions of dollars in forthcoming real estate deals in the region. (As a side note, Iran has warned of “wrath” for Trump’s geopolitical meddling.)
“I think it’s frankly ridiculous that anyone in this room would even suggest that President Trump is doing anything for his own benefit,” Leavitt said. “He left a life of luxury and a life of running a very successful real estate empire for public service, not just once but twice.”
But that’s a lie. The Trump family has made plenty of money thanks to Trump’s return to power. Scott Galloway, an NYU Business School professor and podcaster, told MSNBC Thursday that within the first three months of Trump’s second term, his family had become “$3 billion wealthier.” Forbes estimated in March that, in the preceding 12 months, Trump had effectively doubled his fortune, bringing it from $2.3 billion to $5.1 billion.
The Trump family’s Middle East real estate plans include a Trump-branded golf course in Qatar (as part of a $5.5 billion development project), a $1 billion Trump hotel and residence in Dubai, and a $2 billion cryptocurrency investment by an Abu Dhabi firm in one of Trump’s cryptocurrency projects, the World Liberty Financial Coin.
The Trumps have held deep financial ties to the region for years. After Trump’s first term, Saudi Arabia invested $2 billion in a firm belonging to Jared Kushner, Trump’s son-in-law.
As a reminder, it’s actually unconstitutional for presidents to profit from or receive compensation from foreign governments. The White House has contested that the deals are not a conflict of interest since the president’s assets are managed by his eldest sons, Eric and Donald Trump Jr. But Trump’s pockets will undoubtedly be lined by the deal—even if he has to wait a handful of years before he’s out of office to see the cashflow. In the meantime, he’ll receive myriad personal benefits from his relationships in the Middle East for arranging the deal.
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