(Feb 1): An Abu Dhabi royal signed a secret deal with the Trump family to buy a stake in their cryptocurrency venture, the Wall Street Journal (WSJ) reported, citing company documents and people familiar with the matter.
Emissaries of Sheikh Tahnoon bin Zayed Al Nahyan inked a deal with Eric Trump to purchase a 49% stake in World Liberty Financial for US$500 million ($635.12 million), four days before (US President) Donald Trump’s inauguration last year, according to the WSJ.
The first installment was US$250 million, of which US$187 million was directed to Trump family entities, the paper said. At least US$31 million was set to go to entities linked with the family of Steve Witkoff, a World Liberty co-founder and the US special envoy to the Middle East. Another US$31 million went to an entity tied to the crypto venture’s other co-founders Zak Folkman and Chase Herro, the WSJ said.
A World Liberty spokesman told WSJ that the investment was to ensure the company continued to grow, and that Trump and Witkoff had no involvement in the deal. A White House spokesperson told the paper that Trump’s assets are in a trust managed by his children. The WSJ cited a person familiar with Tahnoon’s investment that the sheikh and a few co-investors completed a deal in World Liberty after reviewing it for some months.
The WSJ said the remaining US$250 million was due by July 15, 2025, and it couldn’t determine how the funds may have been distributed.
Tahnoon is the United Arab Emirates national security adviser, a deputy ruler of the emirate and was handed charge in 2023 of the US$1 trillion Abu Dhabi Investment Authority.
See also: Crypto payments network Mesh Connect hits US$1 bil valuation
Uploaded by Liza Shireen Koshy
