Trump’s growing crypto and media empire creates potential business conflicts

Trump has faced questions about conflicts of interest before.

During his first term as president, the Trump International Hotel in Washington, DC became a symbol of the issue, as a go-to place for lobbyists, foreign diplomats, and allies to stay and spend.

Critics argued that the hotel created a way for Trump to profit indirectly from his office. He faced accusations and lawsuits alleging he violated the US Constitution’s ban on presidents receiving foreign emoluments – or profiting from their office.

But experts said the growth of his business empire, which now includes a publicly traded social media company, a cryptocurrency firm, and ties to a Saudi-backed golf league, makes it possible for anyone hoping to curry favour to move money more quietly and in much greater sums.

“The scale has increased and the ease has increased,” said Michael Ohlrogge, a law professor at New York University, who has studied Trump Media, which operates Truth Social and currently represents the bulk of Trump’s $6bn fortune. “You can only book so many hotel rooms.”

On Truth Social, for example, Prof Ohlrogge said a foreign government or business could purchase ads convincing investors the firm was gaining traction, prompting a pop in its share price.

Though Trump Media commands a market value of more than $7bn, there has been little sign of such activity so far. The company reported less than $5m in ad sales this year.

But given the stock market’s “amplifying” effect, Prof Ohlrogge said it would not require a lot of spending to lead to potentially significant gains for Trump, who owns more than half the shares of the company.