Eric Trump and Donald Trump Jr have invested in vehicles linked to a $1bn fund targeting drones, cryptocurrency, artificial intelligence and other strategic technologies, according to the Financial Times.
The fund is run by American Ventures, a unit of Dominari Holdings, a financial group based in Trump Tower in New York. According to the FT, American Ventures has been directing money into US companies operating in sectors that broadly align with President Donald Trump’s economic and industrial priorities during his second term.
A spokesperson for Dominari told the FT that American Ventures’ strategy is to invest in US companies leading in new technologies, creating jobs in the country and reducing dependence on foreign resources.
Focus on Trump-backed sectors
Since returning to the White House, Trump has promised to make the US the world’s “crypto capital”, promoted the expansion of artificial intelligence and signed an executive order aimed at accelerating domestic drone production.
The FT said the involvement of Eric Trump and Donald Trump Jr in American Ventures underlines the close links between the president’s family and businesses operating in areas that could benefit from the administration’s policy agenda.
The brothers together own about 12% of Dominari, which in turn owns 90% of American Ventures, according to regulatory filings cited by the newspaper. They have also contributed to most of American Ventures’ investment vehicles, although the exact amounts they invested have not been disclosed.
More than $1bn in assets
American Ventures managed $1.04bn in assets across 21 investment vehicles as of early April, the FT reported. Its investments cover a wide range of companies, from a Florida hair-removal chain and a Bermuda-based crypto lender to a nuclear energy start-up and businesses linked to drones, artificial intelligence and defence technology.
Since last June, American Ventures has invested in listed companies including SRM Entertainment, Aureus Greenway and Dogehash Technologies. Some of those companies later agreed to merge with businesses linked to blockchain, drone manufacturing and digital infrastructure.
Reuters reported in February that Eric Trump had invested in a proposed $1.5bn merger involving Israeli drone maker XTEND, while American Ventures was also among the investors in the deal.
Representatives say roles are passive
Representatives for Donald Trump Jr told the FT that he is a passive investor in American Ventures and has no operational role in the company. They also said he does not communicate with the federal government on behalf of companies in which he invests or advises.
A spokesperson for Eric Trump also said he is a passive investor and is not involved in the day-to-day operations of American Ventures.
The FT report comes as the Trump family expands its business interests in cryptocurrency, technology and defence-linked ventures during Donald Trump’s second term.
Source: protothema.gr
