According to the report, Sheikh Tahnun bin Zayed al-Nahyan — the UAE’s national security advisor and head of state-backed entities including AI firm G42 — became the largest shareholder in World Liberty Financial (WFLI), which issued Trump-branded cryptocurrency.
The deal, signed by Eric Trump and involving business associate Steve Witkoff’s family, directed USD 187 million to Trump entities and USD 31 million to Witkoff’s relatives, the Wall Street Journal reported on Sunday.
In the following months, Tahnun — dubbed the “spy sheikh” — held several meetings with Trump and Witkoff, including at the White House in March, where he expressed interest in AI cooperation, the report said.
Tahnun had long sought US approval to buy high-end AI chips for G42 and other Emirati companies, which raised concerns in Washington over G42’s alleged ties to China.
Despite those concerns, the Trump administration approved the export of 500,000 processors to the UAE in May last year, including shipments to G42.
While Tahnun’s WFLI stake did not entitle him to future profits from its cryptocurrency, the transaction proved highly lucrative for Trump and Witkoff, the WSJ said.
Two weeks before the chip deal was finalized, the Emirati sovereign fund MGX—also under Tahnun’s control—purchased USD 2 billion worth of the cryptocurrency USD1 to invest in Binance.
That injection boosted Trump firm holdings and helped elevate USD1 to a leading digital currency.
Binance founder Changpeng Zhao, later convicted of money laundering and sanctions violations, was pardoned by Trump.
Although part of the January 2025 investment reportedly flowed into Trump-controlled companies, White House spokeswoman Anna Kelly insisted that Trump’s assets are managed by his children, and that “there is no conflict of interest.”
White House counsel David Warrington said “the president is not involved in business dealings related to his constitutional duties.”
Trump has repeatedly claimed he does not direct his sons’ business decisions, though he acknowledged in a New York Times interview that he allows them to engage with foreign partners, stating: “I didn’t have to stop them during my first term, and no one cared anyway.”
According to The New Yorker, Trump and his family have earned an estimated USD 4 billion in deals linked to his presidential role since the start of his second term.
(jh)
Source: PAP