President Donald Trump’s cryptocurrency company, World Liberty Financial, finalized a $500 million stake sale to Sheikh Tahnoon bin Zayed Al Nahyan, a member of the Abu Dhabi royal family, just days before Trump’s second inauguration, reports Baltimore Chronicle via The Wall Street Journal. Documents reviewed by the Journal indicate that Sheikh Tahnoon’s firm acquired 49% of World Liberty, which is co-owned by Middle East envoy Steve Witkoff and his family, four days prior to Trump taking office.
In the months following the transaction, the Trump administration authorized the transfer of advanced American-made AI chips to the United Arab Emirates, despite concerns from the previous administration about potential redirection to China. A spokesperson for World Liberty Financial, David Wachsman, confirmed the sale to ABC News, emphasizing that “neither President Trump nor Steve Witkoff had any involvement whatsoever in this transaction” and rejecting suggestions of any link between the deal and U.S. chip exports.
Wachsman stated that the company pursued the investment to support growth, calling it “the best course for a privately-held American company” and dismissing claims of special treatment. White House counsel David Warrington added that “the President performs his constitutional duties in an ethically sound manner,” asserting that suggestions of conflict are “either ill-informed or malicious.”
The Wall Street Journal report further notes that shortly before the chip deal, the UAE-backed firm MGX announced it would leverage a digital token issued by World Liberty to finance a $2 billion investment in the cryptocurrency exchange Binance. Sheikh Tahnoon, who is also MGX chairman and brother of the UAE president, played a central role in both transactions. Analysts have raised national security concerns, noting that advanced AI chips could, if diverted, enable China to develop autonomous military technology capable of threatening U.S. assets.
World Liberty Financial has emerged as a highly lucrative venture for the Trump family. ABC News reported that trading in the company’s digital token generated approximately $5 billion in revenue. Sheikh Tahnoon reportedly paid half of his investment upfront, potentially transferring up to $187 million into the Trump family’s holdings on the eve of Trump’s return to office. Ethics experts highlighted the unusual nature of a foreign government official secretly investing hundreds of millions in a company partially owned by the sitting U.S. president, raising questions about pay-for-play and governance standards.
Members of Congress responded swiftly to the revelations. Senator Chris Murphy (D-Conn.) described the deal as “mind-blowing corruption,” while Senator Elizabeth Warren (D-Mass.) labeled it “corruption, plain and simple.” Senator Chris Van Hollen (D-Md.) warned that “foreign countries are bribing our president to sell out the American people.” The Trump Organization has not provided further comment.
MGX also holds a 15% stake in the new U.S. TikTok joint venture, emphasizing the growing reach of UAE-backed investments in American technology sectors.
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