Trump Family’s Crypto Empire Now Worth More Than Property Portfolio

Welcome back!

Here’s your must-read news this morning:

• Trump family’s $5 billion crypto empire

• China’s new nuclear arsenal 

• Van Jones applauds workplace activism decline

I’ve got all the details for you, so let’s dive in.

— Josh

MARKETS

💰 Trump Family’s $5 Billion Crypto Venture Surpasses Property Empire in Value

The Scoop: The Trump family gained up to $5 billion in paper wealth on Monday as their crypto venture, World Liberty Financial, launched trading of its digital currency, WLFI, overtaking their traditional property portfolio as their most valuable asset, according to the Wall Street Journal.

The Details:

• WLFI, now tradable on open markets like a listed company’s shares, was previously only available through private sales by World Liberty Financial.

• President Trump is “Co-Founder Emeritus,” with his three sons as co-founders. Their tokens are currently “locked,” preventing sales, but the trading debut establishes a real-world valuation.

• WLFI trading surged, with $1 billion in tokens exchanged within an hour on crypto exchanges. Prices started at 30 cents on Binance but later dipped to around 20 cents, valuing the Trumps’ stake at over $6 billion at its peak.

• The Trumps’ WLFI holdings likely surpass the value of their traditional property portfolio, marking their largest asset.

What’s Next: World Liberty aims to bolster WLFI’s value through initiatives like a mobile app and governance rights for token holders, though the volatile nature of cryptocurrencies could lead to significant fluctuations in the Trumps’ newfound wealth.

Markets Roundup

🏦 Economy & Policy

• ⭐ Editor’s Pick: Treasury Secretary Scott Bessent expressed confidence that the Supreme Court will uphold Trump's tariffs, but noted a backup plan involving the Smoot-Hawley Tariff Act. (RTS)

• Trump said India has offered to eliminate tariffs on U.S. goods in response to the U.S. doubling duties to 50% on Indian exports. (INV)

• U.S. bank regulators are curtailing exams, focusing less on non-core issues like climate and diversity, as Trump’s deregulation agenda accelerates. (RTS)

• The Trump administration is considering White House economic adviser Pierre Yared for the IMF's No. 2 role. (RTS)

🏢 Industry

• ⭐ Editor’s Pick: Trump demanded that pharmaceutical companies publicly justify the success of their COVID-19 treatment drugs. (NYP)

• Nestlé dismissed CEO Laurent Freixe after an investigation confirmed an undisclosed romantic relationship with a subordinate. (WSJ)

• Kraft Heinz will split into two standalone companies, one grouping shelf-stable brands like Philadelphia Cream Cheese, and Kraft Mac & Cheese, and the other focusing on ready-to-eat brands. (AP)

💵 Energy & Commodities

• ⭐ Editor’s Pick: Gold futures climbed to an all-time high of $3,557 per ounce, driven by heightened investor concerns over Federal Reserve policy. (WSJ)

• Russian crude oil discounts for India deepened to $3-4 per barrel, enabling New Delhi to sustain high import levels despite U.S. pressure. (TOI)

• Silver surged past $40 per ounce for the first time since 2011, fueled by strong investor demand. (MIN)

• Aalo Atomics broke ground on its first extra-modular nuclear reactor in Idaho, aiming for criticality by July 2026. (BGEN)

• Los Alamos scientists devised a method to transform nuclear waste into tritium fuel for fusion experiments. (IE)

🌕 Crypto

• ⭐ Editor’s Pick: Crypto.com has partnered with Underdog to launch sports prediction markets in the U.S. (CNBC)

• Hyperliquid achieved a record-breaking $106 million in monthly revenue in August, driven by nearly $400 billion in trading volume. (TB)

• Blockchain investigator ZachXBT exposed over 160 crypto influencers who accepted paid promotional deals without disclosing them as advertisements. (TB)

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TECH

💻 Report: China to Showcase New Nuclear Arsenal in Military Parade

The Scoop: China’s military parade in Beijing on Wednesday will showcase a new generation of nuclear weapons, signaling a bold step to counter U.S. military dominance, alongside other advanced systems like anti-ship missiles and underwater drones, as observed in rehearsal footage, AFP reports.

The Details:

• Intercontinental ballistic missiles (ICBMs) capable of carrying nuclear warheads will be a centerpiece, with analyst Song Zhongping noting their aim to “equalize the military power balance” with the U.S.

• The parade will feature four new anti-ship missiles (YJ-15, YJ-17, YJ-19, YJ-20), potentially hypersonic, designed to target large vessels and counter U.S. naval power in regions like the Taiwan Strait and South China Sea.

• The HQ-29, a “satellite hunter” capable of intercepting missiles and satellites and a rumored laser defense system, touted as the world’s most powerful, will also likely be unveiled.

What’s Next: With Xi Jinping, Vladimir Putin, and other leaders in attendance, the parade will assert China’s rising military prowess, particularly its nuclear capabilities, amid growing geopolitical friction with the U.S. over Taiwan and the South China Sea.

Tech Roundup

🧠 AI

• ⭐ Editor’s Pick: Salesforce CEO Marc Benioff revealed that the company reduced its customer support staff from 9,000 to 5,000 over the past year, as AI agents increasingly handle customer interactions. (SFC)

• Chinese social media platforms introduced features to comply with a new law mandating labeling of all AI-generated content. (SCMP)

• Tencent's Hunyuan-Large translation model outperformed Google and OpenAI in a global AI competition, securing first place in 10 translation tasks. (SCMP)

  OpenAI plans to build a massive 1-gigawatt data center in India as part of its $500 billion Stargate initiative. (BBG)

• West Virginia University researchers have developed AI models that use low-tech electrocardiograms to detect heart failure in patients. (TIM)

🤖 Hardware & Robotics

• ⭐ Editor’s Pick: Apple has now made robotics and automation a non-negotiable prerequisite for winning manufacturing contracts. (MR)

• Chinese robotics startup Unitree plans to file for an IPO this year, with valuation exceeding $1.4 billion. (BBG)

• Researchers unveil a wearable AI-powered system that interprets intentions in real time, enabling paralyzed individuals to guide robotic arms with their thoughts. (IE)

• A tech enthusiast built a self-paddling "RowboBoat" canoe with twin robotic arms, using custom 3D-scanned brackets and joystick steering with potential for autonomy. (HD)

🚀 Defense & Space

• ⭐ Editor’s Pick: EU military expenditure reached a record in 2024, surpassing both China and Russia, and is forecast to rise further to around €381 billion ($610 billion) in 2025. (DN)

• Mexican cartels are increasingly amassing military-grade weaponry, ranging from IED drones to land mortars. (NYT)

• Boeing previewed its F/A-XX concept, a sixth-generation, carrier-capable stealth fighter for the U.S. Navy, boasting roughly 25% greater range than the F-35C. (IE)

💰 Venture Capital & Deals

• ⭐ Editor’s Pick: LayerX secured $100 million in Series B funding, led by Technology Cross Ventures, to expand its platform that automates back-office tasks like invoice processing. (TC)

• Charm Therapeutics, a London-based AI-driven drug discovery startup, raised $80 million in Series B funding, led by New Enterprise Associates. (FINS)

• Phasecraft raised $34 million in Series B funding, led by Plural, to accelerate development of ultra-efficient algorithms for practical quantum computing applications in materials science. (SIF)

FREEDOM

💼 Van Jones Admits Woke Activism in the Workplace Got ‘Ridiculous’

The Scoop: Former Obama advisor Van Jones expressed support for CEOs cracking down on workplace activism, calling the politicization of offices “ridiculous” and advocating for a move away from the woke trends that dominated the early 2020s, Fox News reports.

The Details:

• Jones backed a growing trend among CEOs to curb workplace activism, with companies increasingly urging employees to check politics at the door, a stark contrast to the DEI and social responsibility focus of recent years.

• Jones described workplace Slack channels becoming chaotic over non-work issues, requiring counselors to manage crises, and emphasized, “This is not camp, guys, we’re trying to make money.”

• Despite his progressive activism history, Jones admitted enjoying past “reckonings” but now believes they’ve gone too far, saying, “We went from reckoning to wrecked. We need to move on.”

What’s Next: Van Jones’ critique of workplace activism aligns with a broader corporate trend to move away from woke policies, prioritizing productivity over ideology. This shift may drive new workplace codes, merit-focused hiring, and less performative branding and marketing to consumers.

Freedom Roundup

🏛️ Policy & Culture

• ⭐ Editor’s Pick: Questions have been released from Oklahoma’s new PragerU-authored “America First” teacher exam, which will apply to educators relocating from New York and California and cover civics, history, and social issues. (NN)

• Airbnb co-founder Joe Gebbia, now the U.S. chief design officer, opened up about the hate mail for joining the Trump administration’s DOGE initiative. (BI)

• Free speech activist Mike Benz called on the White House to leverage its diplomatic power to force the European Union to repeal the Digital Services Act. (X)

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