Donald Trump Jr., the son of US President Donald Trump, has invested in the social media company Thumzup Media Corp. This move highlights the Trump family's growing interest in cryptocurrencies.
Acquisition of Thumzup Media Corp Shares
Thumzup Media Corp., based in Los Angeles, announced that Donald Trump Jr. owns 350,000 shares of the company. Based on yesterday's closing price of $12.36, the value of his shares exceeds $4 million.
Trump's Investment Strategy
Reportedly, Donald Trump Jr. made the investment based on the recommendation of his personal investment advisor and has no other connection to the company. The announcement followed last week's $6 million private stock sale through Dominari Securities, in which Trump Jr. and his brother, Eric Trump, serve in advisory roles.
Company Development and Cryptocurrency Strategy
Thumzup is developing an app that allows users to earn money by recommending products on Instagram. In January, the company announced it would hold the majority of its liquid assets in Bitcoin, currently holding more than $2 million in Bitcoin. In a new announcement today, the company stated that it would expand this strategy with the proceeds from the private sale and accumulate six different cryptocurrencies.
Donald Trump Jr.'s investment in Thumzup Media Corp reinforces the family's increasing interest in cryptocurrencies and new technologies in social media.
