Donald Trump Jr. steps into the crypto economy by investing $4.3 million in Thumzup Media Corp, a struggling startup.
Donald Trump's Investment
According to *Bloomberg*, on Wednesday the company disclosed that Donald purchased 350,000 shares, making him one of the largest shareholders. The deal was made based on advice from his investment manager, and Donald will not play any operational role at the firm.
About Thumzup
Thumzup runs an app that pays users to post brand promotions on Instagram, but the company is struggling financially, having generated only $151 in revenue during the first quarter while spending $2.2 million. In response to growing losses, the company has begun stockpiling cryptocurrency, including more than $2 million in Bitcoin, and is expanding this strategy to include six additional coins.
Trends Among Trump-Linked Businesses
Other Trump-aligned businesses are also moving in a similar direction. Dominari began investing in a Bitcoin ETF in February, while Eric Trump joined the advisory board at Metaplanet, now focused on buying Bitcoin. Additionally, Trump Media & Technology Group raised $2.3 billion for Bitcoin investments.
Donald Trump Jr.'s investment in Thumzup Media Corp highlights the increasing interest of the Trump family in the crypto economy, despite the financial difficulties faced by the company and the volatility of the crypto market.
