President Trump attracted significant attention this month after he gleefully accepted a $400 million Boeing 747 gift from Qatar. Trump remarked on social media, “Only a FOOL would not accept this gift on behalf of our country.” However, the most noteworthy development came when Trump and his golf partner, Steve Witkoff, secured a gigantic $2 billion investment in their cryptocurrency venture from Abu Dhabi.
The investment, backed by a company linked to Abu Dhabi’s sovereign wealth fund, will flow to World Liberty Financial, a cryptocurrency firm heavily benefiting the Trump and Witkoff families. Through Abu Dhabi’s acquisition of their cryptocurrency, the two families stand to earn substantial fees and a potential windfall in interest payments.
While the airplane from Qatar made headlines, this investment is significantly more valuable and marks the largest individual purchase of World Liberty’s cryptocurrency to date—providing a vital influx of cash into what has become one of Trump’s most lucrative personal business ventures.
Such scenarios raise eyebrows as it is rare for presidents to maintain private enterprises that market investment products to foreign leaders seeking favor with the U.S., nor do they typically appoint business associates as diplomatic envoys to engage with those leaders regarding matters of war and peace. Nevertheless, Trump and Witkoff have crafted a highly profitable method of navigating the intersection of public service and personal gain.
Abu Dhabi is the most affluent and influential member of the United Arab Emirates, an oil-rich federation of seven emirates. After the $2 billion investment in the Trump-Witkoff stablecoin, Trump consented to allow the UAE to purchase more advanced AI semiconductors from American companies, noting that “It’s a very big contract.”
In 2023, the Biden administration had imposed strict limits on the export of advanced chips to the UAE due to concerns that some technology might find its way to China, which has close economic ties with the emirates.
### ‘I learned the business from him’
Witkoff and Trump first connected in the 1980s when Witkoff was a lawyer involved in one of Trump’s real estate transactions. Witkoff has since regarded Trump as a mentor, stating, “I learned the business from him.” Their relationship evolved over time, leading them to become close friends and business partners. Following Trump’s loss in the 2020 election, Witkoff became one of his fiercest supporters and served as a character witness during Trump’s trial related to business fraud in New York in 2024.
It was Witkoff who introduced Trump to the opportunity to acquire a fledgling cryptocurrency company, World Liberty Financial, discovered by their sons. The two families negotiated shares in the venture, which features Trump as its “chief cryptocurrency advocate” and lists Witkoff as a “co-founder,” highlighted by a prominent image of Trump on the company’s website.
According to the website, a Trump family subsidiary holds a 60% stake in World Liberty and is entitled to 75% of the income generated from its coin sales, with a Witkoff family entity entitled to 12.5%. The firm claims to have sold over $550 million in cryptocurrency “tokens” within its initial five months of business, leading to undisclosed earnings for both families, particularly after Trump’s election.
Before Trump’s inauguration, while serving as Trump’s personal representative for Gaza, Witkoff promoted World Liberty at a cryptocurrency conference in Dubai. Organizers highlighted him as both a co-founder and an essential figure for the incoming administration regarding the Middle East. During this time, he met notable leaders including Saudi Arabia’s Mohammed bin Salman, the UAE’s Mohamed bin Zayed, and Qatar’s Tamim bin Hamad, all commanding significant sovereign wealth funds.
After Trump’s inauguration, Witkoff was instrumental in facilitating Qatar’s gift of a 747 to the president, as reported by the New York Times. Witkoff had prior experience working with Gulf investors, having collaborated with sovereign wealth funds in earlier real estate transactions, such as his acquisition of New York’s Park Lane hotel with a UAE-controlled fund and its subsequent sale to a Qatari fund.
After becoming Trump’s special peace negotiator, Witkoff appears to have taken a step back from active involvement in World Liberty. A spokesperson for Witkoff has stated that he refrains from discussing the company or any personal business while fulfilling his official duties, while his son, Zach Witkoff, has assumed the role of the firm’s chief salesperson abroad.
Zach’s connection to one of Trump’s closest allies has seemingly facilitated access to influential individuals. During a recent visit to Pakistan, he met with the country’s army chief and prime minister, highlighting unusual access for someone representing a relatively obscure cryptocurrency firm.
### A White House that is ‘open for business’
There is no modern precedent for a U.S. diplomatic envoy so closely intertwined with the private business interests of a sitting president. Robert Dallek, a historian, notes the unprecedented nature of this situation, pointing out that while special envoys have been sent abroad since the nation’s inception, there are no known instances where such envoys have also partnered with the president in profit-oriented ventures.
Historically, figures like Hillary Clinton faced scrutiny when foreign entities contributed significantly to her Foundation, raising concerns about intertwining public and private interests. Trump and other Republicans condemned that arrangement as unethical. In 2016, Trump labeled it a “criminal enterprise” involving donations from countries with questionable human rights records, asserting his intent to keep foreign money out of U.S. politics.
Now, Democratic senators are voicing concerns. Senator Chris Murphy of Connecticut accused the administration of effectively operating a business through the White House, with the Trump family signaling opportunities for financial gain to the world. He criticized the plan to ease semiconductor export restrictions to the UAE, suggesting it was a “quid pro quo” for the $2 billion investment in their cryptocurrency initiative.
Murphy argued that investments tied to the Trump-Witkoff stablecoin reflect a desire for favorable policy from the U.S., particularly given the implications for technology potentially reaching China through the UAE.
### ‘No conflicts of interest’
Ethics officials from past administrations have raised alarms regarding the ties between Trump, Witkoff, and World Liberty. Both appear to be in potential violation of the U.S. Constitution’s emoluments clause, which disallows federal officials from accepting gifts from foreign governments. Richard W. Painter, who served as the White House ethics chief under George W. Bush, indicated that Witkoff’s financial stake in World Liberty could constitute a serious breach.
Witkoff has initiated procedures to divest his interests by transferring them to his sons; however, this may not completely remove him from scrutiny, especially if his sons profit due to his official role. Meanwhile, Trump remains exempt from any conflict of interest regulations, as Congress has previously determined that placing restrictions on a president’s financial interests is both impractical and unconstitutional.
The White House maintains that both Trump and Witkoff have acted ethically. Deputy Press Secretary Anna Kelly stated, “Despite dishonest claims from Democrats, there are no conflicts of interest,” affirming that Witkoff is in the process of divesting from all companies, including World Liberty.
However, the claim of “no conflicts” contrasts with the reality that World Liberty is leveraging its association with the president to enhance its profits. Senator Murphy labeled the White House’s defense as “absurd,” asserting that the ongoing developments have not gone unnoticed.
As for Witkoff’s diplomatic efforts in Gaza, Ukraine, and Iran, they do not seem to be progressing favorably. While he aided in formalizing a ceasefire agreement in Gaza by aligning it with Trump’s endorsement, attempts to extend or renew this agreement have faltered. Although he negotiated the release of one Israeli-American hostage, 20 others remain unaccounted for amid continued conflict.
In Ukraine, Witkoff attempted to gain rapport with Vladimir Putin by acknowledging Russia’s territorial claims, but this has not led to any substantial outcomes. Trump has made attempts to persuade Putin towards a ceasefire, yet there appear to be no indications of Putin’s change in intentions.
Witkoff’s initial misstep was to soften the U.S. stance on Iran, which drew backlash, forcing him to revert to demanding the dismantling of the Iranian enrichment program. Negotiations with Iran have a looming deadline, yet there is skepticism regarding the feasibility of a favorable resolution, given the complexity previously faced in similar discussions.
### ‘He knows nothing’
Numerous foreign policy experts suggest that Witkoff’s lack of diplomatic experience is a primary factor contributing to the challenges he faces. John Bolton, former national security adviser, remarked on Witkoff’s inexperience with critical global issues, highlighting that it raises concerns over his effectiveness.
While acknowledging his initial lack of experience, Witkoff asserts his commitment to these diplomatic missions, believing they are more consequential than any past achievements in his real estate career. He expressed a determination to elevate the importance of his current role.
Trump has historically criticized professional diplomats and praised business-minded individuals as superior negotiators. This month, he publicly praised Witkoff, calling him “a killer”—a term reflecting admiration in the business world.
Witkoff claims to be educating himself on diplomatic practices through reading and media, mentioning a focus on learning from Henry Kissinger’s work. Yet, contrastingly, diplomatic engagements in complex international affairs typically extend over years, whereas Witkoff is navigating multiple high-stakes situations after just a few months in office.
With the dynamic and unpredictable nature of Trump’s foreign policy, achieving a commended legacy may prove elusive for Witkoff. However, it remains likely that the personal fortunes of the Trump and Witkoff families will see significant growth by the end of Trump’s term.