TLDR:
- Trump Organization has expanded international business deals in 2024, including ventures in Vietnam, Saudi Arabia, and UAE
- Eric Trump is leading company operations and has not committed to ethical restrictions if Trump wins in 2024
- Trump’s Truth Social platform is valued at $5 billion, raising new conflict concerns
- Company has partnerships with Saudi-backed entities, including LIV Golf and Dar Al Arkan
- New cryptocurrency venture could face oversight from SEC regulators Trump would appoint
The Trump Organization has established multiple new international business partnerships in 2024, marking a departure from its previous approach during Donald Trump’s first presidency.
Under the leadership of Eric Trump, the company has formed deals in Vietnam, Saudi Arabia, and the United Arab Emirates, while also launching ventures in cryptocurrency and social media.
Eric Trump, who oversees daily operations of the Trump Organization, has indicated he won’t commit to the ethical restrictions that were in place during his father’s first term. “The first term, we did everything imaginable to avoid any appearance of impropriety, and frankly, we got crushed anyway,” Eric Trump stated in an interview. “We can’t just sit out in perpetuity, and I won’t.”
The company’s recent expansion includes a partnership with Dar Al Arkan, a Saudi-based real estate company with government ties, to build luxury hotels and golf courses in Dubai, Riyadh, and Oman. The Oman project, valued at $1.6 billion, is expected to be completed in 2027 and is being built on government-owned land.
The Trump Organization has also maintained its relationship with LIV Golf, the Saudi-backed professional league, hosting tournaments at Trump properties including the National Doral Miami. These events have generated substantial payments for the company while driving customer traffic to Trump venues.
In the technology sector, Trump’s social media platform, Truth Social, became publicly traded this year. The former president’s stake is currently valued at approximately $5 billion, though the company has yet to turn a profit. The platform has struggled to attract new users and advertisers.
The company recently ventured into cryptocurrency with the launch of World Liberty Financial, a move that could create regulatory challenges given the SEC’s oversight of the crypto industry. Trump has publicly stated he would replace current SEC Chairman Gary Gensler with a more crypto-friendly regulator if elected.
Before the Hamas attack on Israel, the Trump Organization had plans to open a luxury hotel in Israel. According to a company partner, these plans were paused due to ethical concerns related to Trump’s presidential campaign.
The company’s domestic business activities have included marketing Trump-branded merchandise, books, and even a Bible. “Letters to Trump,” a collection of celebrity correspondence, generated $4.5 million in revenue, while Trump-endorsed Bible sales earned $300,000 in royalties.
Eric Trump, who travels about 200 days annually for business, has overseen the company’s debt management, paying off hundreds of millions while raising cash through sales and refinancing. He maintains that the business can operate without conflicts if his father returns to office.
Jared Kushner, Trump’s son-in-law and former White House adviser, has separate business ties that could pose additional conflicts. His private equity fund received $2 billion from Saudi Arabia, and he’s developing a luxury hotel on government-owned property in Serbia.
The company’s first-term ethics plan included a pause on new international deals and a promise to donate profits from foreign governments at Trump properties to the U.S. Treasury. The Trump Organization also appointed an outside ethics adviser and chief compliance counsel.
During Trump’s presidency, the company’s properties, particularly Mar-a-Lago and the Trump hotel in Washington, attracted substantial spending from lobbyists, lawmakers, and foreign officials. The Washington hotel was later sold for $375 million in 2022.
The Trump Organization currently faces increased scrutiny over potential conflicts of interest. Ethics experts note that doing business with foreign government entities creates situations where both those governments and Trump family interests could be affected by U.S. foreign policy decisions.
Legal experts point to the Constitution’s foreign emoluments clause, which prohibits federal officials from accepting gifts or payments from foreign governments, as a potential check on these activities. However, previous lawsuits regarding emoluments were dismissed as moot when Trump’s first term ended.
Corporate documents show the company has active projects in Indonesia and India that began before Trump’s first presidential term, with the Trump Organization providing branding, marketing, and management expertise rather than direct investment.
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