Eric Trump, the son of US President Donald Trump, has increased his wealth tenfold since his father returned to the White House, Forbes magazine announced today.
Trump's second-oldest son, who has been managing his father's business for nine years, has no stake in the real estate for which the Trump Organization is known, but he inherited something much more valuable, according to Forbes.
Over the past year, Donald Trump has offered a master class in turning political fame into personal wealth, Forbes writes, adding that Eric has proven to be the best student and is now worth about $400 million, more than any of his siblings.
The largest single piece of his fortune is his stake in American Bitcoin, a cryptocurrency mining and holding company. At the end of September, the company held 3.418 bitcoins, worth about $320 million at today's prices. American Bitcoin's market cap is now more than $2 billion, putting Erik's 7,3 percent stake at about $160 million.
"We have massive aspirations to be the absolute best crypto company in the world," Erik boasted on television in early September.
American Bitcoin isn't Eric's only worthwhile venture. His stake in World Liberty Financial, which his father launched with him, Donald Trump Jr., and Barron just before the election last year, netted him about $135 million. Along with other assets, the two crypto companies have boosted Eric's net worth to ten times what it was before his father returned to the White House, Forbes reports.
When asked for comment, Eric Trump disputed the estimated value, but declined to explain why.
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