Trump Family Expands into AI and Real Estate, Raising Questions
The Trump family's business dealings have extended into tech and real estate, with significant financial implications. The older Trump sons, Don Jr. and Eric, have made a substantial bet on AI data centers following their father's push for industry investment. Meanwhile, the brothers are exploring opportunities in the hotel industry, with plans to reclaim the Waldorf Astoria in Washington D.C.
The Trumps' foray into AI began with their involvement in Dominari Holdings. Insiders at the company loaded up on shares before the brothers joined the advisory board, leading to a stock surge. Zach Everson, a Forbes staff writer, closely covers the intersection of political and financial power of the Trumps, shedding light on such transactions.
In Florida, the Trumps have benefited from tax loopholes. Pulte Home Co. paid a small property tax bill thanks to the state's 'rent a cow' provisions for agricultural land. This scheme, where builders use cattle on undeveloped land to take advantage of tax breaks meant for farmers and ranchers, resulted in a tax shortfall of at least $6.6 million in two Florida counties last year. The company that paid property taxes for the 112-acre parcel at the Florida Gulf Coast last year was not publicly specified.
The Trump family's financial dealings have not been without controversy. Despite Trump Media & Technology Group losing $401 million last year, CEO Devin Nunes earned $47 million. Don Jr., who served as a director, was paid $813,000 despite attending only two meetings.
The Trumps' business ventures continue to evolve, with investments in AI and real estate. However, these dealings have raised questions about political influence and tax loopholes. As the family explores new opportunities, such as reclaiming the Waldorf Astoria in Washington D.C., the intersection of their political and financial power remains a topic of interest.
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