Trump Family Scores Massive Payday as Company Falls Apart

Investors have seen steep losses since putting their money on a fintech firm that partnered with a Trump family-backed crypto venture—but the president's family got the better end of the deal, according to a new report.

ALT5 Sigma, now known as AI Financial Corp., teamed up with the Trump family's World Liberty Financial last August in a deal that the president's sons, Donald Jr. and Eric, celebrated with cheery photos at the Nasdaq MarketSite in New York.

Under the deal, ALT5 acquired $1.5 billion in crypto tokens from World Liberty Financial. In turn, President Donald Trump and undisclosed members of his family were entitled to a staggering $500 million in proceeds from the sale, according to WLF disclosures first reported by CNBC.

But not everyone was as lucky.

Just a day before announcing its WLF partnership in August, ALT5 stock closed at $8.97. Since then, however, the company's stock has fallen to 66 cents per share—a loss of more than 90 percent. Now, according to CNBC, AI Financial Corp faces delisting from Nasdaq in the next two weeks if it cannot raise its price. Nasdaq declined to comment to the publication.

https://finance.yahoo.com/markets/crypto/articles/trump-family-scores-massive-payday-091107888.html

Sounds like a classic pump and dump.