'Less oversight': Trump children accused of capitalizing on election with new businesses
President-elect Donald Trump's children aren't wasting any time launching new money-making opportunities after their father was elected to a second term in the White House.
According to the Daily Beast, Lara Trump – the Republican National Committee co-chair who is married to the president-elect's son, Eric — is now launching a new clothing line. Her company, LT Brand by Lara Trump Collection, is labeled "a celebration of strength, resilience and patriotism." She wrote on Instagram that it would help "American workers and factories" and that her products will be "handcrafted in the USA because I believe in bringing jobs back home and making a difference where it matters most."
The Wall Street Journal recently reported that Trump's eldest son, Donald Jr., is now going into business with a former supporter of Florida Republican Governor Ron DeSantis to specifically fund companies eschewing ESG (environmental, social and governance) philosophy. His new business partner, Omeed Malik, is a former Bank of America executive who was fired in 2018 over allegations of making unwanted advances toward female employees and was in relationships with female subordinates.
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Their new firm, 1789, is now seeking $100 million in startup capital with a promise to exclusively fund American companies in "response to the weaponization of capital by foreign entities."
Some of the more notable board members of the company include failed Arizona U.S. Senate Republican nominee Blake Masters and Jamie McCourt, who was the U.S. Ambassador to France during Trump's first term in office.
Virginia Canter, who is the chief ethics counsel for the watchdog group Citizens for Responsibility and Ethics in Washington, told the Journal that the Trump children's businesses raise numerous questions about how their private sector work will benefit from their familial connections.
"If it is a regulated entity, will it be given less oversight? Will they be treated differently than other regulated industries?" She said.
According to the Journal, Trump Jr. and Malik first got acquainted while doing business with the company PublicSquare, which was expressly focused on marketing to conservatives who felt alienated by more mainstream brands. Trump Jr. said on a 2023 episode of his podcast that he wanted to help PublicSquare "really get that dual economy going until the other side is willing to not be political, to not hate your guts, to not hate your freedoms, your religion, your values, until they’re willing to not jam their woke bulls— down your throats."
However, PublicSquare has yet to show any definitive proof of success. Despite having a valuation of roughly $200 million in February of 2023, the Journal reports that it has since seen its value plunge by approximately 90%, trading from around $29.80 per share down to around $2 per share in late 2024. In the first three quarters of 2024, PublicSquare posted revenue of $16 million, but losses of nearly $37 million. And the company recently laid off more than a third of its workforce.
Trump Jr. is no stranger to launching failed businesses. He's coming off of a failed cryptocurrency venture called World Liberty Financial, whose signature "gold paper" currency has an image of the president-elect's face on the front. After being unable to tap into a mass market of buyers for its tokens that can't be resold, it reduced its sales targets by 90% after just launching in September.
Lara Trump and Donald Jr. aren't the only Trump relatives to try their hand in business. Trump's son-in-law, Jared Kushner (who is married to his eldest daughter, Ivanka) runs the firm Affinity Partners out of Miami, Florida. That company has attracted billions of dollars in investments from foreign governments including Saudi Arabia and Qatar, along with money from Taiwanese billionaire Terry Gou, who founded the manufacturing giant Foxconn.
Ivanka also had her own clothing line during Trump's first term. However, she eventually shuttered it, with the Beast reporting that the Trump heiress opted to instead focus on supporting her father's administration. The Journal noted that Ivanka's decision to shut down her business was also "tired of the extra restrictions and scrutiny."
READ MORE: Kushner firm may be 'front to funnel foreign government money' to Trump family: Senate Dem
Click here to read the Beast's article about Lara Trump, and click here to read the Journal's full report about Trump Jr. (subscription required).