President Trump raked in at least $2 billion in 2025

[0:00] So, no, here's the story. The Office of the Government Ethics released President Trump's [0:04] annual financial disclosure report yesterday. It revealed that the president pulled in at least [0:10] $2 billion in 2025. His crypto-related income in 2025 included about $515 million from the sale of [0:19] tokens from World Liberty Financial and another $65 million from sales of equity in World Liberty's [0:26] holding company. He also received $635 million in royalties from Celebration Coins. It wasn't [0:34] immediately clear what those coins are, though Bloomberg is reporting that the royalties are [0:38] related to Mr. Trump's meme coin business. Now, he earned more than $86 million in legal [0:44] settlements as well. Those included the $24.5 million from Meta, $16 million apiece from Paramount [0:51] and Disney. And President Trump's biggest stock holdings include Amazon, Meta, NVIDIA, [0:58] and Tesla. [1:00] Right. Okay. [1:02] So, lots of questions. Tell me what the answers are to the questions, because we don't have [1:07] answers to the questions, right? I will tell you, I'll tell you one other thing. He made [1:12] $4.7 million from, I almost contributed to that, Trump watches. Okay. Trump branded watches. [1:20] I was going to buy you one. I can't remember which one. Meg, you know, as I do. So, this [1:28] is, I say this a lot, and his support, the others, you know, people say this is how Trump [1:34] rolls, and it is how President Trump rolls. He's selling watches. He's selling Trump branded [1:38] watches while he's president. [1:39] I think that's different than some of the Bitcoin and other issues that his administration [1:46] is having an impact on regularity. Right. You have to, and ethics watchdogs, [1:51] obviously, are going to be all over this. Democrats, if Democrats retake the House, [1:56] they're going to be all over looking at this. The people in charge of some watchdog groups [2:01] are saying there needs to be reform across the board in government. [2:05] Should a sitting president be allowed to trade stocks on a regular basis? [2:09] Well, he's not, that's the discretionary. His is supposed that they emphasize that that's [2:15] discretionary. The journal points out he has a vast and sundry business that Donald Trump does. [2:21] There's no doubt about it. His sons are running it. They're not stupid, I don't think. And to go from [2:28] making investments to being able to prove that there was quid pro quo or influence peddling, [2:35] or whether people just think, if I do this, I'm going to be in- But is charisma the same thing [2:41] with Biden? That's what I mean. And okay, how about this question? If he was not president, [2:50] would his businesses have gone up more or less than what happened? Well, you tell me. Do you- [2:57] I don't know. These are my questions. That's why I'm asking you for the answers. [3:02] So let's start on the world liberty business. [3:05] Yeah, because that was $15 billion. It's now $400 billion or something, or one of them. [3:10] Okay, so that business wouldn't, I don't think, first of all, crypto regulations would have been [3:14] different probably under a different president. So the opportunity for all those crypto businesses [3:18] would be different. [3:19] But does that mean that they should not have tried to make the- [3:24] No, it's just can you benefit? [3:25] The spokesperson says that the president has made crypto or made the United States the leading [3:30] country in the world. [3:31] Look, the thing that I care about as an American is I would love for all of this to just be no [3:41] money involved with anything so you are not raising these questions. Because invariably what happens [3:45] is you sit here and you say to yourself, are certain people making decisions for a reason? And by the way, [3:49] it may not be that the president is making specific decisions to enrich himself, but it may be that [3:56] there are other people who think that they can influence him. Maybe they're influencing him, [3:59] and maybe they're not. But either way, you then, we sit here and we have to say to ourselves, [4:06] what's going on? The UAE made a massive investment in world liberty. Would the UAE, [4:15] you just said, what would have happened if he wasn't the president? Would the UAE have made [4:19] a massive investment in liberty financial? I don't know. [4:23] That's what I said. Questions? But you know what is good? That there is all this disclosure. [4:28] Sure. [4:28] Amazing. [4:29] The disclosure is good. I think it kind of raises the question, though. I think of it more of like [4:33] when you were allowing the railroad to expand, if you had known about that, if you were going to [4:37] make some of those changes in advance and you could buy the land along the way before anybody else knew [4:42] about those things. I don't know. I don't know exactly how this worked out. But those are the [4:47] questions if you have regulatory control and you also have the first mover advantage of knowing. [4:53] Look, I think that I've spoken about very on the show with you about Nancy Pelosi and the trades and [4:59] how I would tell you that that is, I think I've used the word shameful. So if you, if I can say that [5:04] about trading, what would you say about this? I don't, I'm just, I'm, I'm asking. [5:12] That's why I told you that you need to tell me how to think about it because I don't, [5:16] I have questions, but I don't have answers. I think the answer ultimately is that we have to [5:21] find a way to make it such that our politics are somewhat immune from money. And we've created [5:29] a system that at the minimum allows for the perception of effectively bribery. That's what's, [5:37] what is all, it's unprecedented. There's no doubt.