President Donald Trump dined with 220 investors who plowed a combined $148 million into his crypto venture, boosting the growing crypto industry and inviting a torrent of criticism about the ethical implications.
Black-tie dinners with the wealthy are nothing new for Trump. But this event, which took place on the evening of May 22 at his golf club in Sterling, Virginia, stood out among the annals of presidential dining.
The dinner with the president was a reward for making the leaderboard in a contest to be among the top purchasers of the $TRUMP meme coin, a type of cryptocurrency. The top 25 buyers spent more than $111 million and were granted a private VIP reception with Trump, while the top four also received a limited edition Trump Tourbillon watch that sells for $100,000.
In total, investors spent about $148 million on the $TRUMP meme coin, according to crypto intelligence firm Inca Digital.
Trump arrived shortly after 7 p.m. ET riding the presidential helicopter Marine One, which landed on the golf course. He stayed at the dinner for slightly more than an hour before heading back to the White House. The dinner was not open to reporters.
About 100 protesters, including Democrats and ethics experts, staged a protest at the club’s entrance as guests arrived. Some held signs that read “Stop Crypto Corruption,” “America is not for sale,” and “Release the guest list.”
The White House declined to release a list of the attendees, arguing Trump didn’t host the dinner in his official capacity.
Critics say the dinner provided a way for the wealthy to influence the president by funneling money to his business. An affiliate of The Trump Organization and the company Fight Fight Fight LLC own 80% of the meme coins, according to the cryptocurrency’s website.
Sen. Jeff Merkley, D-Oregon, who was among the protesters, called the dinner “a stunning public display of corruption: The White House and President Trump are selling access to the government for personal profit.”
