Eric Trump spent Thursday morning bragging about getting an airport named after his dad. Hours later, the world learned he had just vaporized more than $600 million of the family fortune.
According to a new Bloomberg report, American Bitcoin, the crypto venture Eric helped launch and now runs as chief strategy officer, has completely cratered since going public last year, shedding over 95 percent of its value from its September high.
Things got so desperate this week that the company had to bundle every 15 shares into a single share just to stay listed on the Nasdaq. The stock still hit a record low on Wednesday.
Bloomberg calculates the crash has wiped out more than $600 million of Eric’s stake in just 10 months. His brother Donald Trump Jr. advises the same firm.
Eric’s big strategy was to bet everything on Bitcoin itself, stockpiling the coin while rival mining companies pivoted to renting out computing power to AI firms and watched their stocks soar. American Bitcoin refused to adapt, and investors have paid the price ever since.
His advice to the people holding the bag? “Just hold on, guys,” he told a Las Vegas crypto conference in April. “Just hold on.”
The timing made it all the more humiliating. Just hours before the report dropped, Eric posted a gushing tribute celebrating Palm Beach International Airport being renamed after his father, writing that he was “happy to have played a big role in making this happen.”
He played a big role in this one too.
BREAKING: Eric Trump just lost the family $600 million on a disastrous Bitcoin bet
