《Forbes》 Slams Eric Trump for High-Volume Bitcoin Business Arbitrage, Scamming MAGA Investors

BlockBeats News, April 29th, Forbes published an article criticizing Eric Trump, son of Donald Trump, for his Bitcoin business, calling it a disaster. The article pointed out that Eric Trump promoted his Bitcoin company, American Bitcoin (ABTC), as a money-making machine, when in reality it was just an arbitrage tool designed to exploit investors supporting MAGA (Make America Great Again). American Bitcoin was founded in 2025 and quickly went public on the Nasdaq, leveraging the Trump family brand and the Bitcoin craze to push its valuation up to $13.2 billion. Eric Trump heavily promoted the company as the "leader of the Bitcoin world" during earnings calls, but in reality, the company had only a few full-time employees and relied mainly on storytelling marketing rather than solid operations. The company kept selling stocks at inflated valuations to buy Bitcoin, with Eric making almost no personal investment but still managing to increase his personal wealth from around $1.9 billion to $2.8 billion, while other insiders also made hefty profits.

Meanwhile, ordinary investors, especially MAGA supporters, suffered heavy losses. In the past eight months, American Bitcoin's stock has plummeted by about 92% from its peak, resulting in investors losing a total of around $500 million. Forbes questioned the actual profitability of American Bitcoin's Bitcoin mining business, suggesting that its promoted "half-price mining" was difficult to achieve and was more of a scheme to dump overpriced stocks using the Trump brand.