Nick Pinto is a marketing director at his family’s law firm in New Jersey. He’s also a crypto trader who spent enough money on Donald Trump’s meme coin to win a spot at a private black-tie dinner with the president scheduled for Thursday night.
“I was kind of early in bitcoin and ethereum, so I’ve always been trading crypto,” said the 25-year-old Pinto, who claims he finished number 72 on the leaderboard for the token contest. “Once I saw the announcement that Trump was releasing a coin, I immediately started to purchase it.”
Pinto said in an interview that he spent half a million dollars on the $TRUMP meme token in order to attend the dinner, which is being held at President Trump’s private golf club in Potomac Falls, Virginia, near Washington, D.C. Pinto shared screenshots with CNBC that appear to back up his claim.
The $TRUMP coin, which has no attached asset or underlying value, was launched just ahead of the president’s inauguration in January and has drawn heavy scrutiny from Democratic lawmakers who say President Trump is profiting from his position of power.
The dinner was announced last month and promised to reward the top 220 token owners with “the most exclusive invitation in the world.” The top 25 finishers were also told they would get a private reception with the president, as well as a “special VIP tour.”
Democratic senators called the competition a blatant example of “‘pay to play’ corruption” — the coin jumped 50% after the dinner announcement. Earlier this week, the Senate advanced a Trump-backed crypto regulation bill called the GENIUS Act after getting enough Democratic support to clear a potential filibuster.
Guests for Thursday night’s dinner were required to complete a background check, according to a copy of the invitation viewed by CNBC. Attendees were instructed not to arrive before 5:30 p.m., with the dinner starting at 7 p.m. and expected to last three hours.
Pinto doesn’t know what his investment in $TRUMP will get him other than the dinner. He said he thinks the tokens will be usable in a digital Trump golf game that was announced in December and is expected to launch next month, according to a press release.
“There’s a few things that I want to ask him,” Pinto said. “I definitely want to find out if he’s going to want to use this coin in the game. That’s probably my top question, because not many people know about that game.”
The Trump coin team didn’t immediately respond to a request for comment.
Because crypto wallets are pseudonymous, most participants in the competition appeared only as three- to four-letter usernames linked to cryptographic wallet addresses. Many of the winners are tied to international exchanges, according to blockchain analytics firm Inca Digital, raising concern that non-Americans may be paying for the opportunity to try and influence the U.S. president.
While Pinto is going public about his participation, most of the identities tied to top wallets are unknown. Blockchain data shows that a majority of the top entrants used offshore exchanges barred to U.S. residents. An analysis by Bloomberg revealed that 19 of the top 25 wallets, and more than half of the top 220, are almost certainly owned by individuals operating outside the U.S.
The competition drew an estimated $148 million in purchases from supporters around the world, a massive fundraising haul for a digital asset launched just months ago. Among those attending is Justin Sun, the Chinese-born founder of the TRON blockchain, who confirmed this week that he is the contest’s top-ranked investor.
At current prices, Sun’s stake in $TRUMP is now worth more than $20 million. Sun was also one of the first major backers of World Liberty Financial, the Trump family’s crypto venture, buying at least $75 million of its native token “WLFI.”
In 2023, U.S. regulators accused Sun of illegally selling unregistered securities and artificially inflating token prices. A month into Trump’s second White House term, a federal court filing showed the SEC was in settlement talks with Sun to resolve the civil fraud charges.
Final leaderboard
MemeCore, a Singapore-based crypto network that was vocal in its quest to secure a spot at the Trump dinner, landed in second place with an investment of around $19.7 million, according to a post on X that the company later deleted. MemeCore didn’t immediately respond to a request for comment.
Some buyers didn’t make the cut.
Freight Technologies, a Houston-based logistics company, said it spent $2 million on $TRUMP tokens as part of what it called a strategic push to “champion fair and free trade” across the U.S.-Mexico border. The company still finished in 250th place. Freight trades on the Nasdaq as a penny stock and has a market cap of about $6.5 million.
The final leaderboard was calculated using a time-weighted formula that factored in both the size and duration of each participant’s holdings. That means early buyers who held onto their tokens consistently, like Pinto, could outrank bigger last-minute spenders.
Investors in $TRUMP, like with other meme coins, have to be prepared for big ups and downs.
Immediately after its launch in January, the Trump coin spiked to a $15 billion market cap before crashing within days. It’s currently worth about $2.1 billion.
That volatility has created stark winners and losers. Blockchain data shows that more than $5.2 billion in profits flowed to the top wallets, while over 590,000 wallets — mostly small retail traders — collectively lost nearly $4 billion.
Since January, more than $324 million in trading fees have been routed to wallets tied to the project’s creators, according to Chainalysis. The token’s code automatically directs a cut of each transaction to these addresses, allowing the team to profit from ongoing activity. The blockchain analytics firm stopped tracking the president’s meme token about two weeks ago, citing a need to refocus resources on paying clients.
The Trump family has reaped enormous financial benefit. Roughly 75% of proceeds from World Liberty Financial and more than 80% of profits from the meme coin have gone directly to the Trump Organization and affiliated entities. The project has also generated hundreds of millions of dollars in trading fees.
Senator Chris Murphy, D-Conn., has introduced legislation that would ban sitting presidents from profiting off meme coins while in office.
In a press conference hours before the dinner, Murphy warned that “just because the corruption is playing out in public where everybody can see, it doesn’t mean that it isn’t rampant, rapacious corruption.” He called tonight’s event “maybe the most corrupt, of all of the corruption.”
Sen. Elizabeth Warren, D-Mass., went further, describing the gathering as “an orgy of corruption” and accusing Trump of using the presidency “to make himself richer through crypto.” She called for changes to the GENIUS Act that would bar any president from profiting off stablecoin ventures.
With Republicans in control of both chambers of Congress, Democrats have limited ability to force action.
In response to CNBC’s questions about the dinner, Deputy White House Press Secretary Anna Kelly said, “The president is working to secure good deals for the American people, not for himself,” adding that he “only acts in the best interests of the American public.”
Pinto, who paid $500,000 for his invitation and still holds most of his tokens, said the risk is worth it.
“I didn’t put in more than I’m willing to lose,” he said. “I’m fine if it goes to zero.”
Hot on the heels of Congress illegally attacking clean air, a coalition of 11 states has launched an Affordable Clean Cars Coalition to expand access to clean cars even as the federal government tries to raise costs for Americans and drag down the US auto industry during the all-important transition to EVs.
The coalition has been in the works for some time now, but official announcement couldn’t come at a better time.
The new coalition includes 11 states whose governors want to protect their residents from these attacks, and to keep pushing forward on clean cars.
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Here’s the list of governors:
Gavin Newsom, California
Jared Polis, Colorado
Matt Meyer, Delaware
Maura Healey, Massachusetts
Wes Moore, Maryland
Phil Murphy, New Jersey
Michelle Lujan Grisham, New Mexico
Kathy Hochul, New York
Tina Kotek, Oregon
Dan McKee, Rhode Island
Bob Ferguson, Washington
The coalition represents over 100 million Americans and around 30% of the US car market. It’s a subset of the 24 states in the US Climate Alliance, a bipartisan coalition of 24 governors that represents ~60% of the US economy and 55% of the US population.
The governors in the new Clean Cars Coalition closely (but not exactly) track the group of “section 177” states which follow California Air Resources Board’s clean air rules.
Section 177 is the portion of the federal Clean Air Act which allows California to ask for a waiver to set its own emissions rules, as long as those rules are stronger than federal rules, and lets other states follow the same rules, as long as they follow California’s rules exactly.
Not every state follows every rule, and each individual rule has somewhere around 10-12 states that follow it. Each of the states involved in today’s effort are section 177 states, but not every section 177 state is represented in this coalition.
States participating in the Affordable Clean Cars Coalition will collaborate to:
Develop solutions that make cleaner vehicles more affordable and accessible to all Americans who want them, including by reducing cost barriers, increasing availability of options, and expanding accessible charging and fueling infrastructure at home and in our communities.
Continue making progress toward the goals of states’ clean vehicle programs.
Defend longstanding authority under the Clean Air Act for states to adopt transportation solutions that best meet their needs and most effectively support their families and communities.
Explore opportunities to develop and adopt next-generation standards and programs to further reduce vehicle pollution, as permitted under the Clean Air Act or otherwise, such as solutions that increase consumer access to cleaner cars and low-carbon fuels.
Collaborate with one another, share evidence-based practices, engage experts, and develop solutions that can be shared across state lines and eventually scaled by the federal government.
Foster meaningful engagement with manufacturers, suppliers, dealers, labor unions, business associations, utilities, community-based organizations, charging and fueling infrastructure providers, and others in developing and successfully implementing state transportation solutions.
Prioritize efforts that bolster America’s ability to compete and innovate in a growing global market.
Electrek’s Take
Today’s coalition is a similar effort to that which came out of the last time the federal government tried to force dirty air on states.
Mr. Trump also tried to attack California’s clean air rules many times the first time he squatted in the Oval Office (after losing the 2016 election by 3 million votes), but through a combination of being both morally and legally correct, California eventually won that fight.
This time, the story looks like it’s starting to play out similarly. And since the players are the same (though some, somehow, are even stupider), and the importance and dominance of electric cars is more apparent now than ever, I wouldn’t bet on the outcome being all that different.
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Volkswagen’s entry-level EV is coming along. The first pre-series battery systems, which will power the ID.2, are now rolling off the assembly line, and Volkswagen is already building parts for the low-cost EV.
Volkswagen produces the first ID.2 parts and battery
It’s been over two years now since VW first introduced the ID.2all, a preview of its upcoming entry-level EV priced under €25,000 ($27,000).
The ID.2 is inching closer to its official debut after the first pre-series battery systems and parts rolled off the assembly line at the Group’s Martorell plant in Spain.
SEAT S.A., which will lead VW’s new Electric Urban Car Family (entry-level models), announced two major milestones this week. The company produced the first body parts on the new PXL press that will be used for the new CUPRA Raval in 2026, followed by the production version of the Volkswagen ID.2.
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Markus Haupt, Interim CEO of the Group’s SEAT and CUPRA brands, said 2025 is a “decisive year” as the company gears up to kick off series production of its new entry-level EV lineup.
Volkswagen ID.2all concept (Source: Volkswagen)
During pre-series production, both automated and manual tasks are in place. Once the plant upgrades are complete, Volkswagen said it will have fully robotized processes and around 500 workers.
After investing €300 million ($340 million), the Martorell plant will be able to produce up to 300,000 batteries annually. The company aims to begin series production in 2026.
SEAT S.A. assembles first pre-series battery system for Volkswagen ID.2 and Cupra Raval (Source: SEAT S.A)
More affordable EVs are coming soon
The ID.2 will be the first Volkswagen EV based on its new MEB+ platform and low-cost LFP battery system, promising to significantly cut costs.
With “particularly efficient drive, battery, and charging technology,” the ID.2 is expected to have a WLTP range of up to 450 km (280 miles).
Volkswagen’s ID 2all EV interior (Source: VW)
Volkswagen says the lower-cost electric car is “as spacious as a golf,” but “as inexpensive as a Polo.” It will start at under €25,000 ($27,000) when it arrives later this year or early 2026.
At the LA Auto Show in November, VW’s tech development head, Kai Grünitz, told Autocar that “huge improvements” are coming, starting with the ID.2. Grünitz promised VW is “going back to where we came from” with inspiration from iconic cars of the past, including the Golf.
Volkswagen ID 2all “Vintage” mode from the Golf era (Source: Andreas Mindt)
One fun feature? The new drive modes. You can switch between “Classic” and “Vintage” themes, and your display cluster will look like it’s straight out of an old-school Beetle or Golf.
Thomas Schäfer and the ID. EVERY1 concept car
The production version of the ID.2 will be one of ten new EVs Volkswagen will launch by 2026. It will be followed by the ID.2 SUV and the smaller, more affordable ID.1.
The ID.1 will kick off a new era as VW’s first software-defined vehicle (SDV) with help from Rivian. Earlier this year, earnings call, VW brand CFO David Powels confirmed the company plans to launch the ID in 2027.
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The 2025 version of the Axios Harris poll of brand reputation is out, and it shows a sharp decline in the reputation of Tesla and other Elon Musk-related brands, putting them among the lowest-ranked brands in America, largely due to the toxicity of Musk himself.
The Axios Harris Poll 100 ranks brand reputation of America’s 100 most visible companies, and asks a sample of thousands of Americans how they feel about each brand.
The survey is a collaboration between Axios and Harris that has been going on since 2019, though is based on 20 years of similar Harris Poll research before then, starting in 1999. It has developed its own reputation as a reliable way to take temperature of the American public’s opinion on various high profile brands.
It’s conducted through multiple samples of thousands of Americans, asking them what the most high-profile brands are, how familiar they are with those brands, and their opinions of those brands.
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Tesla has been ranked in the survey many times over the years, with varying results. In the first poll in 2019, it ranked 42nd, with a brand score of 75.4 out of 100.
Since then, the company’s shine has started to tarnish, and it has been dropping in the rankings. 2022 saw a slight dip to #12 and a score of 79.5, but in 2023 Tesla took a huge hit, dropping a whopping 50 places in the rankings. Axios titled the poll the “year of the tarnished titans” partially due to Tesla’s huge drop.
But the drop didn’t stop there, as Tesla dropped another position in 2024, down to #63, but with a brand score that would still at least be a barely-passing grade (for a lenient teacher), at 72.5 out of 100.
But this year’s poll shows that things just continue to get worse, and in fact, the reputation damage is accelerating.
In 2025, Tesla dropped another 32 places into 95th place, and down to a brand score of 61.3, a huge numerical drop in both position and brand score.
#97 Meta (Facebook) – This feels self-explanatory, but just about everyone is unhappy with Facebook, for reasons with varying levels of rationality behind them.
#98 Twitter – Also run by Elon Musk, which has been flooded with Nazi rhetoric and disinformation after he wasted $44 billion and most of his time on it (though it consistently ranked poorly even before Musk’s takeover0.
#99 The Trump Organization – I mean, it has the name of the highest-profile traitor to Americaright there in the name.
#100 Spirit Airlines – The “most hated airline in America,” butt of innumerable jokes, with generally low levels of service.
SpaceX, the third company run by Musk on the list, also earned a low reputation score, ranking 86th with a score of 66.4.
Notably, there are several companies with bad reputations ranked above Tesla, many of which have had high-profile scandals either recently or that still loom large in the public consciousness.
For example, those in the title of this article: BP, which presided over the Deepwater Horizon oil spill; UnitedHealth, which is currently imploding and whose former CEO was recently murdered in broad daylight and lots of people kind of didn’t seem to mind it; and Temu, which has faced data privacy lawsuits and is the butt of many jokes for selling low quality products, on top of general anti-China sentiment.
For a few other names, another Chinese app, TikTok, is also ranked above Tesla. As is Fox Corporation, one of the largest purveyors of misinformation and causes of the political division we see in America today. And finally, Boeing, which spent last year wracked by scandals, yet is 7 places above Tesla on this year’s list.
Meanwhile, every other automaker on the list ranked higher than Tesla by at least 35 places (Ford, #60).
Electrek’s Take
So, the news is quite bad for Tesla. But why is Tesla ranked so low?
Well, as you may have divined from our repeated mention of a certain name, the primary reason is Tesla CEO Elon Musk.
As we’ve been warning people about for quite some time now, Tesla CEO Elon Musk is doing his best to completely destroy Tesla’s brand.
Musk has presided over an incredible amount of brand damage to Tesla, with the company ranking the lowest of any US EV brand in a recent survey. This negative perception seems to apply to pretty much any question asked about the brand, including its standout Supercharger network, which suggests that the reason isn’t anything to do with Tesla’s products.
As an EV publication, we have the same mission as Tesla – to advance sustainable transport. In order for that to happen, we obviously want the (formerly) largest EV company in the world to do its job the best it can.
The problem is, Musk doesn’t have that mission, and has been doing his best over the last year(s) to ruin Tesla’s brand perception with increasingly idiotic decisions, both in terms of his public advocacy and his work within Tesla.
Beyond politics, Musk’s leadership (or lack thereof) has also resulted in Tesla putting all of its effort into products that either don’twork or don’t sell, instead of focusing on Tesla’s strengths like its cost advantages and Supercharger network.
So, once again, this report shows the effect of the constant drumbeat of bad Tesla business moves and horrendous public behavior by the company’s CEO.
We’re not sure what’s going to make Tesla’s board (which have been dumping TSLA stock like mad) or shareholders wake up to Musk’s destruction of the company, but this report is just one more data point showing how severe the situation has gotten.
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