Donald Trump hosted a dinner for investors in his meme coin on Thursday, as critics warned the US president was putting personal profit first.
Some 220 of the biggest investors in the $TRUMP meme coin descended on the exclusive dinner at Mr Trump’s private country club in Northern Virginia.
As the US president arrived, more than a hundred protesters at the Trump National Golf Club held signs that included “America is not for sale”, “stop crypto corruption” and “release the list”.
Massachusetts senator Elizabeth Warren described the dinner, where the US president spoke for about half an hour before dancing to the song YMCA, as an “orgy of corruption”.
Image: Donald Trump leaves the White House to attend his own meme coin gala. Pic: Reuters/Evelyn Hockstein
Access to the dinner, and the president, was earned by purchasing enough of his $TRUMP meme coin to secure a seat.
The White House insisted Mr Trump would attend the event “in his personal time”, but the lectern he stood behind had the presidential seal.
NBC News reported that during his remarks, Mr Trump did not unveil any new crypto policies but spoke in support of a potential bitcoin reserve and then left promptly afterward.
In total, investors spent an estimated $148m (£110m), with the top 25 holders of the coin spending more than $111m (£82.56m), according to crypto intelligence firm Inca Digital.
A company controlled by the Trump family, and a second firm, hold 80% of the remaining $TRUMP coins and have so far earned $320.19m (£238.14m), including at least $1.35m (£1m) after the dinner announcement, according to blockchain analytics firm Chainalysis.
‘Trump a very successful businessman,’ says White House
According to blockchain analysis, more than half of the 220 holders who attended the black-tie event are likely based outside the US.
This has led to claims the US president has auctioned off access to himself to foreign investors for personal gain.
In response to criticisms about Mr Trump using his office to enrich himself from the meme coin, White House press secretary Karoline Leavitt said: “All of the president’s assets are in a blind trust, which is managed by his children.
“And I would argue, one of the many reasons that the American people re-elected this president back to this office is because he was a very successful businessman before giving it up to publicly serve our country.”
Image: Protesters gather outside Trump National Golf Course ahead of the dinner.
Pic: Reuters
Image: Trump arrives back at White House after attending the crypto dinner. Pic: AP/John McDonnell
Who was on the guest list?
One of those attending was China-born crypto entrepreneur and billionaire Justin Sun.
He won first place in the dinner contest with his $18.5m (£13.76m) wallet of the Trump meme coin and is the largest publicly known investor in the family’s crypto platform – which has made them hundreds of millions of dollars.
Mr Sun posted videos of himself visiting parts of the White House complex on Wednesday, and on Thursday of Mr Trump at the dinner event.
In February, the US Securities and Exchange Commission paused a 2023 fraud case against him, citing public interest.
Image: Demonstrators protest near Trump National Golf Club before the arrival of the president.
Pic: AP/Rod Lamkey Jr
However, the identities of the majority of the coin holders attending the event remain unknown.
Of those going, one was simply known as Ogle, a crypto security specialist who appears in video interviews with his face covered by a bandana and sunglasses.
Spreaker
This content is provided by Spreaker, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Spreaker cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Spreaker cookies.
To view this content you can use the button below to allow Spreaker cookies for this session only.
Even some pro-Trump crypto voices worried his personal involvement may hurt efforts to establish credibility.
“It’s distasteful and an unnecessary distraction,” said Nic Carter, a Trump supporter and partner at the crypto investment firm Castle Island Ventures.
“We would much rather that he passes common sense legislation and leave it at that.”
The event was capped off with an after-party, called “Meme The Night,” thrown by a Singapore-based meme-coin engagement company called MemeCore.
The first meeting between a sitting US and Russianpresident in more than four years, following one of the bleakest periods in the history of their countries’ bilateral relations.
But a Putin–Trumpsummit does not necessarily mean there will be a ceasefire.
On the one hand, it could signal that a point of agreement has been reached and a face-to-face meeting is needed to seal the deal.
That has always been Russia’s stance. It’s consistently said it would only meet at a presidential level if there’s something to agree on.
On the other hand, there might not be anything substantive. It might just be for show.
More on Donald Trump
Related Topics:
Please use Chrome browser for a more accessible video player
2:06
‘Good chance’ Trump will meet Putin soon
It might just be the latest attempt by the Kremlin to diffuse Donald Trump’s anger and dodge his deadline to end the war by Friday or face sanctions.
It would give Trump something that can be presented as progress, but in reality, it delivers anything but.
After all, there has certainly not been any sign that Moscow is willing to soften its negotiating position or step back from its goals on the battlefield.
Tellingly, perhaps, it’s this latter view which has been taken by some of the Russian press on Thursday.
Image: Donald Trump and Vladimir Putin have not met face to face since the US president returned to the White House. File pic: Reuters
“Putin won” is the headline in Moskovsky Komsomolets regarding the Kremlin leader’s meeting with Witkoff.
The state-run tabloid quotes a political scientist, Marat Bashirov, who claims Putin “bought time” ahead of Friday’s deadline.
“It is noteworthy that in his rhetoric [on sanctions] Trump did not mention Russia at all,” the paper notes.
Komsomolskaya Pravda is similarly dismissive.
“Donald Trump has two simple interests in connection with Ukraine: to earn money for America, and political whistles and the Nobel Peace Prize for himself,” it says.
“Russia has its own interests,” it adds, “securing them is what Vladimir Putin will seek at a meeting with Trump.”
At this stage, the most likely location is the United Arab Emirates. Putin met the country’s president in the Kremlin today, and afterwards said it would be a “suitable location”. It felt like a strong hint.
And the UAE certainly makes sense.
It’s played mediator for a number of the prisoner swaps between Russia and Ukraine; it has good relations with the US (and was one of Trump’s stops on his recent Middle East tour); and most importantly for Moscow, it’s not a member of the International Criminal Court. So Putin doesn’t have to worry about being arrested.
But if NBC’s reports are correct, that a Putin-Trump summit is conditional on the Russian president meeting with Ukrainian leader Volodymyr Zelenskyy, then the summit may not happen at all.
Until now, Putin has refused to meet Zelenskyy, despite numerous demands from Kyiv, because he views him as illegitimate.
The Kremlin said the prospect of a trilateral meeting between the leaders was mentioned by Witkoff on Wednesday, but the proposal was left “completely without comment” by Russia.
GPT-5, the long-awaited upgrade to the ChatGPT AI chatbot, has been released by its maker OpenAI.
It has been one of the most highly anticipated launches in Silicon Valley after OpenAI’s first offering ChatGPT – powered by its GPT-3 model – kick-started the current AI boom in late 2022.
“GPT-3 sort of felt like talking to a high school student,” said Sam Altman, OpenAI’s chief executive.
“GPT-4, maybe it was like talking to a college student. But with GPT-5, now it’s like talking to an expert, a PhD-level expert in anything, any area you need, on demand.”
At the launch event, OpenAI claimed the new chatbot, which will be released to all ChatGPT users on Thursday, was more than a simple upgrade to its previous offerings.
According to OpenAI, the new model exceeds the chatbot competition from the likes of Google, X and Antropic on “benchmarks” – standardised tests used to rank models.
More on Chatgpt
Related Topics:
OpenAI claims it has been designed to be easier and more natural to communicate with, better at writing prose and advanced computer code, solving academic questions from mathematics to law, assisting with healthcare-related questions, as well as being safer than its predecessors.
“It’s an incredible superpower on demand,” claimed Mr Altman.
Image: GPT-5. Pic: OpenAI
The model is also more intelligent in how it uses its own brain power – and therefore an expensive computing resource – according to OpenAI.
It is a hybrid of previous chatbots and slower, more computing-intensive “reasoning” models like OpenAI’s Deep Research.
Based on a user’s request, the model will decide how much “thinking” is required before answering, rather than requiring the user to switch between different models.
Image: GPT-5. Pic: OpenAI
Although AI enthusiasts who had been expecting GPT-5 to represent “artificial general intelligence [AGI]” will be disappointed.
Despite this being OpenAI’s stated goal, Mr Altman billed GPT-5 as a “major upgrade” to GPT-4 and a “significant step along the path to AGI”.
But they’re clearly not there yet.
Please use Chrome browser for a more accessible video player
1:47
July: ‘ChatGPT is the partner I always wanted’
A real test of GPT-5 will be whether it sells.
OpenAI is projected to spend $8bn (£6bn) this year, on top of $5bn (£3.7bn) last year, and while it is expected to make a profit this year, the business case for increasingly powerful AI models is still not clear to many investors.
Given a single training run for GPT-5 is rumoured to have cost $500m (£373m), there will be an expectation the new model is significantly more useful to business users.
Despite a very slick demonstration of its coding skills at the launch presentation, where it built an online language learning game in seconds, GPT-5 will have to prove its worth for professional coding.
Many in the tech industry prefer Anthropic AI’s Claude model to write code. OpenAI and its investors will be hoping GPT-5 changes that.
AI experts will also be testing GPT-5’s tendency to “hallucinate”, an issue OpenAI claims to have improved with GPT-5.
But erroneous or bizarre answers are a problem that dogs all large generative AI models.
“Shiny things are always fun to play with, and I fully expect GPT-5 to be the shiniest so far,” said Gary Marcus, a cognitive scientist at New York University and AI commentator.
“But that doesn’t mean that it is a critical step on the optimal path to AI that we can trust,” Mr Marcus added in a post.
Dean Cain has been branded the “worst superman ever” as he announced he will join the US Immigration and Customs Enforcement (ICE) “ASAP”.
The 59-year-old, who was cast as Superman in the TV series Lois & Clark: The New Adventures of Superman, announced he had joined the team amid the federal agency’s unprecedented immigration raids.
He told Fox News on Wednesday his recruitment video on Instagram had gone viral and since then, “I have spoken with some of the officials over at ICE and I will be sworn in as an ICE agent ASAP”.
“You can defend your homeland and get great benefits,” he said in the Instagram post where he appealed for his followers to join ICE.
Instagram
This content is provided by Instagram, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Instagram cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Instagram cookies.
To view this content you can use the button below to allow Instagram cookies for this session only.
Speaking with the Superman theme song in the background, he said “hundreds of thousands of criminals” had been arrested since US President Donald Trump took office.
He then told his followers they would get a series of benefits if they joined ICE, including a $50,000 (£37,407) signing bonus and student loan repayment.
Please use Chrome browser for a more accessible video player
4:28
Who is being targeted in Trump’s immigration raids?
“If you want to help save America ICE is arresting the worst of the worst and removing them from America’s streets,” he said, before adding: “I voted for that.”
ICE agents are under pressure from the White House to boost their deportation numbers in line with Mr Trump’s campaign promise to crack down on illegal immigration.
Cain’s post on Instagram received some backlash, with one user commenting: “Worst superman ever”.
Another said: “Shame on you Dean – that’s the most un-Superman thing you could possibly advocate.”
One fan turned against him and said: “Until I saw this I was such a fan. What a sad human being you must be.”