With shares of his nascent social media business in the midst of a sharp rebound and with just three weeks until the presidential election, Donald Trump is bringing his latest proposed money-making endeavor to market, this time in crypto.
On Tuesday, the former president and current Republican nominee aims to launch WLFI, the token accompanying his new crypto project called World Liberty Financial. Over the weekend, Trump pumped the sale in a post on X, telling his followers that it’s a “chance to help shape the future of finance.”
Prospective investors can be forgiven for having little idea about what they’re being asked to support.
People involved with WLF have described it as a sort of crypto bank, where customers will be encouraged to borrow, lend and invest in crypto. No official white paper or formal business plan has been released to the public, and about all that’s been disclosed is that investing in the project will give users voting rights over the yet-to-be-launched WLF platform.
In a roadmap given to prospective investors that was first viewed by The Block, the WLF proposal says the coin is looking to raise $300 million at a $1.5 billion valuation in its initial sale. CNBC reached out to WLF for comment but didn’t hear back.
World Liberty Financial is separate and apart from Trump Media & Technology Group, the parent company of social media platform Truth Social. Trump Media, known by ticker symbol DJT, started trading in March, after going public through a special purpose acquisition company (SPAC). It’s been a rocky road for the stock, which peaked at close to $80 in late March, before falling all the way down to $12.15 last month.
But since bottoming on Sept. 23, DJT shares are up close to 150% at $29.95, giving the company a market cap of $6 billion. That’s on revenue of less than $1 million a quarter and after the company lost more than $16 million in the latest period.
The Nasdaq Market site is seen on the day that shares of Truth Social and Trump Media & Technology Group start trading under the ticker “DJT”, in New York City, U.S., March 26, 2024.
Shannon Stapleton | Reuters
While DJT shares can be purchased by anyone, the digital coin WLFI will be a Regulation D token offering, following a provision that makes it possible to raise capital without first registering a security with the SEC. Certain conditions must be met, such as limiting the size of the sale and restricting it to accredited investors, defined in part as having a net worth of over $1 million.
Trump owns about 57% of DJT’s outstanding shares, but his potential control over World Liberty Financial is more opaque. WLF’s website, which is currently a landing page to register for know-your-customer verification to buy the coin, includes some of the fine print that indicates the financial incentive for the founders.
Co-founder Zachary Folkman, who previously had a company called Date Hotter Girls and reportedly helped develop crypto project Dough Finance, has said that 20% of WLF’s tokens would be allotted to the founding team, which includes the Trump family.
And there appears to be another way they can make money.
“DT Marks DEFI, LLC and its affiliates including Donald J. Trump and his family members has or may receive tokens from World Liberty Financial, and will be entitled to receive significant fees for services provided to World Liberty Financial, which amount cannot yet be determined,” the website says.
On Monday, less than 24 hours before the planned token launch, the WLF team convened a conversation on X Spaces to share details of the sale. About 12,000 people tuned in to listen to the more than hourlong chat about the overarching goals of the project.
Folkman reiterated what he said in a prior Spaces event, telling attendees that WLFI is a governance token that allows holders to vote on decisions regarding the protocol, including initiatives like promotional partnerships. He said token ownership “isn’t equity” and “doesn’t represent economic right.”
Folkman said the token sale will exclusively take place on World Liberty’s website, and that only those who had been whitelisted after signing up will be able to participate. He said “well over 100,000 people” are on the whitelist and that it’s not too late to register. Folkman added that WLF would publish the “long-awaited” roadmap for the project on Tuesday, in tandem with the token sale.
Last week, WLF began the process of getting its crypto bank approved by the decentralized finance (DeFi) ecosystem known as Aave.
Aave is open source and, in DeFi, is one of the longest-running and most-trusted crypto lending platforms.
“The protocol itself is permissionless, so I’m kind of less opinionated about integrations, because that’s the whole idea of decentralized finance,” Aave founder Stani Kulechov told CNBC in an interview at the Permissionless Conference in Salt Lake City, Utah.
Kulechov joined Monday’s X event and said he’s “excited that WLF is using and relying on” Aave.
‘”That’s a strong signal that what we build is fairly useful, so we’re super excited,” he said.
In a 400-word post to Aave’s governance forum, the WLF team presented a brief outline of its objectives, which include promoting “DeFi to a wider audience through its marketing efforts,” and introducing “a new class of users to over-collateralized borrowing and lending.” The proposal is currently at the preliminary stage of consideration known as “Temp Check,” and Aave’s users are able to comment on the plan.
In the comments section, a number of users raised concern over the project’s deep ties to the Trump family.
“I believe this proposal poses significant risk to the Aave protocol for little gain,” according to one comment that’s since been deleted. The commenter then questioned the rationale of having “the largest and most trusted protocol in DeFi” working with a group led “by people of questionable backgrounds … including several convicted criminals.”
Folkman helped start WLF with long-time business partner Chase Herro. CoinDesk reported that the pair previously worked on Dough Finance, which was also built on top of Aave and suffered a $2 million hack in July. Herro also launched another crypto trading business a decade ago called Pacer Capital, which appears to now be defunct.
For World Liberty to proceed, it must pass multiple rounds of consideration and approval, each decided by a vote among existing AAVE token holders.
At this stage in the process, the token sale is akin to an IOU. Those who buy in now have a claim to the token if and when the platform is approved and launched.
Honda’s patent filings offer a clear glimpse into the company’s plans for an ultra-affordable electric motorcycle, integrating a proven chassis with a simple electric powertrain. It’s a clear glimpse into how the world’s most prolific motorcycle maker plans to challenge the nascent electric motorcycle market.
The filings in Honda’s new patent show a bike built around the familiar platform of the Honda Shine 100, a best-selling commuter in India, reimagined in electric form for a cost-effective future of urban mobility.
According to Cycle World’s Ben Purvis, Honda’s patent sketches outline a design that repurposes the Shine’s sturdy frame and chassis mounting points to house an electric motor and compact battery setup. Positioned where the engine once sat, a mid-motor drives the rear wheel via a single-speed reduction gear and chain – mirroring the essentials of the original gasoline-powered commuter bike.
Instead of a traditional fuel tank, the design features two lithium-ion battery packs, angled forward on either side of the spine frame and fitting neatly into the existing geometry.
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What makes the bike revealed in this patent even more interesting isn’t just its clever packaging, but rather the platform. By leveraging the proven Shine chassis, Honda can significantly cut development costs, manufacturing complexity, and market price. That’s a big statement given that surviving in price-sensitive markets like India demands simplicity and reliability. And by piggybacking off a proven platform, Honda can dramatically reduce the time to market from the time the boardroom bigwigs give the project the final green light.
Honda’s patent images show an electric motorcycle built on the same platform as the Honda Shine 100
The design still seems to feature styling that would be fairly consistent with the Shine 100, even down to a gas cap-like circular protrusion likely on top of a faux-tank. Some electric motorcycles in the past have used this location to hide a charging port, keeping similar form and function to outdated fuel tanks and fill ports, though it’s not clear if that is Honda’s intention.
It’s not clear what power level Honda could be targeting, but the Shine bike from which Honda’s creation draws its design inspiration could provide some clues. The Honda Shine 100 features a 99cc engine that provides around 7.3 horsepower (around 5.5 kW) and has a top speed of 85 km/h (53 mph), solidly planting it in the commuter segment of motorcycles.
The electric motorcycle in Honda’s design would be unlikely to target much higher performance as it would drastically increase the required battery capacity, and thus similar speeds of around 80-85 km/h (50-53 mph) would seem likely.
There also appears to be no active cooling, which would also limit the amount of power that Honda would be likely to draw continuously. The patent describes a channel formed by the two battery packs, leading to the speed controller and creating ducted cooling that pulls heat out of the batteries and electronics without drawing extra power.
Honda hasn’t released a final design, but I ask AI to create one based on the patent images. I’d ride that!
This emerging design is just one piece of Honda’s broader electric two-wheeler strategy. Their entry-level EM1 e: and Activa e: scooters launched with mobile battery packs and budget-friendly pricing. Meanwhile, high-tech concepts continually push the envelope. But this Shine-based bike aims squarely at the heart of mainstream affordability – a move likely to resonate with millions of new electric riders in developing regions like India where traditionally-styled small-dsiplacement motorcycles reign supreme.
Honda hasn’t revealed a timeline or pricing yet, but Honda’s patents offer real hope to fans of the brand’s electric efforts. If scaled effectively, this could be the first truly mass-market electric motorcycle from a major OEM, with a sticker price likely far below the $5,000 mark usually seen as a floor for commuter electric motorcycles from major manufacturers. That would also dramatically undercut models from brands like Zero or Harley-Davidson’s LiveWire, even as those brands rush to bring their own lower-cost models to market.
Electrek’s Take
Honda’s patent reveals a clever, no-frills EV designed to democratize electric two-wheeling, especially in developing markets that are even more price-sensitive than Western electric motorcycle customers.
Using a trusted frame, simple electric drive, and passive cooling, I’d say it definitely prioritizes cost over complexity, which is exactly what urban commuters need. If Honda can bring this to market, it would not just add another electric bike to the mix… it could create a new baseline for affordability in affordable electric mobility. Now we’re just waiting for the rubber to hit the road!
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And today, Musk made it official that he will seek greater collaboration between three of his companies: Tesla, xAI, and twitter, in the form of an investment into xAI by Tesla.
The situation is a little more complicated than that, though.
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Tesla is a public company, owned by shareholders. Musk is the largest shareholder, but only owns around 12% of the company himself.
This is a different situation than xAI, which is a private company, owned by Musk. While there are other investors, he can exercise much more direct control over the company, and doesn’t have to put big decisions up to a vote.
One of the recent decisions he made with xAI was to purchase twitter in March. You may say, “wait, I thought he bought twitter back in 2022?,” and you’d be correct. Musk purchased twitter for $44 billion in 2022, which was widely agreed to be far too high a price, and then rapidly saw the company’s valuation drop to under $10 billion.
Then, in March 2025, Musk had xAI purchase twitter in an all-stock deal, valuing twitter company at $45 billion – again, far too high of a valuation, but considering he purchased the company from himself, he could set the price at whatever he wanted.
The move was widely considered to be a bailout of twitter, and the numbers involved considered arbitrary, perhaps partially to help save face for Musk after he made one of the worst business deals of all time.
Now the two are the same entity, and it seems clear that he would like to bring Tesla into the fold, in some way or another.
Musk has already improperly used resources from Tesla, a public company, to boost xAI and twitter, his private companies. Last year, he gave up Tesla’s priority position for highly sought-after NVIDIA H100 GPUs, instead shipping those GPUs to xAI and twitter. Tesla could have used these GPUs for training its FSD/Robotaxi systems, which Musk has claimed is the most important thing to Tesla’s future, but instead graciously sent them to his other company that used them to, uh, train a bot to say Nazi stuff apparently.
xAI has also poached talent from Tesla, multiple times, showing how Musk is using Tesla as a farm team for his private company.
So it hasn’t been a secret that Musk would like to use public money to bail out his private companies, as he’s been setting the stage for for a while now.
Musk has previously “discussed” getting Tesla to invest in xAI in the past, but the idea was never made official until today, when Musk said that he will put the idea to a shareholder vote.
In response to one of his superfans asking for the the opportunity to waste money on an overvalued social media app (which would mark the third time it has been overpaid for in as many years), and the backend fueling “MechaHitler,” Musk said this:
Tesla traditionally holds its annual shareholder meeting around the middle of the year, so if it were a normal year, this shareholder vote might be imminent.
But it’s not a normal year, as just last week Tesla announced an exceptionally late shareholder meeting, pushing it back to November, the latest it has ever held the meeting.
This means that Musk will have around four months to campaign for this idea – something that he’ll perhaps have more time to do, now that he’s no longer cosplaying as a government official.
We don’t know what the structure of the deal might look like yet, but Musk has been clear in the past that he wants more shares in Tesla. After selling many of his shares in order to buy twitter, he later complained that he doesn’t feel comfortable having less than 25% of Tesla. Given that his recent xAI/twitter deal was an all-stock deal, Musk could attempt to fund any investment of Tesla into xAI via shares, giving himself more Tesla shares in exchange for the company gaining a portion of xAI. Though to get him to 25% voting shares in Tesla, that would require either an enormous valuation for xAI, a small valuation for Tesla, or purchasing a large percentage of xAI (or, perhaps, all three, given how much higher TSLA’s valuation is than xAI’s).
We may however have a hint as to how that vote will go, because the last time Musk campaigned for a clearly terrible idea, Tesla shareholders ate it up.
In mid-2024, Musk ended his yearslong absenteeism at Tesla in a flurry of activity, hoping to persuade enough shareholders to vote for his illegal $55B pay package.
So it looks like we’ve got another campaign coming up, and if last time was any indication, expect some really bad decisions along the way. It worked last time, didn’t it?
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The off-highway equipment experts at Perkins and McElroy have teamed up to develop a plug-and-play battery electric power unit designed to help equipment OEMs and upfitters to seamlessly transition from diesel to battery electric power.
Designed to occupy the same space as the companies’ diesel-engined power units, Perkins dropped its new battery power unit into the similarly new McElroy TracStar 900i pipe fusion machine (specialized equipment used to join thermoplastic pipes like HDPE or polypropylene by heat-welding them end-to-end to form a continuous length pf pipe).
Perkins’ battery electric power unit replaces the company’s proprietary 134 hp, 3.6 liter 904 Series Tier V diesel engine, enabling units that are already deployed to be quickly upgraded to electric power – and helping trade allies and development partners to easily retrofit existing equipment in order to add zero-emission options to their operational fleet.
“We’re actively helping customers navigate the shift in power system requirements, with a range of advanced power systems including electric, diesel-electric and alternative fuel compatible engines,” says Jaz Gill, vice president, global sales, marketing at Perkins. “When it comes to the innovative fully integrated battery electric power unit, it can be ‘dropped in’ to a machine to replace a diesel engine. The system consists of a Perkins battery along with inverters, motors and on-board chargers – all packaged up into a compact drop-in system to support seamless transition from diesel to electric for our customers looking to make that move.”
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McElroy believes that an electric, emissions-free power unit like this one will open new opportunities and applications for its customers.
“Their team has done a phenomenal job of integrating their battery electric system into our TracStar 900i,” explains McElroy President and CEO Chip McElroy. “We’re really excited to see what the market thinks about this concept.”
Development of the battery electric powered pipe fusion machine was completed in about nine months. Future Perkins-powered electric equipment running the 904 diesel (small excavators, telehandlers, pumps, and gensets) could be developed even more quickly. You can find out more in the company’s promo video, below.