30s Summary

World Liberty Financial, a finance project backed by Trump’s family, made $1 million without selling anything, after selling half of the planned 1.02 billion tokens for $0.015 each. The company initially aimed to raise $300 million, but decreased demand led to a revised target of $30 million. Despite this, a 16% increase in ether value boosted the $15.3 million token sale earnings to $16.2 million. While the token sale continues, transferability might be allowed in the future. Despite accusations of being a “scam”, high-profile endorsements for the project exist, including from Trump himself.

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World Liberty Financial, a finance project backed by former president Donald Trump’s family, has just made $1 million without selling a thing. This came about after it sold around half of the 1.02 billion tokens it had planned to, at a price of $0.015 each, due to decreased demand. The company had initially hoped to raise around $300 million from the token sale, but ended up slashing the target to just $30 million.

Even so, World Liberty Financial still made $1 million. How did that happen? Well, its stash of ether (a type of cryptocurrency) saw a 16% increase over the last few days. Although the company only managed to raise around $15.3 million from its token sale, the rise in ether has bumped that up to $16.25 million.

Still, token sales have been pretty slow since the start of November, with just $364,000 recorded in sales. Despite this, the token sale is still going on.

Even though the tokens sold in the sale aren’t currently transferable (meaning they can’t be traded for other assets for a profit), this could change in future if a governance vote is passed. There are no specific timelines for this as of yet, though.

World Liberty Financial has been involved in some controversy, with some, including Skybridge Capital founder and managing partner Anthony Scaramucci, calling it a “scam”. However, it does have some high-profile backing, including an endorsement from Trump.