Catch Me if You Can
To say that President Trump cuts corners when ethics is involved in decision making is like saying Boeing skipped necessary steps and procedures to ensure their planes were safe. Obviously, Boeing skipped important steps and that’s why there were two crashes of 737 MAX planes with the death toll of 346 in 2018 and 2019. Now, many of Trump’s decisions can be challenged from an ethical point of view, but, hopefully, no one will die as a result.
Last week I blogged about some of the activities Trump has engaged in during his first year in office. For the most part, these are conflicts of interest where Trump or his family can benefit from some arrangement with a foreign country and/or wealthy individual. For example, Trump held a gala dinner for the biggest buyers of a Trump-branded niche-cryptocurrency: meme coins. The highest bidder was billionaire Justin Sun, who bought more than $40 million of $Trump coins. Sun is a businessman and former Permanent Representative of Grenada to the World Trade Organization. The ethical problem here is Trump is using his office to encourage Sun to make the investment, that is, what’s in it for Sun?
Trump Media & Technology Group
Trump Media & Technology Group, the parent company of Truth Social, announced on December 18, 2025, that it will merge with TAE Technologies, a privately held nuclear fusion developer, in an all-stock transaction valued at more than $6 billion. TAE is a company at the leading edge of fusion energy. The deal will create one of the first publicly traded fusion companies in the U.S. and marks President Trump’s entry into the highly regulated nuclear energy sector.
Here’s the problem as I see it. Trump Media & Technology Group (DJT) is regulated by the federal government, as are all nuclear fusion companies. Trump will simultaneously have a major financial interest in a company whose fortunes will be influenced by the actions of the government, over which he presides. The company may need the government’s deep research and funding to become commercially viable. This creates a conflict of interest, the size of which could become massive. Moreover, the merger needs to be approved by federal regulators – some of whom were nominated by Trump.
“There is a clear conflict of interest here,” said Richard Painter, the top ethics official under former President George W. Bush. “Every other president since the Civil War has divested from business interests that would conflict with official duties.” It seems that Trump is doing the opposite.
How can Trump not see the obvious conflict of interest. At a minimum there is the appearance that he may influence decisions affecting nuclear fusion. I believe Trump is acting differently in his second term. In his first term, he was more careful and didn’t exploit these kinds of arrangements – at least to the extent he is doing in his second term. My guess is he realizes he can’t run again so there’s nothing to stop him from maximizing the monetary gains he can get by entering in ill-thought-out-arrangements with other individuals/companies. It won’t affect his re-election because, regardless of what he may think, he can’t run again.
Trump Mobile
Trump Mobile, the phone company launched by President Trump’s family business, pushed back plans to deliver a $499 (£371) gold-colored smartphone by December 31, 2025. Customers are required to pay $100 to pre-order the device. Trump’s family business licensed its name to launch a U.S. mobile service and a $499 smartphone, the T1, in June, branding it Trump Mobile. The venture is the latest effort by the president’s children to monetize the Trump name. The phone venture is headed by Trump’s sons Donald Jr. and Eric, who took over the family company after their father transitioned to his second presidency.
Cryptocurrency and AI
The Trump family has made significant investments in cryptocurrency and artificial intelligence (AI) infrastructure through a new company, American Data Centers Inc. Trump Media has also raised $2.5 billion to invest in Bitcoin and plans to award shareholders digital tokens and, as you have probably guessed by now, it will be engraved with $TRUMP.
Other Products with Trump’s Name/Endorsement
Here are some of the other consumer products that will carry his name and related royalties. He has launched new licensing deals, earning millions in royalties from various branded consumer goods.
- Apparel and Accessories. This includes sales of the “Never Surrender High-Top” sneakers, “45”guitars, and Trump watches.
- Media and Merchandise. Trump earns income from selling “God Bless The USA” Bibles, fragrances, and Trump collectible NFTs (non-fungible tokens).
Other Real Estate and International Ventures
The Trump organization, now managed by his sons Donald, Jr. and Eric, continue to focus on real estate development and branding globally.
- Middle East Deals. Deals have been made with the Saudi-owned real estate developer Dar Global. Projects include the announcement of a Trump hotel in Dubai, a Trump golf resort in Qatar, and a Trump Plaza in Jeddah, Saudi Arabia. These deals have led to billions in investment commitments in the U.S. from Saudi entities.
- Domestic Properties. The Trump Organization maintains ownership of various hotels, golf clubs, and residential properties across the U.S., which are used for political events and stays.
- Government and Trade Deals. Trump’s current business deals involve a range of domestic and international ventures, primarily in real estate licensing, technology, and consumer products, managed by the Trump Organization and his social media company, Trump Media & Technology Group (TMTG). He has earned significant income from these deals, although charges of conflict of interest persist.
There are other deals that Trump does that smack of using his office for personal gain or gain for his businesses. I’ll address this in my next blog.
Blog posted by Steven Mintz, PhD, on January 13, 2026. Steve is a Professor Emeritus, from Cal Poly San Luis Obispo. He is a recipient of the Accounting Exemplar Award from the Public Interest, Ethics and Sustainability Section of the American Accounting Association.