President-elect Trump is entering office with a broader array of investments and potential conflicts of interest than during his first term, setting the stage for heightened oversight of his business dealings.
Trump’s portfolio still includes the hotel and real estate empire that drew criticism in his first administration, with allegations that foreign governments could attempt to sway him through his business interests.
Since leaving office, however, Trump has diversified his ventures, launching a social media platform, dabbling in cryptocurrency, and signing new international deals.
“There are multiple ways he has expanded his portfolio, particularly in social media and cryptocurrency, where the president has significant power to enact policies that could directly benefit his financial interests—potentially at the expense of the American public,” said Donald Sherman, chief counsel at Citizens for Responsibility and Ethics in Washington (CREW).
The Trump campaign did not respond to requests for comment.
Minimal Safeguards
During his first term, Trump transferred control of the Trump Organization to his sons but did not divest from his holdings or place them in a blind trust, breaking with the precedent set by previous presidents. This time, it’s unclear if he will even take that step. Shortly after his victory, Trump dismissed suggestions that he sell his media company, which oversees Truth Social.
“I HAVE NO INTENTION OF SELLING!” Trump wrote in a Truth Social post, calling the platform “an important part of our historic win.”
Trump’s previous practices have already raised questions about potential conflicts of interest, particularly regarding constitutional limits on the income a president can accept.
“The President-elect doesn’t appear willing to establish any firewall or separate himself from his business operations, creating a heightened risk of conflicts of interest,” said Danielle Caputo, an ethics expert with the Campaign Legal Center.
Social Media Ties
Ethics experts argue that Trump’s social media company poses similar concerns to his hotel business by offering a pathway for foreign entities or special interests to curry favor with his administration.
As the majority shareholder of Trump Media & Technology Group, Trump can benefit from increased interest in Truth Social, whether through investments or advertising.
“Saying, ‘I invested in Truth Social,’ is essentially the same strategy foreign governments used when booking rooms at the Trump Hotel—it provides a direct way to buy influence,” Sherman said.
Spending through the platform could also raise issues related to the Constitution’s Emoluments Clauses, which prohibit presidents from accepting funds from foreign governments without congressional approval.
Trump’s recent refusal to sell his shares highlights how much he stands to gain personally, as his announcement boosted the company’s stock by $500 million.
Additionally, Trump has brought Elon Musk, owner of X (formerly Twitter), into his administration as co-leader of a “Department of Government Efficiency.” Critics note this creates an unusual dynamic, with two competing social media moguls potentially influencing regulatory policies.
Cryptocurrency Ventures
Initially skeptical of cryptocurrency, Trump has since embraced it, promising to make the U.S. the “crypto capital of the planet” and end what he describes as the “unlawful and unAmerican crypto crackdown.”
Trump and his family have also ventured into the sector. At a September event, World Liberty Financial executives announced that a portion of tokens would be reserved for the Trump family.
The arrangement is murky. Trump and his sons are prominently featured on the company’s website, despite disclaimers that they are not employees. The disclaimer further states that Trump could receive approximately 22.5 billion tokens and 75% of the company’s net revenues.
Richard Painter, former chief ethics lawyer for President George W. Bush, pointed out that Trump’s crypto involvement comes at a time when regulations could significantly impact the market.
“That’s an unregulated business with considerable influence in Washington,” Painter said.
International Deals and Properties
Trump’s global real estate and hospitality ventures remain a source of ethical concerns. During his first term, his properties reportedly received $7.8 million from foreign governments across 20 countries, according to a House Oversight Committee investigation.
Trump has since expanded his international footprint, signing deals for hotel and golf developments in Vietnam and Oman. The Omani agreement includes a multibillion-dollar project on government-owned land, which could present conflicts given Trump’s ties to the foreign state.
In the Middle East, Trump has strengthened his partnership with LIV Golf, a Saudi-backed venture. The same Saudi sovereign wealth fund that invested $2 billion in Jared Kushner’s private equity firm is behind LIV Golf.
Oversight Challenges
Trump has not signed the ethics agreement required under the Presidential Transition Act, limiting transparency around potential conflicts of interest. Without legal mechanisms to enforce the Emoluments Clauses beyond congressional action, ethics experts warn that oversight will rely heavily on norms rather than enforceable laws.
“We’re in uncharted territory where there are few clear rules for addressing conflicts of interest at the presidential level,” Caputo said. “Trump essentially has the ability to decide how far he’s willing to go.”
Ethics watchdogs worry that the lack of safeguards, combined with Trump’s expansive business ventures, creates a troubling precedent. “The problem is systemic,” Painter noted. “Without stronger regulations, conflicts of interest will remain a persistent issue.”