Trump's inner circle and the money: Kushner, Witkoff, Lutnick, the sons and Musk

RFK Jr. keeps a 10% cut of lawsuit fees from the firm suing a vaccine maker

$856,559The circle

Robert F. Kennedy Jr.'s nominee disclosure showed $856,559 in referral fees from the law firm Wisner Baum from the start of 2023 through Dec. 21, 2024, under a deal paying him 10% of fees on cases he referred, including suits against Merck over the Gardasil vaccine. After senators objected, he said he would hand any Gardasil fees to one of his sons and amend his filings. As Health Secretary he now oversees the agencies that regulate Merck's vaccines.

The response: Kennedy told senators he had received no fees from the Gardasil cases; the firm told The New York Times none of the $856,559 came from vaccine litigation.

Source: STAT

FBI pick Kash Patel keeps up to $5 million in stock from Shein's parent company

The circle

Kash Patel's financial disclosure showed he had consulted since April 2024 for Elite Depot Ltd., the Cayman Islands parent of the Chinese-founded fast-fashion retailer Shein, and was paid in $1 million to $5 million of unvested stock that would mature over the following year. Unlike his other holdings, he said he would not sell it because the chance his FBI job would involve the company was "remote." His other clients had included the Embassy of Qatar and a unit of the Czechoslovak Group; he also earned $544,000 from Trump's campaign operation, per the AP.

The response: Patel's disclosure called the chance of a conflict "remote"; he and his spokeswoman did not respond to the AP's requests for comment.

Source: Fortune (AP)

Trump sons join a Trump Tower penny stock's board; shares soar 580% beforehand

The family

Dominari Holdings, a small money-losing investment bank headquartered in Trump Tower, announced Donald Trump Jr. and Eric Trump were joining its advisory board and investing in a private placement. The stock, under $1 in December, jumped as much as 84% that day after a 91% gain the day before. The Financial Times later found Dominari shares had risen 580% in the six weeks before the announcement, with daily volume up from 11,700 shares to 1.2 million, and that each brother received 966,000 shares, about 6.7% of the company, before the news was public.

The response: Dominari did not respond to the Telegraph's or FT's requests for comment; CEO Kyle Wool said the brothers would help the firm focus on AI and data centers.

Source: Bloomberg Law, CNBC (via NBC Los Angeles), The Telegraph (via Yahoo Finance)

Musk runs DOGE while his companies face a stack of federal investigations

The circle

As Elon Musk led the Department of Government Efficiency, the AP catalogued the open federal matters against his companies: six NHTSA investigations into Tesla's self-driving systems, an SEC and Justice Department inquiry into whether Tesla overstated its autonomous capabilities, a Justice probe of driving-range claims, 12 unfair-labor-practice allegations at the NLRB, and an EEOC race-discrimination lawsuit, plus federal investigations of SpaceX and X. Former NHTSA safety adviser Missy Cummings predicted of the Tesla probes: "They will all be gone." Musk served as an unpaid "special government employee," which exempted him from public financial disclosure.

The response: The White House did not answer questions about how it would handle the investigations; a transition spokesman said DOGE would comply with conflict-of-interest rules. Musk had posted that he never asked Trump for favors.

Source: AP (via NBC Washington)

FAA turns to Musk's Starlink for air-traffic network upgrades

The circle

The Federal Aviation Administration, which regulates SpaceX's rocket launches and was facing DOGE-driven staff cuts, agreed to test Starlink terminals to upgrade the networks it uses to manage U.S. airspace. The FAA already had a contract with Verizon for the same job; Musk posted that the Verizon system "is not working" and put travelers at risk. Bloomberg reported the deal could grow to 4,000 terminals. Ethics professor Richard Painter told a House hearing Musk's special-employee status was a "charade" that let him avoid disclosing his finances.

The response: The FAA said it was testing one terminal in Atlantic City and two at non-safety-critical sites in Alaska; SpaceX later said it was providing the kits free and was not taking over Verizon's contract.

Source: CNN (via WVTM 13)

Eric Trump joins the advisory board of Japan's biggest bitcoin-holding company

$12.6MThe family

Tokyo-listed Metaplanet named Eric Trump the first member of its new Strategic Board of Advisors and, days later, bought another 150 bitcoin for about $12.6 million, bringing its holdings to 3,350 coins worth about $291 million. Metaplanet's stock rose 4.8% in the Monday session and was up 38.7% for the year. Eric Trump runs the Trump Organization day to day and co-founded the family's crypto ventures, while his father sets U.S. crypto policy.

Source: The Block

Incoming SEC chair discloses up to $6 million in crypto-industry holdings

$6MThe circle

Paul Atkins, Trump's pick to run the Securities and Exchange Commission, which regulates crypto markets, reported $250,000 to $500,000 in call options in the tokenization firm Securitize (where he sat on the board until February), $250,000 to $500,000 in equity in crypto custodian Anchorage Digital, and $1 million to $5 million in the crypto fund Off the Chain Capital. He and his wife listed a combined net worth of at least $327 million. His ethics agreement pledged to sell the crypto stakes shortly after confirmation.

The response: Atkins agreed in his ethics agreement to divest the holdings and step down from the Chamber of Digital Commerce's Token Alliance.

Source: Fortune

Justice Department disbands its crypto crime unit; the official who did it held crypto

$159,000The circle

Deputy Attorney General Todd Blanche's memo, "Ending Regulation by Prosecution," disbanded the National Cryptocurrency Enforcement Team "effective immediately," told prosecutors not to pursue cases against exchanges or mixers, and said the DOJ "is not a digital assets regulator." ProPublica later found Blanche owned at least $159,000 in crypto-related assets when he signed the memo and had not yet sold them, despite a February ethics agreement to divest within 90 days. Six Democratic senators called it a "glaring conflict of interest" in a Jan. 29, 2026 letter.

The response: A DOJ spokesperson said Blanche's orders were "appropriately flagged, addressed and cleared in advance," without saying by whom.

Source: Fortune, ProPublica

Lawmakers trade through the tariff crash; Greene buys the dip before the pause

The circle

Rep. Marjorie Taylor Greene bought $21,000 to $315,000 of stock on April 8 and 9, 2025, including Palantir and AMD, the day before and the day of Trump's tariff pause, and sold $50,000 to $100,000 of Treasury bills. Trump posted "THIS IS A GREAT TIME TO BUY!!!" about four hours before announcing the pause. A Campaign Legal Center review of disclosures found 53 members of Congress made more than 2,200 stock trades worth $34.9 million to $140 million in the 55 days between the tariff plan's announcement and the pause, split roughly evenly between the parties.

The response: Greene did not respond to The New York Times; she has said previously that a financial adviser trades for her without her input.

Source: The New York Times (via West Hawaii Today), Campaign Legal Center

Trump Jr. and the Witkoff sons open a $500,000-a-head club blocks from the White House

$500,000 membership feeThe family

Donald Trump Jr., his 1789 Capital partners Omeed Malik and Christopher Buskirk, and Alex and Zach Witkoff, sons of Middle East envoy Steve Witkoff, co-founded Executive Branch, a private members' club in Georgetown with a $500,000 initiation fee plus undisclosed annual dues. Founding members reportedly included White House crypto czar David Sacks and the Winklevoss twins; a launch party drew administration officials. CNBC reported a waiting list before it opened.

Source: CNBC (via NBC News)

FBI shuts the Washington squad that investigated corruption by federal officials

The circle

The FBI's Washington Field Office disbanded its public corruption squad, known as CR15, which investigated fraud and corruption by members of Congress and other federal officials and had worked on the precursor to Jack Smith's election-interference case against Trump. Agents were reassigned as the bureau under Director Kash Patel shifted resources toward immigration enforcement. The Justice Department had already cut its Public Integrity Section and dropped the corruption case against New York Mayor Eric Adams.

The response: An FBI official said the change was part of a broader reorganization and that public corruption cases would still be pursued.

Source: NBC News

Forbes: Musk $170 billion richer since endorsing Trump

$170BThe circle

Forbes estimated Elon Musk's net worth at $419 billion, about $170 billion more than on July 15, 2024, two days after he endorsed Trump. Tesla shares were 35% above their mid-July 2024 level even after a 20% slide since the inauguration; SpaceX was valued at $350 billion, nearly double; and xAI Holdings, including X, at $113 billion. Musk had spent about $290 million supporting Trump in the 2024 cycle, the most of any individual donor.

The response: Musk said in May 2025 he would scale back political spending: "I'm going to do a lot less in the future."

Source: Forbes Australia

Trump and Musk fall out; Trump threatens to cancel Musk's contracts

$26.6BThe circle

After Musk called Trump's tax-and-spending bill a "disgusting abomination," Trump said the "easiest way" to save money was to "terminate Elon's governmental subsidies and contracts." Tesla shares fell 14.26% that day and Forbes' tracker showed Musk's fortune down about $26.6 billion, to roughly $380 billion. The threat was not carried out: a watchdog tally found Musk's companies won at least $10 billion in new federal contracts after he left government (see Oct. 30, 2026 entry).

The response: Musk posted that Trump would not have won without him; Trump said he had asked Musk to leave DOGE.

Source: TheWrap

Trump claims a personal 'golden share' veto over U.S. Steel

The President

Announcing approval of Nippon Steel's $55-a-share takeover of U.S. Steel, Trump said the U.S. government would hold a "golden share" giving a president "total control." NPR's Planet Money later reported the agreement names Trump personally: no plant can close and no pay can be cut without the President's approval, and Nippon cannot change the company's name. Political economist Sarah Bauerle Danzman said the government holds no equity, only "extra special governance rights," and called the personal-consent clause "not normal."

The response: The White House framed the arrangement as safeguarding U.S. national and economic security.

Source: Bloomberg Law, NPR (via WWNO)

Noem took an undisclosed $80,000 cut of dark-money donations while governor

$80,000The circle

ProPublica found that in 2023 the dark-money nonprofit American Resolve Policy Fund paid $80,000, a 10% "fundraising fee" on $800,000 raised, to Ashwood Strategies, a Delaware LLC Kristi Noem registered four minutes before the nonprofit was incorporated. The payment, about 60% of her $130,000 governor's salary, was left off the federal financial disclosure she filed to become Homeland Security Secretary. Ethics experts told ProPublica the omission was a likely violation of federal disclosure rules; the nonprofit's donors are secret.

The response: Noem's lawyer Trevor Stanley said she "fully complied with the letter and the spirit of the law," was "simply a vender for a non-profit entity," and that the Office of Government Ethics had cleared her financial information.

Source: ProPublica

Trump Jr. rings the NYSE bell for GrabAGun, an online gun seller he sits on the board of

$179MThe family

GrabAGun, a Texas online firearms retailer, went public on the New York Stock Exchange under the ticker PEW through a merger with a SPAC run by 1789 Capital's Omeed Malik, raising $179 million. Donald Trump Jr., a board member, adviser and shareholder, rang the opening bell as traders chanted "USA!"; a June prospectus projected he would hold about 300,000 shares, roughly 1% of the company. The stock fell more than 20% in its first hours and, per Rep. Raskin's August 2026 letter, was down 75% from its listing by mid-2026.

Source: CNBC, NBC News

Bondi's old lobbying firm is paid $690,000 in one quarter to lobby her Justice Department

$690,000The circle

Lobbying filings reviewed by Public Citizen show Ballard Partners, where Pam Bondi was a partner and lobbyist until January 2025 and earned more than $1 million over two years, collected $690,000 from eight clients between April and June 2025 to lobby the Justice Department on antitrust, sports betting and contractor debarment. Clients included Walgreens, American Express and the NFL. Bondi's one-year ethics pledge, which barred her from matters involving Ballard clients, ran only until Feb. 4, 2026. Ballard also lobbied for the government of Qatar.

The response: Ballard has said Bondi would recuse from anything she personally worked on at the firm. The filings do not identify which DOJ officials were lobbied, and DOJ did not answer questions about Bondi's involvement.

Source: Public Citizen

Trump Jr. joins Polymarket's board as his fund invests and the feds drop their probe

The family

Prediction market Polymarket, fined $1.4 million by the CFTC in 2022 and ordered to block U.S. users, took a strategic investment from 1789 Capital (Axios estimated "double-digit millions") and put Donald Trump Jr. on its advisory board. The move came weeks after CFTC and Justice Department investigations into the platform were closed and Polymarket bought a CFTC-licensed exchange for $112 million to re-enter the U.S. market. Trump Jr. said Polymarket "cuts through media spin."

The response: Trump Jr. praised the platform; terms were not disclosed.

Source: Cointelegraph

Witkoff family threatens to sue the Times over report on Qatar's money in their deals

$623MThe circle

A Sept. 26, 2025 New York Times investigation, "Where Mideast Envoy Pitched Peace, His Son Pitched Investors," reported that Qatar's sovereign wealth fund invested in several Witkoff projects, including buying the Park Lane Hotel on Central Park South from the Witkoff Group and Mubadala for about $623 million in 2023, and that son Alex Witkoff pitched a real-estate fund to Qatar while his father negotiated with Qatar as Trump's envoy. A former Qatar lobbyist told the Times he suggested the investments as a way to reach Trump. The Witkoffs' lawyer, Timothy Parlatore, sent a letter Oct. 2 calling the article a "baseless narrative of impropriety" and demanding corrections.

The response: The Witkoffs' lawyer said the Park Lane loans were non-recourse, Qatar was a mezzanine investor that also lost money, and the fund was dropped for market reasons; the Times corrected one lender's name.

Source: JNS (via Yahoo News), Connect CRE

More watchdogs removed after the court ruling: Export-Import Bank IG fired

The President

Weeks after a federal judge ruled the January firings illegal, Trump fired Export-Import Bank Inspector General Parisa Salehi, again without the notice to Congress the law requires, the Partnership for Public Service reported. Public Citizen counted 21 inspectors general fired by March 2026, more than all other presidents combined, and reported that on March 2, 2026 the DHS inspector general told Congress his own department had "systematically obstructed" his office by cutting off access to at least eight databases.

Source: Partnership for Public Service, Public Citizen

Kushner's fund hits $6.16 billion, 99% from foreign investors, as he negotiates for the U.S.

$6.16BThe family

Rep. Jamie Raskin wrote to Jared Kushner, the President's son-in-law and newly titled "Special Envoy for Peace," noting that his firm Affinity Partners had raised $1.2 billion more in the past year to reach about $6.16 billion under management, with some $6.10 billion, or 99%, from foreign nationals including the governments of Saudi Arabia, Qatar and the UAE. The letter cites a March 13, 2026 New York Times report that Kushner solicited new money from the Saudi crown prince while negotiating for the U.S. on Gaza and Iran, and reminds him he had promised in December 2024 to avoid conflicts and not raise capital during his father-in-law's term. Kushner is not a federal employee and files no public financial disclosure.

The response: Kushner has denied improper behavior and said (per Forbes, Oct. 2, 2026) his diplomacy does not benefit his fund.

Source: House Judiciary Committee Democrats

SpaceX wins $4.16 billion Golden Dome award, its largest military satellite deal, ahead of IPO

$4.16BThe circle

The Space Force awarded SpaceX $4.16 billion to build a satellite network to track aircraft and missiles for Trump's Golden Dome missile shield, days after a $2.29 billion award for the program's data backbone. Both were made under "Other Transaction Authority," which sits outside normal federal acquisition rules and which the GAO has flagged for weak oversight. The awards came weeks before SpaceX's planned stock offering. A Democracy Defenders Fund review counted at least $10 billion in federal contracts to Musk's companies since he left government in 2025, on top of about $6.3 billion awarded while he served.

The response: SpaceX did not comment. Space Force Col. Ryan Frazier said future awards would go to "a highly diversified pool of traditional and non-traditional vendors."

Source: San Antonio Express-News (via Yahoo Finance), Democracy Defenders Fund

ATF moves to allow fully online gun sales, a windfall for the gun retailer Trump Jr. part-owns

The family

The Washington Post reported that the ATF's April 29, 2026 proposal to amend or scrap 34 gun regulations would let firearm purchases happen entirely online, and a Postal Service proposal would let dealers mail handguns, following a January Justice Department legal opinion that the mail ban is unconstitutional. GrabAGun, whose CEO called the change potentially "the most significant change to firearms retail distribution in decades," filed a comment supporting it; Donald Trump Jr. holds 300,000 shares (1.1%) and a board seat, and sits on the board of PublicSquare, whose Credova unit finances GrabAGun purchases. The CFPB had dropped its investigation of Credova in August 2025. Senators Murphy and Blumenthal asked DOJ whether the rule was changed "to help Trump's kids get rich."

The response: Trump Jr.'s spokesman said he "had zero involvement in this particular decision"; a White House official said the proposals were about protecting the Second Amendment and had nothing to do with his business; the ATF said the rule "modernizes and strengthens identity-verification requirements."

Source: The Washington Post (via Anchorage Daily News)

RFK Jr. quietly changed his Gardasil deal two days before his confirmation vote

The circle

Four Democratic senators (Warren, Blumenthal, Alsobrooks and Wyden) said HHS had disclosed to them that Kennedy, who had promised in his amended ethics agreement to hand his Gardasil litigation stake to his adult son, instead transferred it back to his former law firm Wisner Baum on Feb. 11, 2025, two days before the Senate voted to confirm him, with no public amendment to the agreement or notice to Congress for 18 months. The senators called the undisclosed change "deeply alarming" and asked whether any arrangement for future payments from the firm exists.

The response: HHS press secretary Emily Hilliard said Kennedy "fully complied with his ethics agreement," divested his entire interest in the Gardasil fee cases before taking office, and that any claim he kept a financial interest is "false." Kennedy posted in August 2026 that he "relinquished any interest in potential Gardasil fees back to the Wisner Baum law firm."

Source: Straight Arrow News

Tally: Musk's companies won at least $10 billion in federal awards after he left government

$10BThe circle

A Democracy Defenders Fund review found Musk's companies received at least $10 billion in federal contracts since he left DOGE in mid-2025, on top of about $6.3 billion awarded while he was a special government employee, calling the figure conservative because classified military deals are excluded. It lists the $4.2 billion and $2.3 billion Golden Dome awards, $1.6 billion for two Space Force launches under a $17 billion program, $946 million from NASA, $739 million in Commerce broadband grants, at least three sole-source Starlink contracts, an August 2026 Pentagon Starshield order with the price redacted, and a run of FCC decisions: 7,500 more Starlink satellites (January 2026), approval of SpaceX's $17 billion EchoStar spectrum purchase, international telecom authority (September 2026) and permission to buy unused spectrum without an auction (October 2026).

The response: The Pentagon said a $502,000 Starlink award for White House equipment was made after full and open competition; the report notes White House officials determined in 2025 that most Musk contracts could not be canceled after the feud.

Source: Democracy Defenders Fund