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Donald Trump has posted a video encouraging his followers to purchase a cryptocurrency supported by his family after the new token’s sale went live.

On October 15, World Liberty Financial crypto tokens were made available to purchase, Bloomberg reported—with each of the ethereum-based $WLFI tokens costing $0.015.

In a video on his X account, the former president announced the sale, saying: “Big news. The World Liberty Financial token sale is now live. Crypto is the future. Let’s embrace this incredible technology and lead the world in digital economy.” The video has received more than 8 million views.

Trump, the Republican presidential nominee in November’s election, has recently become a crypto proponent. However, he has not always supported the technology, previously saying the cryptocurrency bitcoin “just seems like a scam.”

Donald Trump, center, with his sons Donald Trump Jr., left, and Eric Trump, right, in Fiserv Forum in Wisconsin on July 15. Trump posted a video on social media encouraging his followers to purchase crypto…
Donald Trump, center, with his sons Donald Trump Jr., left, and Eric Trump, right, in Fiserv Forum in Wisconsin on July 15. Trump posted a video on social media encouraging his followers to purchase crypto tokens from a company his family supports.
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Tom Williams/CQ Roll Call via AP

On its X account, World Liberty Financial also advertised the sale of the token, highlighting an offer that gave buyers a “limited-time 1.5x bonus,” which the post said would expire in three hours.

According to Bloomberg, as of 1:48 p.m. on Tuesday, more than 500 million of the tokens had been sold. The crypto news site CoinDesk reported that, with a $300 million goal through the sale of 20 billion tokens, by the early hours of Wednesday morning, the company had sold more than 750 million tokens.

The World Liberty Financial site reportedly crashed shortly after the tokens went on sale. Newsweek has contacted World Liberty Financial via its X account for comment.

According to the company’s website, Trump holds the title of “chief crypto advocate,” while his sons—Eric, Barron and Donald Trump Jr.—are “Web3 ambassadors.”

The website also said a benefit of owning $WLFI was that you’d “instantly gain a voice in shaping the future of DeFi.”

CoinDesk reported that the Trump family-backed company had more than 100,000 accredited U.S. investors white-listed ahead of its launch on Tuesday.

However, Etherscan data showed that there were about 8,500 holders of the tokens.

Accredited investors are those able to buy shares in new businesses that have not yet gone public.

To do so, they must have an annual income of more than $200,000 or work in the financial industry, according to the U.S. Securities and Exchange Commission.

They must also have a net worth of more than $1 million, excluding their primary residence.

To purchase the $WLFI tokens, buyers must have a Web3 wallet, which the company described as the digital tool to store the keys “essential for accessing and managing your blockchain assets.”

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In a 2010 article for Marie Claire, Justine Musk, Elon Musk’s ex-wife and mother of his five children, opened up about their marriage and her financial choices. Justine recounts how Elon, who was in the early stages of building his empire and would later become the richest man in the world, asked her to sign a “financial agreement” just two months before their wedding. 

Elon framed the agreement as something his company’s board wanted them to sign, saying, “It’s not a prenuptial.” 

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Trusting her soon-to-be husband, Justine signed the document without fully understanding its implications. “I trusted my husband – why else had I married him? – and I told myself it didn’t matter,” she recalls, a decision that would have far-reaching consequences.

“I had effectively signed away all my rights as a married person, including any claim to community property except our house, which was to be vested in my name once we had a child,” she writes. Justine would later understand that this agreement restricted her financial rights, leaving her with only their shared home.

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By the time eBay acquired PayPal in 2002, Elon’s net worth had surged to over $100 million, further widening the economic gap between them. “Most of his newfound fortune he rolled over into his second company, an online banking institution, X.com, that later became PayPal,” she explains.

She reflects on the vast wealth they accumulated and the lifestyle that followed. Their home became a 6,000-square-foot estate in Bel Air and their travels included flying in Elon’s private jet. “When we traveled, we drove onto the airfield up to Elon’s private jet, where a private flight attendant handed us champagne,” she recalls, painting a picture of their highflying life.

See Also: I’m 62 Years Old And Have $1.2 Million Saved. Is This Enough to Retire Stress-Free?

As the marriage progressed, Justine describes feeling increasingly sidelined and pressured to conform. Reflecting on this period, she writes, “As we danced at our wedding reception, Elon told me, ‘I am the alpha in this relationship.'” The pressure of their dynamic weighed on her, but she continued to support his growing ventures and adapt to their evolving lifestyle.

Years later, as their marriage neared its end, Justine looked back on her choices and the financial implications of that one document she signed so early on. She trusted Elon then but now recognizes the long-term impact of giving up her financial rights.

Her account sheds light on how financial agreements can shape marriage and, in this case, how they left her grappling with the consequences years after she first signed on the dotted line.

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Nvidia (NASDAQ: NVDA) stock sent investors on a wild ride so far in 2024. It was trading at a stock split-adjusted price of around $48 at the start of the year. The price got as high as $140.76 at one point in mid-June, then plunged to $99 by early August before recovering enough to trade around $130 a share by mid-August. It then fell 21% over a few weeks to trade around $103 in early September before recovering somewhat this past week, and it now trades around $118.

Whew. A wild ride indeed.

It’s somewhat understandable, of course. As the focal point of the artificial intelligence (AI) boom, Nvidia carries a lot on its shoulders, and expectations are sky-high for this tech stock. Even after beating consensus estimates in its last earnings report, the stock price still slipped. Apparently, Wall Street felt it didn’t beat their estimates by enough. While the stock’s price trajectory is currently on the upswing, investors are hyper-tuned to its performance and any indication of where it may be headed.

It might interest investors, then, that Nvidia’s CEO, Jensen Huang, has been selling some of his Nvidia holdings. In the last month alone, Huang sold 720,000 shares totaling about $78 million.

What does it mean that Nvidia’s chief is offloading shares?

This latest sale isn’t his first cashing in on shares. Since just the start of July, Huang has sold over 4 million shares worth roughly $500 million. At first glance, this might be seen as a sign that the person who knows the business the most intimately thinks the stock price is going to drop (or that there’s trouble ahead). But a more thorough analysis shows it’s not. Although I can’t know Huang’s exact thinking, there’s no reason to take these sales as a cause for worry.

The simpler explanation comes down to the cost of living. The vast majority of Huang’s net worth is tied up in Nvidia stock. Unfortunately, you can’t buy a hamburger (or a super yacht) with stock — at least not easily. Cash is king, as they say. It is far more likely that Huang is simply liquifying a tiny portion of his massive net worth — valued at around $100 billion today — to have some cash on hand.

The Securities and Exchange Commission (SEC) has rules around executives buying and selling their own company’s stock. To avoid any suspicion of insider trading (as well as tamp down potential transaction-related public panic), SEC rule 10b5-1 allows executives to release public plans that outline predetermined, automated stock transactions handled by a neutral entity. While it may look like Huang just sold this stock, he actually decided to do so months ago and did it in a way that suggests he had very little influence on the price.

Story continues

Tracking insider trading can be interesting, but most of the time it means a lot less than it might first seem to.

Nvidia is steaming ahead

As far as Nvidia’s future stock performance, the path ahead has gotten far more complicated, but I still think it’s in a strong position. The company’s latest quarterly earnings report showed continued growth — it more than doubled its revenue year over year. The thing investors have to remember is that the major inflection point for Nvidia was the second quarter of last year, so it’s natural that the year-over-year growth has cooled a bit from the 200%-plus growth we saw in the last three quarters. Just look at the revenue explode in 2023 in this chart below.

NVDA Revenue (Quarterly) Chart

While there was some concern that Nvidia could keep the growth going, many of the fears people had didn’t materialize. Concern over a delay in Nvidia shipping its latest generation of superchips was overblown, and demand for its current generation remains extremely strong. Rising concerns around a lack of real-world value for AI potentially hurting Nvidia’s clients and reducing their spending has also not yet happened. Companies like Amazon, Meta Platforms, and Alphabet are still locked in an AI arms race, and most are expecting to increase their spending, not reduce it.

More customers may be around the corner, too. Though Nvidia’s data center revenue is highly concentrated in big tech, we could soon see a broader set of commercial clients and even governments begin to invest in earnest. This would be a boon for Nvidia. Government-related contracts can be an extremely lucrative source of revenue and one that is slow to change once the relationship is formalized, providing an additional level of stability.

Finally, the company’s push into the automotive industry is only just ramping up. In the short term, AI-powered infotainment and safety features will drive revenue, but further on the horizon lies the real prize: Self-driving cars.

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The CEO of Nvidia Just Sold $78 Million Worth of His Company’s Stock. Here’s What Investors Need to Know. was originally published by The Motley Fool

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