Veteran investor Ross Gerber highlighted on Thursday a report revealing that more than one million people lost money while President Donald Trump made a fortune from those same ventures.
TRUMP Investors Left Holding Bags
Gerber cited a Wall Street Journal report, which found that approximately two-thirds of wallets that purchased the Official Trump (CRYPTO: TRUMP) meme coin—around 1.48 million—are currently holding unrealized losses.
The report also stated that 85% of secondary-market buyers of World Liberty Financial’s token remain underwater.
“Over 1 million people lost money on the trump crypto rug pull,” said the CEO of Gerber Kawasaki Wealth and Investment Management.
Note that there’s no direct one-to-one match between cryptocurrency wallets and actual holders. A single individual can create dozens or even hundreds of distinct wallets, while a single wallet address can represent multiple holders.
The TRUMP memecoin reached a market capitalization of nearly $15 billion shortly after its launch in January 2025, before collapsing by 97% to $408 million at the time of writing.
The interesting part is that Trump collected $635 million in royalties from the same cryptocurrency last year, according to his latest financial disclosure.
Critics Question, Trump Says No Big Deal
Gerber previously called Trump’s earnings from his cryptocurrency projects a “grift,” arguing that it has undermined confidence in Bitcoin (CRYPTO: BTC) and contributed to the negative sentiment.
The revelation sparked massive backlash from the opposition as well as from people who supported Trump’s pro-cryptocurrency stance.
Sen. Elizabeth Warren (D-Mass.) pushed for stronger cryptocurrency legislation to prevent Trump and his family from profiting off cryptocurrency. Skybridge Capital founder Anthony Scaramucci said that the cryptocurrency windfall in a bear market would be cited as the main factor if the Clarity Act fails to pass the Senate.
Trump defended his billion-dollar cryptocurrency windfall, asserting there was nothing "illegal" or "wrong" about it. He emphasized that cryptocurrency is a "big deal," and the U.S. must lead in the space or risk ceding dominance to China.
Price Action: At the time of writing, TRUMP was exchanging hands at $1.71, up 1.97% in the last 24 hours, according to data from Benzinga Pro.
Photo: Rawpixel.com / Shutterstock.com
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