Just now! Trump made $1.2 billion off $TRUMP, and your followers are down 66%—is this scythe specifically made to cut you?

On Wednesday, at the aircraft ramp of Joint Base Andrews, Trump was cornered by reporters asking about financial disclosures. He waved his hand, his tone as casual as if discussing the weather: "I don't handle my personal affairs—funds manage my money."

He said this in reference to a 927-page disclosure document. The document shows that his reported income for 2025 is at least $2.24 billion—last year it was only $622 million. A 3.6-fold increase.

Where did the money come from? Cryptocurrency. The document is clear: cryptocurrency-related income is about $1.2 billion. Among that, World Liberty Financial contributed $580 million. This company was co-founded by members of the Trump family and issued the $WLFI governance token and the $USD1 stablecoin, which just launched in March this year. Another $635 million came from his personal Meme coin business—CIC Digital LLC, which is the "Celebration Coin" project.

Reporters pressed him on the reason for the profits, and Trump gave a very Trump-like answer: "Well, you know why? Because the stock market is going up, and everyone is benefiting." He then emphasized that the money was handed over to institutions, and he neither participates in investments nor talks to those fund managers: "I don't talk to them. I never—I don't even converse with them." He likened it to a closed account: "You put the money in, and that's it."

Data doesn't lie. According to SEC statistics, 54.4% of Americans invest in the stock market. Trump's logic is: the rich have more money to give to institutions, which then buy stocks, so when the market rises, the rich earn more. He said: "The reason I can make money is because I have a lot of money, and I give it to various institutions." He didn't forget to add: "I don't know if they know what they're doing, but they buy a wide variety of things."

But the disclosure document also shows another side. Over the past year, Trump made hundreds of stock trades, with the largest single trade ranging between $5 million and $25 million. One of them is notable: on September 23, he bought between $500k and $1 million worth of Amazon stock, and on that very day a federal court was hearing a case accusing Amazon of misleading consumers. The timing was as precise as if it had been calculated.

Questions about conflicts of interest have never stopped. White House spokesperson Anna Kelly sent an email to CNBC on Wednesday with strong wording: "The President and his family have never had—and never will have—a conflict of interest." She then added a jab, emphasizing that Trump is pushing the U.S. to become the "cryptocurrency capital of the world," including supporting the GENIUS Act. She concluded by saying these questions are "repeating the same old, false narrative that Democrats and the legacy media have been pushing for a decade."

Earlier that day, Trump did not respond to questions about conflicts of interest.

What really stings is the Wall Street Journal's observation: Trump made over a billion dollars from cryptocurrency trading, while his fans are losing money. According to data from crypto data provider Nansen, about two-thirds of $TRUMP investors are currently in the red.

In other words, he sold the narrative "join me and you'll win," while the token price has fallen by two-thirds from its peak, cutting those who trusted him the most. The President's logic is always self-consistent: the market goes up, so I make money; you lose money because of your own actions? He even went so far as to say "I don't know what the managers are buying."

But the disclosure document doesn't lie. The timing, size, and type of those trades are all written in black and white. A man who claims to "not handle investments" precisely buys on the day his affiliated company faces a lawsuit. A man who proclaims "the market rises, everyone benefits" has his own token leaving 66% of his fans stuck at a loss.

Retail investors can count this bill themselves.

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