《Forbes》 Slams Eric Trump for High-Volume Bitcoin Business Arbitrage, Scamming MAGA Investors

On April 29, Forbes released a critical piece targeting Eric Trump—son of former President Donald Trump—over his Bitcoin venture, American Bitcoin (ABTC), labeling it a "disaster." The outlet accused ABTC of being an arbitrage-focused scheme that exploited MAGA (Make America Great Again) supporters, despite Eric billing the firm as a "money-printing machine." Founded in 2025, ABTC quickly listed on Nasdaq, leveraging the Trump family brand and Bitcoin hype to hit a $13.2 billion valuation. Eric repeatedly touted ABTC as the "Bitcoin world leader" on earnings calls, but Forbes exposed the company had fewer than a handful of full-time staff and relied on story-driven marketing over tangible operations. ABTC repeatedly sold overvalued shares to acquire Bitcoin; Eric made little to no personal investment yet saw his net worth jump from roughly $1.9 billion to $2.8 billion, while other insiders pocketed substantial gains. Ordinary investors—especially MAGA backers—faced massive losses: ABTC’s stock has cratered 92% from its peak in the past eight months, wiping out roughly $500 million in investor funds. Forbes also cast doubt on ABTC’s purported mining profitability, noting its touted "half-price mining" claim was unfeasible—calling it a ploy to offload overpriced shares via the Trump brand.