Eric Trump has lost $600 million of daddy's money betting on crypto

[Yo_Mama_Been_Loggin]

President Donald Trump’s son, Eric Trump, cofounded a crypto mining venture called American Bitcoin Corp last year — and it’s already in deep trouble.

As the Bitcoin community reels from a major downturn — the digital currency has plummeted by over 40 percent year to date — the company’s shares have plummeted right along with it, crashing over a whopping 95 percent compared to their peak.

On Wednesday, its stock price hit an all-time low of well under $6, down from a high of $140 last autumn.

That means Eric Trump’s six percent stake in the company has lost more than $600 million in market value, per Bloomberg‘s calculations, a bruising crypto play that perfectly illustrates the enormous risks of going all-in on extremely volatile digital assets.

https://www.msn.com/en-us/money/markets/eric-trump-has-lost-600-million-of-daddy-s-money-betting-on-crypto/ar-AA27E4X0

The Trumps seem to have a knack for losing money.

[tanyev]

1. Way to go, Eric!

[struggle4progress]

2. $600 million here ... $600 million there ... Pretty soon

you have to start stealing from the US Treasury

[surfered]

3. He might have gotten his 6% stake at little to no cost

Granted, he might have suffered an opportunity loss

[Cosmocat]

6. correct

He didn't lose much if any money, he got them printed for him free of charge.

And, it likely was never really worth $600,000 million because the coin likely did not have the liquidity to cash all of his holdings out that value.

That said, no doubt that a lot of average people took some major loses ...

[Wounded Bear]

4. Like father, like son...

[Faux pas]

5. "The Trumps seem to have a knack for losing money."

Unfortunately, it not their money to lose.

[mdbl]

7. He'll just rip-off more taxpayer money with some bullshit company and no-bid federal contracts