Former U.S. President Donald Trump is set to host two exclusive dinners this month, aiming to fill his campaign coffers and generate millions in the process. The events, which are open to high-dollar political donors and meme coin millionaires, are also raising ethical questions.
The first event, the “Crypto & AI Innovators Dinner” on 5th May, will be hosted by MAGA Inc., a group affiliated with Trump, at his Bedminster, New Jersey, golf club. It will feature figures like David Sacks, who has been involved in shaping the country’s cryptocurrency and artificial intelligence regulations. Tickets for this dinner are priced at $1.5 million per plate, making it one of the most expensive dinners in presidential fundraising history.
The second dinner, slated for 22nd May at Trump National, the former president’s private club near Washington, D.C., will be accessible to holders of the $TRUMP token, a meme cryptocurrency. Instead of cash, entry will be based on the number of tokens held, with the top 220 token holders promised dinner with Mr. Trump. A blockchain-based contest, running through 12th May, will determine the guests.
The gala, which has a black-tie optional dress code, offers a “WIP White House Tour” and a special reception to the meme coin’s 25 largest holders. The website features a leaderboard displaying the usernames of the coin’s top buyers.
Accountable.U.S., a government watchdog group, has described the leaderboard contest as “the most nakedly corrupt self-enrichment scheme in U.S. presidential history.” The group claims it could allow wealthy donors, including potentially foreign actors, to buy access to the former president while enriching the Trump family.
However, the fine print offers no guarantees about access to the former president. According to the site’s terms and conditions, Mr. Trump may not be able to attend, and the event can be cancelled “for any reason.” In that case, attendees will receive a Trump NFT instead.
Nevertheless, the contest has boosted demand for the $TRUMP token, benefiting its creators. The token surged more than 50% after the gala was announced, increasing the paper value of wallets controlled by insiders and early backers.
According to the project’s website, roughly 80% of the $TRUMP token supply is controlled by the Trump Organisation and affiliates. Since its launch in January, trading activity has generated more than $324 million in trading fees for insiders, according to Chainalysis. These fees are generated through the token’s built-in mechanism, which routes a percentage of each trade to wallets controlled by the project—wallets that, according to the website, are linked to the coin’s creators.
