California Gov. Gavin Newsom teased a new plan to troll what he described as President Donald Trump’s “crypto grift” Wednesday following a private meeting he had with the president earlier this year.
“We talked about his crypto grift,” Newsom said of his meeting with Trump, speaking during a Politico summit in Sacramento, California. “He was surprised that the meme coin is not even a coin.”
Trump launched his meme coin, “$TRUMP,” in January of this year, its total value soon exploding to more than $27 billion. In May, Trump held a private dinner at the Trump National Golf Club in Virginia for those with the largest investment in the coin, attended by many hoping to get into Trump’s ear and sway public policy.
Holding 80% of the coin supply, Trump and Trump-linked entities would go on to profit from the coin to the tune of hundreds of millions of dollars, whereas more than 800,000 investors in the coin lost a cumulative $2 billion in what some have described as a traditional ‘pump and dump’ scheme.
Newsom, who has recently launched “The Patriot Shop,” an online storefront selling merchandise mocking Trump’s own online store, said he’d likely be launching his own meme coin, though suggested it would be a novelty item mocking Trump’s “crypto grift,” and not an actual cryptocurrency.
“By the way, I'm about to come out with a coin on my patriot site, so you may want to look into that,” Newsom said. “We're probably adding that, I think we'll add a coin, maybe a Trump corruption coin or something.”
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