U.S. President Donald Trump holds a red cap before departing for the Army/Navy football game in Baltimore, at the White House in Washington, D.C., U.S., December 13, 2025. REUTERS/Aaron Schwartz
During his 2024 presidential campaign, Donald Trump aggressively expanded his outreach — picking up more support from Latinos, Generation Z, independents, swing voters and tech bros than he had enjoyed in 2016 or 2020. Trump, now almost 11 months into his second presidency, still brags about his relationships with the tech industry. But according to CNN's Matt Egan, not everyone who works in Silicon Valley or on Wall Street is benefiting from Trump's economic policies.
"Donald Trump's return to the White House set off a gold rush on Wall Street and in the crypto world," Egan reports in an article published Monday. "Companies and crypto projects linked to Trump and his family exploded in value as traders bet they would benefit from the president's return to power. The crash back to Earth for many of these assets reflects the fact that many of these bets were hard to make sense of in the first place."
Art Hogan, chief market strategist at B. Riley Wealth, told CNN, "Sometimes, irrational exuberance meets the brick wall of logic."
Egan notes that President Trump's company, Trump Media & Technology Group, "plunged below $11 a share on Friday, (December 12), leaving it down roughly 80 percent from the pre-election peak and worth less than $3 billion." And according to the CNN reporter, the Donald Trump meme coin "spiked to as high as $45.57 on January 19" but is now "trading at around $5.60" and has "lost 88 percent of its value from the peak."
Similarly, Egan points out, the Melania Trump meme coin "peaked at $8.48 on January 19" but is now "worth just 11 cents."
"More recently," Egan reports, "American Bitcoin, a bitcoin miner backed by Donald Trump Jr. and Eric Trump, debuted on the Nasdaq in September after merging with Gryphon Digital Mining. American Bitcoin's share price initially popped, climbing to as high as $9.31 on September 9. But those gains have since vanished amid a broader crypto pullback, and American Bitcoin dropped below $2 last week."
Egan continues, "Likewise, World Liberty Financial, a firm Trump and Steve Witkoff co-founded last year along with their sons, started trading a new token in September. It rose to 25 cents in late September but has yet to take off and on Friday fell to 14 cents."
Read Matt Egan's full CNN article at this link.