Trump Says Sons Run World Liberty as $500M UAE Deal Draws Scrutiny

By Tom Whitfield

Donald Trump acknowledged on Nov. 8 that he remains a co-owner of World Liberty Financial while saying his sons run it without his involvement in operations. A UAE-linked vehicle reportedly acquired 49% of the company in a $500 million deal.

His comments, made in a CBS News interview, followed months of questions over foreign ownership and arrived as Democrats prepared congressional investigations. Trump also defended retaining his ownership during his presidency.

Who runs World Liberty Financial?

CBS interviewer Ross Douthat asked Trump why he had not divested despite investments from people connected to foreign governments, including the UAE. Douthat also asked whether Trump would consider an equivalent arrangement involving former President Joe Biden’s family corrupt.

Trump replied: “Because I know nothing about it.” He cited the considerable wealth he had accumulated before entering politics and said major Wall Street firms manage much of his wealth through index funds, leaving him little knowledge of individual stocks purchased for him.

When Douthat asked whether Trump could sell his interest while allowing his sons to continue operating the company, Trump returned to that arrangement for his personal investments.

Trump also defended retaining his ownership:

“I have a company. My sons run the company. It’s hard to say to them, ‘Don’t do anything anymore for four years because I’m president.’”

He said he could not ask his sons to stop business activities for four years while he served as president. On whether foreign investors might believe they were buying political influence through their investments, Trump said he did not know and argued conflicts involving people close to a president were not unique to his administration.

Where did the UAE investment go?

crypto.news reported that an investment vehicle linked to UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan acquired the 49% World Liberty stake through an agreement reportedly worth $500 million. Eric Trump signed the agreement shortly before his father’s January 2025 inauguration.

Trump denied knowing about the transaction when reporters questioned him in February 2026. That denial followed reporting in August that Sheikh Tahnoon and other investors controlled 49% of WLTC Holdings, the company behind World Liberty’s proposed US national trust bank. A Trump family-affiliated entity reportedly held another 38% of that holding company.

What did the OCC conditionally approve?

On Aug. 14, the Office of the Comptroller of the Currency granted the proposed bank preliminary conditional approval to issue and redeem USD1, manage its reserves and provide institutional custody services. Final authorization remains subject to regulatory requirements, including capital and operational conditions. The bank cannot begin operating until it satisfies those conditions.

What will Democrats investigate?

Democrats won control of both chambers in the November midterm elections days before the interview, creating opportunities to investigate the Trump family’s business dealings. House Democrats have prepared probes into World Liberty’s foreign ownership arrangements and potential conflicts involving government decisions.

Representative Robert Garcia, the expected House Oversight Committee leader, identified Trump family businesses and cryptocurrency transactions among the subjects lawmakers intend to examine. Senator Elizabeth Warren separately questioned the company’s foreign investments and its relationships with financial institutions and cryptocurrency exchanges.

The scrutiny has reached USD1 after Abu Dhabi-backed MGX used it in a $2 billion investment into Binance in 2025. That transaction connects World Liberty’s proposed stablecoin business with the same foreign-investment questions facing the company’s ownership structure.

What is Justin Sun challenging?

On Nov. 3, Tron founder Justin Sun sought court sanctions against World Liberty and its lawyers. He alleged that they failed to disclose the company’s UAE citizenship during an ongoing legal dispute.

Sun said World Liberty initially identified only Florida as its jurisdiction. He added that an amended disclosure listed 22 entities in the ownership chain, including entities associated with the UAE.

The next concrete checkpoint is final OCC authorization: the proposed bank cannot begin operating until it satisfies capital, operational and other regulatory conditions. House inquiries and Sun’s sanctions request could bring the ownership disclosures behind USD1 issuance and institutional custody into renewed legal and congressional scrutiny.