US President Donald Trump's sons, Eric and Donald Jr., are investing in funds backed by the US administration, with a combined capitalization of more than $1 billion.
They are focused on investing in companies developing cutting-edge technologies, in particular artificial intelligence and drone technology, the Financial Times reports, citing sources.
According to the sources, these funds were created under the auspices of American Ventures, a company "focused on American leaders in emerging technologies that create American jobs and reduce America's dependence on foreign resources."
Over the past 10 months, the company has created dozens of vehicles to channel hundreds of millions dollars in small-cap and private equity stocks in sectors such as drones, cryptocurrencies and AI. “The future is developing new technologies here [in the US],” one source told the newspaper.
According to documents filed with US regulators in early April, American Ventures manages assets worth a total of $1.04 billion, spread across 21 investment funds, backing businesses ranging from a Florida beauty salon chain to a Bermuda-based crypto lending institution and a nuclear energy startup.
Representatives for Eric Trump and Donald Trump Jr. said they were merely “passive investors” and had no involvement in the companies.