US President Eric Trump's son became a billionaire amid a sharp rise in the price of his stake in cryptocurrency mining company American Bitcoin, Forbes reports.
The US President's son owns 73 million shares in the company, according to the publication's calculations. After their sharp rise in price on Wednesday morning, his stake at its peak increased to 950 million USD.
By the end of trading on September 3, American Bitcoin shares had slowed their growth and were trading at a price of 8.04 USD per share, as a result of which Eric Trump's personal stake is estimated at 590 million USD. However, this amount is more than the private property of any member of the presidential family.
Earlier, the newspaper The Wall Street Journal reported that Trump's eldest sons are creating a bitcoin mining company called American Bitcoin. Donald Trump Jr. and Eric Trump, along with partners from American Data Centers, have entered into a merger agreement with technology company Hut 8, which will provide American Bitcoin with 61,000 mining machines. The Trump family will receive 20% of American Bitcoin's shares, while Hut 8 will retain 80% and manage operations through its 11 data centers in the United States.