Justin Sun, Crypto Billionaire, Claims to Be Largest Holder of Trump’s Meme Coin
By Joe Walsh and Alain Sherter
CBS News
May 20, 2025, 6:40 PM EDT
In a recent announcement, cryptocurrency entrepreneur Justin Sun has declared himself the largest holder of a meme coin associated with former President Donald Trump, earning him an invitation to a dinner this week at Trump’s golf club. This event is exclusive to the top holders of the $TRUMP token, which has garnered significant attention since its launch.
Sun’s declaration came via a post on social media platform X, where he expressed his excitement about attending an upcoming dinner for the top 220 holders of $TRUMP at Trump National Golf Club in Northern Virginia. "As the top holder of $TRUMP, I’m excited to connect with everyone, talk crypto, and discuss the future of our industry," Sun stated, referring to himself as the president’s "TOP fan."
Details of the Dinner and the Token
The dinner aims to bring together major investors in the $TRUMP meme coin, which was introduced shortly before Trump’s inauguration in January 2021. According to data from the token’s website, Sun reportedly holds about 1.4 million tokens, valued at approximately $19 million as of Tuesday’s trading. In addition to the dinner for the largest holders, Trump is also hosting a special reception for the token’s top 25 investors; however, Sun has not confirmed his attendance at this smaller gathering.
The $TRUMP meme coin is controversial in nature, as it was created by an affiliate of the Trump organization and a firm known as Fight Fight Fight LLC, which together control around 80% of the coin’s total supply. Meme coins are characterized by their volatility and reliance on social media buzz for value, lacking intrinsic worth or transaction utility. Over the course of its brief existence, the $TRUMP coin has exhibited dramatic price fluctuations, peaking at about $75 shortly after launch before dropping to under $8 by early April. However, following the announcement of the dinner, interest surged, with buyers pouring over $140 million into the token in anticipation of securing an invitation to the event.
Controversies Surrounding the Coin and Trump
Trump’s involvement in the cryptocurrency space, including his backing of the crypto exchange World Liberty Financial, has raised eyebrows, with critics expressing concerns over potential conflicts of interest. Senator Elizabeth Warren, a prominent Democrat, has voiced her apprehension regarding the timing of Sun’s dinner invitation, stating, "How convenient: the day after the Senate advances the GENIUS Act, Justin Sun — a major investor in the Trump family crypto venture — announces he’s getting a private dinner as the President’s top crypto buyer."
The recently proposed GENIUS Act aims to regulate stablecoins, a category of cryptocurrency pegged to stable assets such as the U.S. dollar. The bill has faced opposition from some Democrats seeking stricter anti-corruption provisions, particularly regarding Trump’s crypto investments.
In response to the criticism, a White House spokesperson emphasized that Trump’s assets are managed in a trust overseen by his children, asserting that the president is dedicated to acting in the best interests of the American people.
Who Is Justin Sun?
Justin Sun boasts a significant net worth, estimated at $8.5 billion by Forbes. He is best known for founding the Tron blockchain and has previously made headlines for unconventional stunts, such as purchasing a banana duct-taped to a wall by artist Maurizio Cattelan for $6.2 million at auction, which he later consumed as part of a performance art piece.
Sun has also been associated with investments in various enterprises linked to Trump, including significant stakes in World Liberty Financial. His reputation, however, has not been without controversy. He faced legal challenges from the Securities and Exchange Commission (SEC), which accused him of manipulating secondary markets for another cryptocurrency token. Although he has denied the allegations, the case was recently paused as both parties seek a possible resolution amid changing regulatory landscapes under the current administration.
As the cryptocurrency environment continues to evolve, the intersection of politics and investing remains a focal point for debate and scrutiny.
For more updates on this story and other news, stay tuned to CBS News.
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