Crypto Billionaire Justin Sun Claims to Be Top Holder of Trump’s Meme Coin, Invited to Private Dinner

By Joe Walsh and Alain Sherter
CBS News
May 20, 2025 / 6:40 PM EDT

In a notable intersection of cryptocurrency and politics, billionaire entrepreneur Justin Sun has announced that he is the largest holder of the controversial $TRUMP meme coin, which is linked to former President Donald Trump. Sun’s ownership status has garnered him an invitation to an exclusive dinner with Trump, scheduled for this Thursday at the president’s golf club located in the Washington, D.C. area.

Dinner for Top $TRUMP Holders

In a post shared on X (formerly Twitter), Sun proclaimed his excitement about the upcoming event. “As the top holder of $TRUMP, I’m excited to connect with everyone, talk crypto, and discuss the future of our industry,” he wrote. The dinner is set to host the top 220 holders of the $TRUMP token, and Sun reportedly owns approximately 1.4 million tokens, valued at about $19 million based on recent trading prices.

The exclusive gathering is part of a larger event aimed at engaging with the token’s major stakeholders. Sun’s attendance, however, raises questions about the intersection of personal investment and political patronage, particularly given the ongoing scrutiny surrounding Trump’s financial dealings in the cryptocurrency sector.

The $TRUMP Meme Coin Explained

Launched shortly before Trump’s inauguration in January 2021, the $TRUMP meme coin is a cryptocurrency primarily driven by social media presence rather than tangible value or transactional use. The coin’s governance is largely controlled by an affiliate of the Trump organization and a firm known as Fight Fight Fight LLC, which together hold 80% of its total supply.

Since its introduction, the $TRUMP token has experienced significant volatility, with prices peaking around $75 shortly after launch before dramatically falling to below $8 by early April. However, interest surged in late April when news of Trump’s planned dinner became public, resulting in over $140 million in purchases of the $TRUMP tokens in anticipation of securing an invitation to the event.

Controversy Surrounding the Coin

Concerns have been raised among government watchdogs and Democratic lawmakers regarding potential conflicts of interest related to Trump’s involvement in cryptocurrency. Criticism has intensified in light of the recent advancement of the GENIUS Act, a bill aimed at regulating stablecoins. Senator Elizabeth Warren commented on the apparent coincidence between the Senate’s progress on the bill and Sun’s invitation to dine with Trump, highlighting potential ethical issues involved.

The White House has sought to dismiss such critiques, contending that Trump’s business interests are managed through a trust overseen by his children. White House spokesperson Anna Kelly emphasized that the former president is focused on benefiting the American public rather than personal gain.

Justin Sun: A Profile

Justin Sun, with a reported net worth of $8.5 billion, is best known as the founder of the Tron blockchain. His ventures have not been without controversy; he faced legal challenges from the Securities and Exchange Commission (SEC) under the Biden administration for allegations of market manipulation and improper promotion of cryptocurrency tokens.

In a rather unusual incident, Sun gained media attention when he purchased a banana duct-taped to a wall at auction for $6.2 million, which he later ate to emphasize his unique approach to artistic experiences. Furthermore, Sun has invested significantly in the Trump-linked crypto exchange World Liberty Financial.

Earlier this year, the SEC lawsuit against Sun saw a pause while both parties explored the possibility of a resolution, mirroring a broader easing of cryptocurrency enforcement by the Trump administration.

Conclusion

As Justin Sun prepares for his dinner with Donald Trump, the intersection of business and politics remains a focal point of public interest. The dynamics surrounding the $TRUMP meme coin and its prominent investors underscore ongoing debates about regulations, potential conflicts of interest, and the evolving landscape of the cryptocurrency market. The implications of these developments are likely to resonate within both the financial and political spheres in the months to come.

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