Trump Family's Crypto Venture Suffers $600m Blow Amid AI Shift

The Trump family's fortunes have taken a significant hit due to the struggles of American Bitcoin Corp., a company co-founded by Eric Trump. According to Bloomberg News, the company has seen its shares slump more than 95% from their peak, wiping out over $600 million from Eric Trump's stake in the past 10 months.

As reported by Tom Maloney and Olga Kharif of Bloomberg News, American Bitcoin Corp.'s focus on cryptocurrency has been unsuccessful, while competitors that shifted their focus to artificial intelligence have fared better. The company's decision to stick with its crypto strategy has led to a deep downturn, forcing it into a 1-for-15 reverse stock split to maintain its Nasdaq listing.

President Trump and his sons, Eric and Donald Jr., have been investing in cryptocurrency, despite the President's previous dismissal of Bitcoin as a 'scam'. The American Bitcoin Corp.'s struggles illustrate the volatile nature of digital asset investments, even for those with ties to the White House.