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Elon Musk and Donald Trump are courting Saudi oligarchs for AI investments during Trump's visit to Riyadh, where a $600 billion U.S.-Saudi investment plan was announced. This includes $142 billion for advanced military equipment and $20 billion for AI data centers in the U.S. Musk plans to reduce his involvement in the Trump administration to focus on Tesla, despite ongoing efforts to integrate AI across federal agencies, raising concerns about a technocratic agenda. Meanwhile, Trump continues to advocate for AI funding, although his tariff policies are complicating financing discussions.
Elon Musk joined Donald Trump on a Middle East trip, attending a Saudi-U.S. investment forum in Riyadh alongside major business leaders. The event, aimed at securing significant Saudi investments in the U.S., highlighted the close ties between American businesses and Saudi wealth, with Trump seeking $1 trillion in investments. Musk's relationship with the Saudi royal family has strengthened, particularly following his Tesla dealership launch in the kingdom.
Goldman Sachs is set to enhance its cryptocurrency offerings by launching tokenized Treasuries and euro bonds, alongside expanding into crypto lending and asset tokenization, contingent on regulatory approval from the SEC. This move reflects a broader trend among traditional financial institutions towards crypto adoption, supported by recent U.S. policy shifts that allow banks to engage in crypto custody and blockchain settlements. Additionally, Goldman Sachs is considering spinning off its Digital Asset Platform to improve efficiency and liquidity in the growing digital asset market.
Trump International Hotel & Tower in Dubai, the first of its kind in the Middle East, will rise 80 floors at 350 meters along Sheikh Zayed Road, offering stunning views of the Burj Khalifa and the sea. The development will feature the world’s highest outdoor swimming pool, exclusive residential offerings, and a private members-only club. Buyers can also opt to pay with Bitcoin, reflecting the project's commitment to luxury and innovation.
The UK’s Prudential Regulation Authority proposes raising the Financial Services Compensation Scheme deposit protection limit from £85,000 to £110,000. IG Group has acquired Freetrade for £160 million, while Interactive Brokers reports a 44% year-on-year increase in daily trades. In crypto, Donald Trump Jr. and Eric Trump back a Bitcoin mining venture, and Fidelity launches a crypto-focused IRA, allowing investments in Bitcoin, Ethereum, and Litecoin.
Eric Trump claims he has been a victim of "cancel culture" by major US banks like Capital One and JPMorgan Chase, which he alleges have de-banked him due to his father's political position. This experience has led him to advocate for cryptocurrency, arguing that blockchain technology can provide a more efficient alternative to traditional banking systems. He emphasizes the political motivations behind the banks' actions and the need for a financial ecosystem that is not subject to such pressures.
Five US banks, including JPMorgan Chase and Bank of America, are accused by Eric Trump of abruptly closing accounts for political reasons amid alleged pressure from the Biden administration. The Trump family plans to hold these banks accountable, claiming they were targeted due to their political affiliation. While Capital One denies the allegations, JPMorgan Chase's CEO attributes account terminations to regulatory pressures rather than political beliefs.
Japan’s Metaplanet has acquired an additional 150 bitcoin for approximately $12.6 million, raising its total holdings to 3,350 BTC. This purchase was made at an average price of $83,801 per bitcoin, bringing the company's total bitcoin investments to around $278.8 million, now valued at approximately $291.3 million. The acquisition follows the recent appointment of Eric Trump to the firm’s Strategic Board of Advisors.
Japan’s Metaplanet has appointed Eric Trump to its Strategic Board of Advisors as it seeks to increase its bitcoin reserves from 3,200 BTC to 10,000 BTC by the end of 2025. CEO Simon Gerovich announced the appointment on March 21, and Metaplanet's stock rose 1.3% to US$27.80 following the news. Eric Trump, also an ambassador for World Liberty Financial, is expected to assist in expanding the company's cryptocurrency holdings.
World Liberty Financial, a decentralized finance project backed by the Trump family, has successfully completed its second public token sale, raising $250 million. Launched on September 16, 2024, the initiative aims to promote DeFi and stablecoins pegged to the US dollar, garnering a total of $550 million by selling 25% of its crypto assets.
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musk and trump court saudi oligarchs for massive ai investments
17:57 13.05.2025
Musk and Trump seek Saudi investments during Middle East business forum
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