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Anatomy of Two Giant Deals: The U.A.E. Got Chips. The Trump Team Got Crypto Riches. (gift link)
This story was discussed a couple of times on MSNBC last night and Sunday
A lucrative transaction involving the Trump family’s cryptocurrency firm and an agreement giving the Emiratis access to A.I. chips were connected in ways that have not been previously reported.
Link to tweet
https://www.nytimes.com/2025/09/15/us/politics/trump-uae-chips-witkoff-world-liberty.html?unlocked_article_code=1.mE8.3fBs.uR5QWBh-6ea7&smid=tw-share
At the heart of their relationship are two multibillion-dollar deals. One involved a crypto company founded by the Witkoff and the Trump families that benefited both financially. The other involved a sale of valuable computer chips that benefited the Emirates economically.
While there is no evidence that one deal was explicitly offered in return for the other, the confluence of the two agreements is itself extraordinary. Taken together, they blurred the lines between personal and government business and raised questions about whether U.S. interests were served.
In May, Mr. Witkoff’s son Zach announced the first of the deals at a conference in Dubai. One of Sheikh Tahnoon’s investment firms would deposit $2 billion into World Liberty Financial, a cryptocurrency start-up founded by the Witkoffs and Trumps.
Two weeks later, the White House agreed to allow the U.A.E. access to hundreds of thousands of the world’s most advanced and scarce computer chips, a crucial tool in the high-stakes race to dominate artificial intelligence. Many of the chips would go to G42, a sprawling technology firm controlled by Sheikh Tahnoon, despite national security concerns that the chips could be shared with China.......
The Times reviewed correspondence and interviewed more than 75 people, many of whom spoke on the condition of anonymity to describe sensitive matters, to reveal new details that show how the deals got done:
While there is no evidence that one deal was explicitly offered in return for the other, the confluence of the two agreements is itself extraordinary. Taken together, they blurred the lines between personal and government business and raised questions about whether U.S. interests were served.
In May, Mr. Witkoff’s son Zach announced the first of the deals at a conference in Dubai. One of Sheikh Tahnoon’s investment firms would deposit $2 billion into World Liberty Financial, a cryptocurrency start-up founded by the Witkoffs and Trumps.
Two weeks later, the White House agreed to allow the U.A.E. access to hundreds of thousands of the world’s most advanced and scarce computer chips, a crucial tool in the high-stakes race to dominate artificial intelligence. Many of the chips would go to G42, a sprawling technology firm controlled by Sheikh Tahnoon, despite national security concerns that the chips could be shared with China.......
The Times reviewed correspondence and interviewed more than 75 people, many of whom spoke on the condition of anonymity to describe sensitive matters, to reveal new details that show how the deals got done:
Steve Witkoff advocated to give the Emirates access to the chips at the same time that his and Mr. Trump’s family business was landing the crypto investment, despite an ethics rule intended to prohibit officials from participating in matters that could benefit themselves or their relatives.
Mr. Sacks was a key figure in the chip negotiations, raising alarm from some Trump administration officials who believed that it was improper for a working venture capitalist to help broker deals that could benefit his industry and investors in his company. He received a White House ethics waiver allowing him to participate.
A senior executive based in the U.A.E. worked simultaneously for World Liberty and Sheikh Tahnoon’s G42, creating a link between the two companies as the Emiratis were pushing to gain access to A.I. chips.
Some Trump administration officials tried to limit the chips deal, but an unexpected intervention by the conservative agitator Laura Loomer changed the power dynamic within the White House in the U.A.E.’s favor.
This deal stinks
4 replies
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