Report: After the UAE's $2 billion investment in the "Trump Family Core Token Company," the White House allows GPU sales
The cryptocurrency company related to Trump received a $2 billion investment from the Emirati Sheikh, after which the White House approved the sale of advanced AI chips to the UAE, with one-fifth going to G42, a company personally controlled by Sheikh Tahnoon
After injecting $2 billion into the Trump family's core token company World Liberty Financial in the UAE, the White House approved a proposal to sell hundreds of thousands of advanced AI chips to the UAE.
According to media reports, in May this year, the UAE's Sheikh Tahnoon bin Zayed Al Nahyan's investment company MGX purchased $2 billion worth of the stablecoin USD1 issued by World Liberty to complete its investment in Binance. This effectively provided World Liberty with $2 billion in bank deposits.
Two weeks later, the White House agreed to allow the UAE to acquire hundreds of thousands of the world's most advanced computer chips. New proposals received by U.S. officials indicate that the number of chips sold to the UAE in the coming years will increase from about 100,000 per year to 500,000, with one-fifth going to G42, a company directly controlled by the UAE's Sheikh.
Under the agreement, the chips sold by the U.S. will be the most advanced products on the market. In return, the UAE has committed to investing hundreds of billions of dollars over the next decade to promote U.S. industrial growth, including investments in the AI sector.
Key figures involved in the deal include Steve Witkoff, who serves as Trump's Middle East envoy, and David Sacks, who is responsible for government AI and cryptocurrency affairs.
While serving as Trump's Middle East envoy, Steve Witkoff co-founded World Liberty Financial with the Trump family. According to the investment prospectus, the Trump and Witkoff families will hold significant shares of the company's digital currency and receive profit sharing.
David Sacks, as the head of AI and cryptocurrency affairs in the Trump administration, played a key role in the chip negotiations. As a long-time venture capitalist, Sacks has business relationships in both Silicon Valley's tech sector and the Middle East.
Craft Ventures, co-founded by Sacks, has early investors including the Abu Dhabi Investment Authority, which is now overseen by Sheikh Tahnoon, as well as the Saudi Public Investment Fund, which is also seeking AI chips. At least until March of this year, Sacks was still invested in stock funds that include TSMC, the manufacturer of Nvidia chips
