Donald Trump reported at least $630 million and possibly more than $676 million in business income on his 2025 public financial disclosure, filed on Friday evening. The disclosure, covering the period from January 1 to December 31, 2024, provides a snapshot of Trump’s finances right before he took office, giving insight into the conflicts of interest he may face over the next four years. 

Only five months into his second term as president, Trump is brazenly using his office to profit. He blurred the lines between foreign policy and his businesses by taking a trip in his official capacity to three Middle East countries where he has developments–including one in partnership with a company owned by a foreign government–and sparked a bidding war for his $TRUMP cryptocurrency by hosting an exclusive dinner for the top 220 holders at his Virginia golf club, offering access to the president in exchange for purchasing his memecoin. 

Just this week, he launched a Trump-branded smartphone and mobile service, adding to his array of Trump-branded products including watches, sneakers, fragrances and Bibles, which earned him a total of $6.6 million in royalties in 2024. Retail may seem like a drop in the bucket for Trump, but he reported $8.8 million in income from his online retail store, which launched over 168 products during the presidential transition period. Personal and presidential business are often intertwined, with products on the Trump site including “45-47” and inauguration-themed collections. 

The Trump brand is significantly more involved in foreign business than during his last term, opening the door for unprecedented conflicts of interest. Trump’s international properties—there are 20 Trump-branded projects that will be open or in development during his presidency—reported at least $87 million in business income in 2024. This includes a $10 million development fee from a property in Mumbai, a $5 million licensing fee from his Vietnam development and a $5 million licensing fee from a project in Dubai. This means that Trump’s own financial interest in the countries where he is operating his businesses could affect foreign policy decisionmaking, and governments could attempt to influence Trump through their treatment of his businesses.

Trump’s hefty debts further complicate the picture, with the filing reporting over $270 million in liabilities. The filing lists over $50 million in debt for judgments in multiple court cases, the civil fraud case brought by the New York attorney general and cases brought by E. Jean Carroll. All of his court debts are labeled “stayed pending appeal”. Based on the specific numbers from these judgements, Trump’s total debts surpass $600 million.

Adding yet another conflict of interest, one of Trump’s greatest sources of income last year was cryptocurrency. He reported $57 million in token sales from World Liberty Financial, a crypto company of which he is a partial owner, and $1.1 million in licensing fees and royalties from his NFT. His financial interest in crypto has already massively surpassed what is reported on this disclosure, which doesn’t include income from his $TRUMP memecoin that was launched earlier this year, nor does it reflect the Trump family’s latest crypto venture, his sons’ bitcoin mining company, American Bitcoin. He is profiting from these while his administration loosens regulations on crypto.

During Trump’s last term, CREW tracked over 3,700 conflicts of interest between his presidency and businesses. With the expansion of his foreign developments and his foray into cryptocurrency, among other ventures, he seems poised to rack up more conflicts than ever, with even less transparency than last time. 

Read More in Investigations