Key Highlights
An Abu Dhabi investment vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan secretly acquired a 49% stake in World Liberty Financial, signed by Eric Trump four days before the January 2025 inauguration.
At least $31 million went to entities affiliated with Steve Witkoff, co-founder of World Liberty Financial, who was subsequently appointed US Special Envoy to the Middle East.
Democrats argue the deal raises foreign influence concerns, pointing to the administration's May 2025 authorization of advanced AI chip sales to the UAE that US security officials had flagged as a risk due to potential Chinese access.
Five senior Senate Democrats have formally asked Republican committee chairs to convene hearings on a $500 million investment in the Trump family's cryptocurrency venture by an Abu Dhabi vehicle tied to UAE royalty. The request, sent by senators including Elizabeth Warren, Ron Wyden, Richard Blumenthal, Gary Peters, and Richard Durbin, targets what the lawmakers describe as an undisclosed foreign stake in World Liberty Financial finalized just before President Trump's second inauguration.
According to documents cited in the senators' letter, an investment vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan quietly acquired a 49% stake in World Liberty Financial in an agreement signed by Eric Trump four days before the January 2025 inauguration. Half of the $500 million commitment was paid upfront. Of that amount, $187 million flowed to Trump family-controlled entities and at least $31 million went to structures affiliated with Steve Witkoff, who co-founded World Liberty and was later appointed US Special Envoy to the Middle East.
The Democrats' core concern is that US policy decisions benefiting the UAE in the months after the deal raise unresolved questions about foreign influence on the executive branch. They point specifically to the administration's May 2025 authorization of advanced AI chip sales to the UAE, a transaction that US national security officials had flagged as a risk because of the possibility that China could gain access to the technology through Emirati channels. The White House has denied any link between the World Liberty Financial investment and foreign policy decisions.
Whether the calls result in actual hearings is uncertain. Senate Democrats are in the minority and lack the committee chairmanships and subpoena power needed to compel proceedings without Republican cooperation. The demand carries procedural weight only if majority-party senators choose to act on it, which they have not indicated they will do.
