U.S. President-elect Donald Trump’s World Liberty project crept out of the shadows last week after TRON founder and CEO Justin Sun invested $30 million in WLFI. The move makes Sun World Liberty Financial Financial’s largest investor yet.
According to a November 25 post on X, Sun confirmed he had bought $30 million worth of World Liberty’s governance token. The decentralized finance (DeFi) World Liberty Project, spearheaded by Trump and his sons, has experienced lacklustre sales since its launch last September.
The President-Elect Will Pocket At Least $15 Million
U.S. President-elect Trump’s World Liberty Projects is a decentralized finance project launched by Trump’s family in late September. Last October, it held an Initial Coin Offering (ICO) for its WLFI token. The ICO, however, became a major disappointment as only 20% of the 100,000 individuals who showed initial interest and registered to buy tokens actualized their pledges. As a result, the WLFI project slashed its initial target by 90% from the original targeted sale of $300 million to only $30 million “before terminating the sale.”
Justin Sun took advantage of the opportunity to get widespread coverage and warm his way into the president-elect’s good books by purchasing at least 2B WLFI tokens. By the time of his purchase, the World Liberty project had already sold at least $21.2 million worth of WLFI tokens, meaning Sun’s move had helped breach the target and even go beyond it. According to the project’s white paper, Trump’s DT Marks DEFI LLC is entitled to 75% of the WLFI revenue, meaning the president-elect will pocket at least $15 million after the latest purchase.
Justin Sun is now an Advisor to WLFI Project
A day after Justin Sun tweeted, “We are thrilled to invest $30 million in World Liberty Financial as its largest investor. The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump!” The World Liberty project announced that Sun would become one of the company’s advisers. The firm stated in an X post that “Justin’s insights and experience will be instrumental as we continue to innovate and grow. Welcome to the team, Justin […] this sizable purchase of WLF tokens …several significant purchases in recent weeks.”
From the look of things, Justin Sun specializes in high-spending public relations exercises to popularize himself or his TRON project. The TRON founder recently parted with $6.2 million during an auction to buy a piece of art named Comedian, consisting of a banana taped to the wall using duct tape. Sun told them, “In the coming days, I will personally eat the banana as part of this unique artistic experience.”
What Being in Trump’s Good Books Could Do To Sun’s Reputation
What Being in Trump’s Good Books Could Do To Sun’s Reputation
By buying into the World Liberty project, experts believe Justin Sun could be trying to counter the many negative Suns of the past, with 2023 being especially infamous. Some of the bad publicity surrounding him includes a February decision by Circle, the USDC-issuer, to pull out of the Tron ecosystem, citing the network’s suitability. The decision came hot on the heels of a report that Islamic militant groups were using the Tether (USDT) stablecoin, especially USDT issued on Tron.
President-elect Donald Trump is listed as the world Liberty Projects “chief crypto advocate, with three of his sons listed as the platform’s “Web3 ambassadors.” With the incoming president campaigning to make the United States the world’s crypto and Bitcoin capital by creating a crypto-friendly regulatory environment, it’s easy to see what being in Trump’s good books could do to Sun’s reputation. As an advisor to the project and currently the largest shareholder, Sun could easily have a major say on any of the proposals that will come into play.
Conclusion
Sun’s sizable purchase of World Liberty project tokens underscores its early success story. While Sun hasn’t been to the United States since the COVID-19 pandemic, it’s possible that he will have a chance to meet his new master, or at least his sons, at a Bitcoin Conference slated for January in Abu Dhabi. Only time will tell whether the TRON CEO’s investment will eventually pay off.
