Why it matters: The populist paradox at the heart of MAGA a movement fueled by economic grievance and championed by a New York billionaire has never been more pronounced, Axios' Tal Axelrod and Zachary Basu report.
Trump's blue-collar base remains fiercely loyal, energized by his hardline stances on immigration, trade and culture and patient that his economic "Golden Age" will materialize.
But so far, the clearest financial rewards of Trump's tenure are flowing upward to wealthy donors, family members, insiders, and the president himself.
The big picture: Trump's inner circle has shattered norms around profiting from the presidency, dulling public outrage to the point where even the most brazen access schemes draw only fleeting scrutiny.
Take crypto: The top holders of Trump's meme coin were granted an exclusive dinner last month at the president's Virginia golf club, where some paid millions for access.
The White House refused to release the guest list, but wealthy foreigners including a Chinese billionaire who faced SEC charges under the Biden administration were among those revealed to be in attendance.
Trump's sons, meanwhile, are spearheading a family crypto venture that has raked in hundreds of millions of dollars. Trump Media, the parent company of Truth Social, is raising $2.5 billion to buy Bitcoin.
All of this plus a flurry of lucrative real estate deals overseas is playing out as Trump presides over U.S. foreign policy and the fate of crypto regulation."
Axios
Send my credentials to the House of Detention
“I love Cal deeply. What are the directions to The Portal from Sproul Plaza?”