Trump is getting richer as president. It’s raising concerns.

Summary

Apple News Today: Trump’s Expanding Wealth Raises Ethical Concerns

February 7, 2025

In this episode of Apple News Today, host Shemitah Basu explores the multifaceted issues surrounding President Donald Trump's burgeoning wealth and the ethical implications it carries. The discussion delves into investigative findings, expert opinions, and the broader impact on political and social landscapes.

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Trump’s Expanding Business Ventures and Ethical Concerns

The episode opens with an examination of President Trump's escalating business interests since his first term in 2020. A New York Times investigation uncovered that over 200 companies, interest groups, and foreign governments have supported Trump’s businesses while simultaneously benefiting from his administration. For example, T-Mobile allocated $195,000 to Trump’s Washington D.C. operations during its pursuit of a merger with Sprint, which was ultimately approved. Both the Justice Department and the FCC declined to comment on this arrangement (00:05).

Bloomberg reporter Annie Massa emphasized the unprecedented nature of Trump's business entanglements:

"While there have absolutely been presidents with business interests before, the types of businesses, the regulatory flux that some of those businesses are under right now and the scope, the actual dollar value of the assets in question are unmatched in any other historical context." (01:46)

Trump's significant stake in Trump Media, the owner of Truth Social, is highlighted as a major factor in his expanded net worth. Massa points out that this publicly traded company has a substantial impact on Trump's personal finances (02:08).

Additionally, Trump's ventures into cryptocurrency are scrutinized. Despite the volatility of crypto markets, Trump and his family continue to profit from transaction fees associated with their crypto tokens. Massa notes the regulatory uncertainties surrounding crypto, which add another layer of complexity to Trump's financial dealings (02:37).

The ethical concerns extend to Trump's inner circle. Elon Musk, identified as Trump’s right-hand, manages multiple companies with federal government contracts and is responsible for self-managing potential conflicts of interest. Lara Trump, Trump's daughter-in-law, has secured a role hosting a show for Fox News, while FBI nominee Cash Patel holds positions that intertwine with Trump’s media interests. Patel and Education Secretary nominee Linda McMahon are both on the board of Trump Media and have received significant stock gifts, raising questions about their impartiality and the potential influence on their official duties (02:33 - 04:25).

When Trump's lawyers defended his business practices, citing historical figures like George Washington and Nelson Rockefeller, Massa countered that modern ethical standards require more stringent separation between business and state roles. Critics argue that Trump's inability to disentangle himself from his businesses not only fosters ethical ambiguity but may also violate the Emoluments Clause of the Constitution, which prohibits government officials from accepting money from foreign entities (05:01 - 05:12).

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Venezuelan Community Feels Betrayed by Trump’s Policies

Shifting focus, Basu discusses the impact of Trump's administration on the Venezuelan American community. Under the previous administration, over 300,000 Venezuelans were granted Temporary Protected Status (TPS) due to deteriorating conditions in their homeland. However, the Trump administration has initiated the revocation of TPS, affecting an additional 250,000 individuals awaiting status decisions (05:12).

Adelice Farrow, director of the Venezuelan American Caucus, voiced profound disappointment:

"We are human beings who work here, who are small business owners, who are people that actually believe that the TPS was the right way to get legal in the United States, to have a work permit, to have a Social Security number, to be able to buy a house." (06:41)

Greg Allen, an NPR correspondent in Miami, highlighted the political implications, noting that many Venezuelans supported Trump with the expectation that he would confront Venezuelan leader Nicolas Maduro. However, recent diplomatic actions, such as negotiating the release of American hostages in Venezuela, have led to suspicions among the Venezuelan community that Trump may be softening his stance on Maduro, thereby undermining their initial support (07:04 - 08:08).

Homeland Security Secretary Kristi Noem defended the administration's decision to revoke TPS, asserting that the conditions in Venezuela have improved and that the previous measures were no longer necessary. In contrast, Farrow contended that the majority of Venezuelans in the U.S. are law-abiding and contributing members of society, challenging the administration's narrative (08:08 - 08:25).

The tension is further exacerbated by pleas from Republican lawmakers in Florida, who urge the administration to reconsider its approach, recognizing the Venezuelan community's significant role in recent election victories (07:23).

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Super Bowl in New Orleans: Player Insights and Local Excitement

The episode transitions to lighter topics with coverage of the upcoming Super Bowl set to take place in New Orleans. Shocker Simon reports from the city, capturing the vibrant atmosphere and engaging with players from the Philadelphia Eagles and Kansas City Chiefs. Players like Tristan McCollum and Elias Ricks reminisced about memorable Super Bowl moments, sharing enthusiasm for the upcoming game (09:24 - 09:46).

Nate Taylor, an Athletics correspondent, provides strategic insights into the game. For the Chiefs, the synergy between Patrick Mahomes and Travis Kelsey is highlighted as a key factor, with Massa noting:

"They are the greatest passing receiving duo in NFL history. I think they've had 19 touchdowns together. It's absurd." (10:09)

Conversely, the Eagles are relying on their star running back, Saquon Barkley, to dictate the game's tempo. Taylor emphasizes that Barkley's ability to break tackles and score multiple touchdowns could be pivotal in disrupting the Chiefs' dominance (10:36).

Local fan Adelice Farrow expressed her excitement:

"It's out of this world excitement, the fun. It was very cool. Like it? I had an awesome experience going next." (11:04)

The episode captures the infectious energy of Super Bowl weekend, with fans enjoying festivities and anticipating a thrilling matchup at 6:30 p.m. Eastern Time (10:52 - 11:22).

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Additional News Highlights

Beyond the main stories, Apple News Today covers several other significant events:

• Federal Employees Buyout Pause: The Trump administration's proposal for federal employees to accept buyouts was halted by a federal judge in Massachusetts, influenced by unions representing over 800,000 federal workers. Despite the pause, administration officials are proceeding with processing resignations, with 50,000 employees having accepted deferred resignations (11:04 - 13:39).

• Egg Theft in Pennsylvania: Authorities are investigating the theft of 100,000 eggs worth approximately $40,000 from a trailer owned by Pete and Jerry's. This unusual crime occurs amid a bird flu outbreak that has already driven egg prices up by 20%, as reported by the Agriculture Department (13:39).

• Human Eggs and Fertility Treatment: The episode concludes with a feature on the global market for human eggs, based on a deep dive by reporters from Bloomberg Businessweek. Natalie Obiko Pearson discusses the lack of transparency and regulation in the IVF industry, highlighting cases such as unauthorized egg sales in Greece and coercion in India. These stories underscore the ethical and legal challenges surrounding fertility treatments and the commodification of human eggs (13:39 - 14:03).

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Conclusion

Today's episode of Apple News Today provides a comprehensive analysis of President Trump's expanding business interests and the ethical dilemmas they present. It also sheds light on the Venezuelan community's growing disenchantment with Trump's policies, offers spirited coverage of the Super Bowl festivities, and addresses other pressing news stories. Through in-depth reporting and expert commentary, Shemitah Basu delivers a nuanced and engaging overview of current events.

Transcript

[Shemitah Basu]

Good morning. It's Friday, February 7th. I'm Shemitah Basu. This is Apple News today. On today's show, why Venezuelans once loyal to Trump are feeling betrayed. The Big Easy gets ready for the weekend's big game and how police are trying to crack the case of 100,000 stolen eggs. Foreign but first, a look at how President Trump's potential for conflicts of interest has changed and expanded since his first term in 2020. A New York Times investigation found over 200 companies, interest groups and governments patronized Trump businesses while reaping benefits from Trump's administration or Trump personally, the Washington Post reported. One example, T Mobile, spent $195,000 at Trump's DC while seeking federal approval of a merger with Sprint. The merger was ultimately approved and the Justice Department and FCC declined to comment on it to the Post. Critics argue that Trump's refusal to disentangle himself from his businesses while president not only creates ethical murkiness, but in cases involving foreign governments as clients violates the emoluments clause of the Constitution, which prohibits government officials from accepting money from foreign entities. Now in his second term, Trump's money making ventures have only expanded. In fact, Bloomberg reports that Trump returned to the White House more than twice as rich as he was before. Bloomberg reporter Annie Massa told us that ethics experts are even more concerned this time around.

[Annie Massa]

While there have absolutely been presidents with business interests before, the types of businesses, the regulatory flux that some of those businesses are under right now and the scope, the actual dollar value of the assets in question are unmatched in any other historical context.

[Shemitah Basu]

For example, Trump now has a massive stake in a media company, Trump Media, which owns Truth Social.

[Annie Massa]

It's a huge part of his net worth, worth billions of dollars, and it's a publicly traded company. But the reason that we are paying such close attention to that company is because it does absolutely have a huge impact on the personal wealth, personal net worth of the president.

[Shemitah Basu]

Trump and his family also have multiple cryptocurrency ventures.

[Annie Massa]

This is super important because crypto, even though it's been around for a while now, there are still many regulations related to it that are up in the air.

[Shemitah Basu]

Trump has vowed to be a, quote, crypto president. And just this week, according to the New York Times, there were major staffing changes ordered at the SEC that signal a possible rollback in crypto regulations. Just before the inauguration, Trump and first lady Melania Trump launched their own crypto tokens whose market valuations skyrocketed, generating potentially billions of dollars for the family and their affiliates. And even though the price of those coins has since crashed, losing money for the average unsophisticated trader, Trump is continuing to make money off of transaction fees. Further complicating matters are the people in Trump's inner circle, to name a few. His right hand man, Elon Musk, owns six companies and has contracts with the federal government. The White House says Musk will be responsible for self managing those conflicts of interest. Trump's daughter in law, Lara Trump, just landed a job hosting her own show for Fox News. And the President's nominee to lead the FBI Cash Patel has a side hustle selling Trump T shirts and children's books. But that's not all.

[Annie Massa]

Mr. Patel has been sitting on the board of Trump's media company and he is actually not the only Trump nominee who has been on that board.

[Shemitah Basu]

Linda McMahon, Trump's pick for Education Secretary, is also on that board. She and Patel were recently gifted thousands of shares of Trump Media stock at a paper value of around $800,000. Patel's role with Trump Media is particularly concerning because he has vowed in the past to go after media companies if confirmed as FBI director.

[Annie Massa]

That could pose a potential big problem because it would align almost his financial incentives with the President of the United States, hypothetically. And the reason that would be a problem is potentially that could alter the course of what this agency would be willing to investigate or not.

[Shemitah Basu]

A spokesperson for Patel did not respond to Bloomberg's request for comment. Just before Trump was sworn in for the second time, the Trump Organization said he would be putting his investments and assets in a trust managed by his children. But Massa told us Trump's critics say that's not enough.

[Annie Massa]

And their critique is that there are absolutely not enough guardrails in place. You know, a foreign actor or a special interest could easily enrich him much more directly than even last time.

[Shemitah Basu]

Trump's lawyers have argued that what he's doing is not unprecedented. They point to George Washington, who ran a business while he was president, and Vice President Nelson rockefeller in the 1970s, who kept his stake in Standard Oil during his term. And while all of that is true, in the last 50 years or so, nearly all presidents have taken steps to walk away from business deals that could create the perception that they are compromised. Not only has Trump bucked this norm, but in his case, the conflicts are so vast and touch so many people in his family and his administration, ethics experts say it's going to be extremely challenging to keep up. During the Biden administration, Venezuelans, along with Immigrants from more than a dozen other countries were granted temporary protections because conditions in their homelands had deteriorated so much it was deemed unsafe for them to return. Now the Trump administration is reversing that decision. Starting in April, more than 300,000 Venezuelans will lose their Temporary Protected Status, or TPS. Another 250,000 or so with protections through September are waiting to see whether their status will get revoked, too. Hundreds of thousands of Venezuelans live in Florida. NPR spoke with Adelice Farrow, director of the Venezuelan American Caucus, who said this community is feeling betrayed by Trump.

[Adelice Farrow]

We are human beings who work here, who are small business owners, who are people that actually believe that the TPS was the right way to get legal in the United States, to have a work permit, to have a Social Security number, to be able to buy a house.

[Shemitah Basu]

Greg Allen, a Miami correspondent for npr, told us this is a community that has largely supported Trump.

[Greg Allen]

Trump won Miami D County, the first Republican to win the county in two decades or more. And many of those votes came from Hispanics, the Cuban American community, but also the Venezuelan American community. And that's why they feel that a person they voted for now is turning around and actually deporting or threatening to deport many of their countrymen.

[Shemitah Basu]

Venezuelans, in part threw their support behind Trump because they saw him as someone who would stand up to Venezuelan leader Nicolas Maduro. But last week, Venezuelans questioned whether they had been wrong in that assumption. The Trump administration sent an official to Venezuela to meet with Maduro and successfully negotiated the release of several American hostages. While a lot of people saw that as an early diplomatic win for Trump and for Americans, some Venezuelans took away a different message.

[Greg Allen]

When he came out and got the release of the six hostages, which was a great achievement, there began to be some suspicion that a deal was made because that was right around the same time that TPS was lifted. So the idea is, is Trump going soft on Maduro, going soft on Venezuela?

[Shemitah Basu]

The Trump administration has defended their decision to revoke TPS status for this group. Here's Homeland Security Secretary Kristi Noem on NBC's Meet the Press last weekend. Remember, Venezuela purposely emptied out their prisons, emptied out their mental health facilities, and sent them to the United States of America. But Farrow, the director of the Venezuelan American Caucus, told NPR that's just not true, that by and large, most Venezuelans in this country are law abiding and hardworking. Now, she says the community is scrambling and fearful of what comes next. And some Republican lawmakers in Florida are urging Trump to move carefully reminding the administration that this is a community that's been key to their recent election victories. Super bowl weekend is upon us. On Sunday, the Philadelphia Eagles take on the two time defending champions the Kansas City Chiefs in New Orleans. Apple News's Shocker Simon has been in the Big Easy all week, talking with players ahead of the big game and he asked a few of them. Kingsley Suamataia with the Chiefs and Eagles players Tristan McCollum and Elias Ricks to recall some of their favorite super bowl moments over the years.

[Shocker Simon]

Probably when Nicole Hartman caught the winning touchdown and he didn't even know he caught the touchdown. Obviously the helmet catch by the Giants, the crazy catch by Edelman. Also I'd probably say the Cats from San Antonio homes, the Steelers and Cardinals. That's probably the first kind of core memory where I was like wow. In the Super Bowl.

[Shemitah Basu]

Now these players will get to have their own potential wow moments this weekend in what is expected to be a pretty close matchup, both sides feature quarterbacks in their prime with plenty of offensive and defensive power behind them. Saman caught up with the Athletics Nate Taylor to talk about the outlook of the game for both teams. For the Chiefs, who are going for the three peat, it's a classic combo mixed with a little defense.

[Shocker Simon]

It's pretty simple. It's Ken Patrick Mahomes and Travis Kelsey continue to connect because they are the greatest passing receiving duo in NFL history. I think they've had 19 touchdowns together. It's absurd. And then can Chris Jones, the Chiefs hall of Fame pass rusher, can he get pressure on quarterback Jalen Hurts? Can he sack him a couple times?

[Shemitah Basu]

For the Eagles, Taylor says it's a straightforward play. Give the ball to star running back Saquon Barkley.

[Shocker Simon]

He's kind of a throwback to an older version of football where the running back really did control the tempo of the game. And if he breaks tackles, if he scores, say two, three touchdowns, he might be the reason that the Chiefs dynasty ends here in New Orleans.

[Shemitah Basu]

This year will be a record tying 11th time the super bowl is being hosted in New Orleans and the traveling from out of town fans are clearly having a blast. Here are a few talking to the local NBC affiliate.

[Adelice Farrow]

It's out of this world excitement, the fun. It was very cool. Like it? I had an awesome experience going next.

[Annie Massa]

To the marching band.

[Adelice Farrow]

Yeah, it was awesome.

[Shemitah Basu]

This is crazy, the amount of people here just to come out, see some.

[Annie Massa]

Players, see some interviews.

[Shemitah Basu]

It's great. I actually tried gumbo for the first time ever yesterday. It was delicious. But I love it. There's so much happiness here. There's so much energy. The super bowl kicks off at 6:30pm Eastern time this Sunday, and we'll be covering all the action in the Apple News app. Before we let you go, a few other stories we're following Yesterday was supposed to be the deadline for federal employees to decide whether or not to accept Elon Musk's buyout, but a federal judge in Massachusetts paused the offer at the request of unions representing more than 800,000 federal workers. A hearing is set for Monday afternoon for both sides to argue their case, but that hasn't stopped the Trump administration from moving full steam ahead with their plans. Sources told the Washington Post that officials in the administration believe agencies can continue to process resignations. According to the post, 50,000 people had accepted the deferred resignation as of Thursday afternoon. Separately, Reuters reports that the Trump administration plans to keep fewer than 300 of the more than 10,000 employees at USAID. Now you're used to hearing about the cost of eggs on the news or bird flu affecting poultry farms. But here's one you didn't see coming. Authorities in Pennsylvania are investigating the theft of 100,000 eggs just north of the Maryland Pennsylvania border. The eggs were stolen from a trailer that belonged to a company called Pete and Jerry' Saturday night. Pennsylvania State Police say a theft of this caliber involving food is very rare. Egg prices have skyrocketed recently due to the bird flu outbreak. Prices are expected to go up another 20% this year, according to the Agriculture Department. The eggs that were stolen were worth an estimated $40,000. And finally, let's pivot to talk about an entirely different kind of egg, the human egg and its role in fertility treatment. That's the topic of this week's episode of Apple News. In conversation, I speak with reporters from Bloomberg Businessweek about their deep dive into the global market for human eggs, one of the most precious resources on earth.

[Natalie Obiko Pearson]

I actually have no idea how many eggs they extracted from me. I only have the word of the doctor. I was like the amount of trust that we put in an industry that is in many ways self regulated and that there is not a lot of transparency. And the repercussions of some of the bad things that can happen reverberate across the world and in some cases across decades.

[Shemitah Basu]

Reporters Natalie Obiko Pearson and Susan Burfield tell me the stories of some of the women they met while reporting this piece, including an IVF patient in Greece whose eggs were sold without her consent, a child in India who was coerced to pose as an adult to sell her eggs, and young women from Taiwan who are making a living off selling their eggs to the highest bidder. If you're listening in the Apple News app right now, that episode is queued up to play for you next. If you're listening in the podcast app, just search Apple News in Conversation to find it. And as always, you can find all the stories we talked about today in the Apple News app. Enjoy your weekend and I'll be back with the news on Monday.