Topline
All five new appointees to the revived advisory board of a little-known firm based in New York’s Trump Tower are Trump Organization executives—including Don Jr. and Eric Trump—who’ve received millions in stock as the company pivots to AI and crypto, sectors President Donald Trump’s government is now actively promoting.
Donald Trump Jr. speaks at a press conference outside of Manhattan Criminal Court with his brother … More
Key Facts
In February, Dominari Holdings–a Nasdaq-listed company that previously focused on pharmaceuticals but now has subsidiaries in the wealth management, investment banking, sales and trading, asset management and capital investment sectors—announced Donald Trump Jr. and Eric Trump had joined its advisory board, but shared no further details about the board or its members.
The next day, a filing with the Securities and Exchange Commission revealed that the Trump brothers were among “five newly appointed members of its advisory board for initial appointments of two years,” although no other members were named.
Later in February, the company revealed Ronald Lieberman, a Trump Organization executive vice president, had joined the advisory board in 2024.
The final two new members—Trump Organization chief legal officer Alan Garten and EVP Lawrence Glick—were disclosed in an SEC filing last week.
Last week’s SEC filing also disclosed the advisory board members’ compensation: Donald Trump Jr, and Eric Trump each were awarded 1 million shares for their 11 weeks on the board, worth $4.67 million as of Tuesday’s close; Garten and Glick each received 600,000 shares ($2.8 million); and Lieberman was granted 200,000 ($934,000).
There’s little public evidence Dominari Holdings maintained an active advisory board before naming the Trump executives to it, as Forbes previously reported.
Surprising Fact
All five of the newly appointed advisory board members are Trump Organization executive vice presidents.
Key Background
Between June 2021, when it operated as AIkido Pharma, and the day after the Trumps’ involvement was announced in February 2025, Dominari Holdings did not mention its advisory board in any SEC filings, aside from references to its chief operating officer having been a member for three months in 2022. Underscoring the advisory board’s pre-Trump insignificance, Dominari Holdings did not file an advisory board agreement with the SEC until Feb. 12, a day after announcing the Trumps’ appointments (although it may not have been legally required to do so). An online search also found no public evidence of the advisory board’s existence before the Trumps joined it.
Contra
Dominari Holdings CEO Anthony Hayes defended the board’s makeup in a statement to Forbes, saying the company “has maintained an advisory board composed of highly qualified individuals” for more than a decade. He added that its composition “has evolved to include professionals from a broad range of industries and areas of expertise, reflecting the dynamic nature of our business and the value we place on diverse perspectives.” A spokesperson for the Trump Organization did not respond to a request for comment, nor did any of the advisory board members.
What We Also Don’t Know
It remains unclear exactly what work the five Trump Organization executives performed to earn their combined 3.4 million shares, worth a total of $15.9 million as of Tuesday’s close. Unlike boards of directors, advisory boards have no formal legal responsibilities. Dominari Holdings’s advisory board agreement lists only three duties: offering general business advice, suggesting new members to the advisory board and evaluating business opportunities. Company president Kyle Wool credited the advisory board, particularly Eric Trump, for helping a subsidiary secure a bitcoin mining partnership–but that deal was announced after the Trumps (and Lieberman) received most of their shares.
Big Number
21.64%. That’s how much of Dominari Holdings the five Trump executives collectively own assuming all warrants are exercised, according to an SEC filing, as first reported by Wendy Sielgeman at NewsTRACS.
What To Watch For
A resale registration statement filed last week became effective Monday after markets closed, allowing 52 investors who acquired shares directly from the company in private transactions—including the five Trump executives—to sell their shares without the usual six-month holding period. Just 152,102 shares traded hands Tuesday, so it doesn’t appear any Trump Organization executives dumped their stock the first day they were able to.
News Peg
Just weeks before the Trumps joined Dominari Holdings, their father, President Donald Trump, unveiled a sweeping plan to boost U.S.-based artificial intelligence infrastructure, including a $40 billion pledge from longtime business partner Hussain Sajwani. Around the same time, Dominari Holdings positioned itself as a player in AI and data-center development, touting the Trumps’ “strategic insight.”
Tangent
Dominari Holding’s trading volume soared in the weeks leading up to the announcement of the Trumps’ roles—activity some securities law experts told Forbes was “suspicious.” Company insiders also loaded up on the firm’s stock right before disclosing the Trumps’ involvement, news that caused the share price to spike (it has since fallen to pre-announcement levels).
Forbes Valuation
In November 2024—before they received their shares in Dominari Holdings—Forbes estimated Donald Trump Jr.’s net worth at $50 million, while valuing Eric Trump at approximately $40 million.
Further Viewing
Further Reading
How Donald Trump Shifted Kids-Cancer Charity Money Into His Business (Forbes)
After Promising Not To Talk Business With Father, Eric Trump Says He’ll Give Him Financial Reports (Forbes)
