Topline

Donald Trump Jr. and Eric Trump were awarded 750,000 shares in Dominari Holdings, according to a new filing–currently worth $3 million–for joining the company’s board of advisers, an entity with little evidence of functioning before their appointments.

Key Facts

Key Background

There’s little evidence Dominari Holding’s advisory board existed before the Trumps joined it, as Forbes previously reported. Between June 2021, when the company was named AIkido Pharma, and the day after the Trumps’ involvement was announced, Dominari Holdings made no mention of its advisory board in SEC filings, except for references in the chief operating officer’s bio stating he had been a member for three months in 2022. Underscoring the advisory board’s pre-Trump insignificance, Dominari Holdings did not file a copy of its advisory board agreement with the SEC until Feb. 12, a day after announcing the Trumps’ roles. Also, an online search failed to provide evidence of the advisory board’s earlier existence on any website—including Dominari Holdings’ own—prior to Feb. 11, the day the Trumps roles were announced.

What Exactly Did The Trumps Do That Merited Receiving $3 Million In Shares?

Unlike a board of directors, advisory boards have no formal legal responsibilities. In its advisory board agreement, Dominari Holdings lists just three duties for members: offer general business advice, suggest other potential candidates for the advisory board and evaluate “opportunities, proposals, and plans.” Dominari Holdings credited its advisory board with its “first strategic initiative” for “providing guidance and support” when one of its one-time subsidiaries (of which Donald Trump Jr. and Eric Trump are also investors) partnered to form a new bitcoin mining company, in March. In a statement, Dominari Holdings president Kyle Woll praised the board of advisers, especially Eric Trump, with “often taking the lead in negotiations, secondary introductions, and legal support.” This deal, however, was announced after Dominari Holdings awarded the Trumps their 750,000 shares.

Big Number

966,138: That’s how many shares Donald Trump Jr. and Eric Trump each own in Dominari Holdings—6.6% of the company—according to Tuesday’s filing. In addition to the 750,000 shares they were awarded, each Trump paid $1 million for 216,138 shares, as well as warrants to purchase another 432,000 shares, in a private placement before Dominari Holdings announced they’d joined its advisory board, news that sent the price soaring. While experts previously told Forbes the timing of the private sale probably does not violate insider trading laws, they said it does raise questions about whether directors violated their fiduciary duties to stockholders by selling the shares so cheaply to the Trumps (and themselves).

What To Watch For

Will the Trumps sell their shares? By owning more than 5% of the company, Donald Trump Jr. and Eric Trump are required to publicly disclose any sales of their Dominari Holdings shares. So far, they have not reported doing so.

Surprising Fact

Trading volume for Dominari Holdings Inc. jumped even before the announcement that the Trumps had taken stakes in the company and joined its advisory board—an increase that some securities law experts called “suspicious.”

News Peg

Just weeks before the Trumps joined Dominari Holdings, their father, President Donald Trump, announced 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 positioned itself as a player in AI and data-center development, touting the Trumps’ “strategic insight” in those areas.

Tangent

When listing “developments in market and economic conditions [that] may adversely affect the company’s business and profitability,” Dominari Holdings’ annual report mentioned President Trump’s tariffs.

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

Trump Media Paid Donald Trump Jr. Nearly A Quarter Of Its Annual Revenue. He Attended Just Two Board Meetings (Forbes)

Donald Trump Jr. And Eric Trump Deny Involvement With Fraudulent Statements In Testimony—Though Evidence Suggests Otherwise (Forbes)

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)