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President Donald Trump on Wednesday defended the approximately $1.2 billion he earned from his family’s cryptocurrency ventures over the past year, rejecting accusations that he has benefited financially from holding office and arguing that his gains simply reflect broader economic growth.

Speaking with reporters before boarding the new Air Force One for its inaugural flight, Trump dismissed criticism that he has used the presidency for personal enrichment.

“You know why I’m profiting, because the stock market’s going up, everybody’s profiting,” Trump said.

Responding to questions about potential conflicts of interest, Trump emphasized that his personal assets are managed through blind trusts and said he plays no role in overseeing his financial holdings.

“I don’t get involved in my personal (finances); we have funds that run my money,” Trump said. “I’ve made a lot of money before I became president, and they invest my money, and I don’t talk to them.”

Trump also stressed that his wealth was built long before returning to the White House.

The earnings disclosed this year stem largely from cryptocurrency businesses launched during his current administration.

“I don’t know if I’ve had a better career in politics or business, but I had a great career in business, and you know, you saw the cash, and you report the different things,” he said.

“So we’re all profiting. I’m profiting because I have a lot of money and a lot of cash.”

Financial disclosure reports released Tuesday by the U.S. Office of Government Ethics show that Trump received nearly $550 million in 2025 through his involvement with World Liberty Financial, a cryptocurrency startup.

World Liberty Financial was established in September 2024 by Trump’s sons together with the son of Steve Witkoff, Trump’s special envoy to the Middle East.

The extensive 927-page disclosure filing also lists approximately $635 million in royalty income tied to licensing arrangements involving the $TRUMP cryptocurrency, which debuted only hours before Trump’s inauguration in January 2025.

According to Forbes, Trump’s expanding cryptocurrency portfolio has been the principal driver behind the dramatic increase in his personal fortune, which climbed from roughly $2.3 billion in 2024 to approximately $6.5 billion by 2026.

The White House celebrated those developments, saying Trump has “proudly made the United States the crypto capital of the world.”

The filings show that businesses launched only after Trump returned to office now generate more revenue than many of the real estate holdings he spent decades building.

Those ventures also benefited from substantial backing by billionaire investors, along with administration policies that rolled back federal regulatory pressure on the cryptocurrency industry.

Beyond digital assets, Trump also earned millions through sales of Trump-branded merchandise, including Bibles, sneakers, watches, and other consumer products. Sales of Trump watches alone generated approximately $4.7 million during the year.

The disclosure report provides a broad snapshot of the president’s expanding business interests since returning to office last January. Although Trump has consistently said his sons oversee his financial affairs, critics note that his trust arrangement differs from the conflict-of-interest structures adopted by recent presidents.

Forbes currently estimates Trump’s net worth at approximately $6 billion, compared with $2.3 billion just two years earlier.

The rapid growth of Trump’s cryptocurrency holdings represents a notable shift from the business empire that originally made him famous. Throughout his political career, Trump had long emphasized his success in real estate.

At the same time, his real estate operations also experienced substantial expansion. The Trump Organization collected tens of millions of dollars from new hotel, condominium, and resort licensing agreements overseas, marking what has been described as the company’s largest international property expansion since the family business was founded roughly a century ago.

Several of those international agreements were finalized while the host nations were simultaneously negotiating with the United States on issues including tariffs, military cooperation, and other major policy matters.

According to the disclosures, a Trump-branded project in the United Arab Emirates generated $10.4 million last year. A development in Saudi Arabia yielded another $9 million, while projects in Romania and Qatar each produced approximately $5 million.

Trump’s domestic holdings also enjoyed significant gains. Mar-a-Lago generated approximately $77 million during the year, representing about a 50% increase over the previous year as foreign leaders and business executives increasingly visited the Florida property during Trump’s presidency.

The financial disclosures report gross revenue rather than profits, making it impossible to determine Trump’s actual earnings after expenses.

Following his return to office, Trump reversed many of the Biden administration’s policies toward cryptocurrency, replacing them with a regulatory approach widely viewed as favorable to the industry.

Nevertheless, regulators previously expressed concerns regarding World Liberty Financial’s “governance tokens,” warning that unlike traditional stocks, they provide no ownership stake in the issuing company, grant only limited voting rights on certain corporate matters, and can be difficult to value.

Despite those warnings, investors continued purchasing the tokens. Among them was Chinese billionaire Justin Sun, who spent approximately $75 million on the governance tokens and another $200 million on Trump-themed commemorative coins. A federal lawsuit accusing Sun of defrauding investors was paused last year before ultimately being resolved through a $10 million settlement.

Sun has repeatedly denied that his investments in Trump-related ventures had any connection to his federal legal case, while World Liberty Financial has similarly rejected allegations of any conflict of interest.

Meanwhile, investors who bought Trump-linked digital assets have suffered steep declines in value.

Since trading began in September, World Liberty tokens have lost roughly 80% of their value. Likewise, Trump commemorative coins, which briefly traded above $74 shortly after their January 2025 launch, have since fallen to approximately $1.68.

The White House has consistently maintained that Trump’s businesses are controlled through a trust administered by his sons and that the president has no involvement in day-to-day decisions, insisting there are no ethical concerns.

“Neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest,” spokeswoman Anna Kelly said. “All actions by President Trump and his administration are taken in the best interest of the American people.”

The Trump Organization has also maintained that its international business agreements are conducted with private companies rather than foreign governments.

However, critics argue that drawing a clear distinction between private businesses and governments can be difficult in countries governed by royal families, authoritarian leaders, or one-party political systems.

One example cited in the disclosures involves a new Trump resort project in Vietnam. The report states that Trump received $5 million from the project after Vietnam’s deputy prime minister approved the development. According to The New York Times, local farmers were displaced to make way for construction.

Whether any of these business relationships influenced subsequent U.S. foreign policy remains unclear. However, several of the countries involved later secured policy objectives they had sought from Washington, including tariff relief for Vietnam, expanded access to advanced American technology for Qatar, and long-sought U.S. fighter jet sales to Saudi Arabia.

{Matzav.com}

New York City approved the largest budget in its history Tuesday night, as Mayor Zohran Mamdani secured passage of a nearly $126 billion spending plan that expands city expenditures by more than $10 billion over last year—even after repeatedly warning that the city’s finances were in dire condition.

The City Council approved the budget just hours before the legal deadline on Wednesday, following frantic behind-the-scenes negotiations aimed at winning over lawmakers from both the progressive and moderate wings of the Democratic Party. Despite dissatisfaction across the political spectrum, the measure ultimately passed by a 45-6 vote, with most members voting along party lines.

The newly adopted budget totals approximately $125.8 billion, an increase of roughly 8.5% from last year’s $116 billion spending plan. Notably, it contains no major spending reductions.

Although Mamdani succeeded in balancing the budget, City Comptroller Mark Levine cautioned that the administration relied heavily on temporary measures rather than long-term fiscal solutions. According to Levine, the budget closes the gap using approximately $6.1 billion in one-time revenues and short-term savings.

“This agreement gets the city through an exceptionally difficult year, but it does not resolve the structural challenges ahead,” Levine said.

“With large out-year gaps, limited reserves and significant economic uncertainty, next year’s budget could be even more difficult.”

According to the comptroller’s office, New York City is already facing a projected $8.8 billion deficit in the next budget cycle, setting the stage for another contentious round of budget negotiations next year.

Complete details of the final spending package were not immediately released following the vote.

Mayor Mamdani and City Council Speaker Julie Menin appeared together Tuesday morning to announce that they had reached a budget agreement, smiling for cameras despite weeks of increasingly strained negotiations behind closed doors.

One of the biggest sticking points involved Mamdani’s decision to retreat from a campaign pledge to significantly expand the cityFHEPS housing voucher program, a priority for progressive lawmakers but one carrying a substantial financial cost.

Negotiators eventually reached a last-minute compromise that preserved the voucher expansion by allocating an additional $175 million on top of the program’s existing $1.7 billion budget. As part of the agreement, Mamdani also agreed to abandon a controversial lawsuit he had championed, frustrating many of his progressive supporters.

Moderate Democrats were also caught off guard after Mamdani reversed course on another promise—to hire 580 additional NYPD officers. The pledge itself had already represented a dramatic shift from his campaign rhetoric and had drawn criticism from left-wing activists, whose sustained pressure appeared to contribute to the mayor backing away from the proposal.

Among the largest allocations included in the fiscal year 2027 budget are $6.6 billion for the New York Police Department, representing a $300 million increase over last year’s adopted budget; $38 billion for the Department of Education, an increase of $3 billion; $4.2 billion for the Department of Homeless Services, up $662 million; and $2.6 billion for the Department of Health and Mental Hygiene, an increase of $203 million.

The budget also establishes a $350 million general reserve fund intended to provide financial flexibility should the city need to tighten spending later in the fiscal year.

Despite those provisions, fiscal watchdogs warned that the budget does little to address New York City’s long-term financial challenges. Andrew Rein, president of the Citizens Budget Commission, said the spending plan leaves unresolved what he described as the city’s “huge structural budget problem.”

Rein did acknowledge that Mamdani had made some effort to slow spending growth and eliminate waste.

“Unfortunately, that fiscal progress is partly offset by new recurring spending without simultaneous savings to pay for it,” Rein said.

“Two steps forward, one step back slow walks the restructuring needed to stave off a fiscal crisis.”

The warnings stand in contrast to Mamdani’s own assessment upon taking office in January, when he argued that New York was already facing a fiscal crisis and blamed his predecessor, Eric Adams, for leaving behind what he initially described as a $12 billion budget gap.

The mayor later revised that estimate downward to $5.4 billion, arguing that the remaining deficit could be addressed either through higher taxes on wealthy residents or by increasing property taxes across the city by nearly 10%.

That strategy coincided with Mamdani’s early push for approximately $23 billion in new taxes, a proposal that was widely viewed as an effort to persuade Gov. Kathy Hochul and the state Legislature to approve higher taxes on affluent New Yorkers.

Ultimately, few of those tax proposals became law. The primary exception was a new tax on luxury second homes, commonly known as a pied-à-terre tax, which officials estimate will generate between $340 million and $500 million annually.

Mamdani did, however, secure roughly $4 billion in financial assistance from Gov. Hochul, funding that effectively delayed the need for deeper spending reductions.

Even with those victories, dissatisfaction remained within the mayor’s own political base.

Notably absent from Tuesday’s budget announcement were Democratic Socialists of America members serving on the City Council, along with several other progressive lawmakers who also skipped the public event.

According to sources familiar with the negotiations, aides to the mayor spent the hours before the final vote urging progressive council members who were unhappy with the housing voucher compromise to set aside their objections and support the budget anyway.

{Matzav.com}

A breathtaking and highly unusual scene unfolded atop the Empire State Building on Wednesday when two individuals climbed to the peak of the iconic skyscraper’s spire, unfurled a banner promoting world peace, and appeared to turn the daring stunt into an unforgettable marriage proposal.

Dressed in matching sleeveless black outfits, the pair perched on the building’s antenna near the illuminated red beacon at the summit—roughly 1,454 feet above the streets of Midtown Manhattan. They displayed a large black banner bearing a message in bold white capital letters that billowed in the wind: “When the power of love beats the love of power the world ⁠knows peace.”

Authorities did not immediately identify the two climbers, and it remained unclear how or when they managed to reach the top of the landmark. Shortly after 12:30 p.m., they began descending carefully to a lower platform within the antenna structure.

A spokesperson for the New York Police Department said the situation was “still developing” and added that the department had “nothing to add.”

WATCH:

{Matzav.com}

House Republican leaders were forced to halt legislative business Tuesday and dismiss lawmakers nearly two weeks ahead of schedule after a rebellion within the GOP blocked key procedural action, derailing President Donald Trump’s legislative agenda and bringing the House to a standstill.

According to Politico, much of the internal dispute revolved around frustration over the stalled SAVE America Act—one of President Trump’s signature legislative priorities—as well as broader concerns about the House’s handling of immigration-related measures.

Rep. Anna Paulina Luna (R-Fla.) argued that House Republican leadership should abandon its current strategy and instead incorporate the SAVE America Act directly into the National Defense Authorization Act.

“The current plan being proposed by HOUSE GOP to ‘MIRV’ NDAA + SAVE AMERICA is a procedural head fake,” Luna wrote on X. “This does not do anything but guarantee the Senate will EASILY TAKE OUT SAVE America from the NDAA.”

Luna called on House leaders to permit an amendment that would place voter ID requirements and proof-of-citizenship provisions directly into the defense authorization bill.

She maintained that doing so would significantly reduce the likelihood that the Senate could strip the election-security language from the legislation.

The disagreement ultimately sank the procedural rule needed to move legislation to the House floor. The measure was defeated by a 224-198 vote after 14 Republicans broke with party leadership and joined Democrats in opposition, forcing GOP leaders to cancel scheduled votes and begin the Independence Day recess ahead of schedule.

Earlier in the day, House Speaker Mike Johnson (R-La.) had expressed optimism that negotiations would continue and that Republicans could still complete their work before leaving Washington.

Instead, leadership shelved action on several major bills, including the annual National Defense Authorization Act, the fiscal year 2027 State Department appropriations measure, and additional legislation that had been scheduled for consideration.

Rep. Chip Roy (R-Texas) said the failure to advance immigration legislation was the chief reason he voted against the procedural rule.

“We certainly didn’t see either committee action or floor action on it,” said House Freedom Caucus Chair Andy Harris (R-Md.). “That disappointed a number of people, myself included.”

The failed vote was also fueled by disagreements over proposed amendments to the defense authorization bill, further exposing divisions within the Republican conference.

Roy later posted: “I remain hopeful we can move forward soon with a productive, conservative agenda. Authorizing our Department of War and strengthening our national defense are essential, but House Leadership must first demonstrate that it is serious about delivering on the commitments it has made.”

The latest setback continues a slowdown in House activity that began last week, as Republican leaders have struggled to assemble enough support within their own conference to advance key portions of President Trump’s legislative agenda.

{Matzav.com}

Federal investigators have concluded that every kidnapping-related message that surfaced in connection with the disappearance of “Today” co-host Savannah Guthrie’s mother was fraudulent, according to an FBI official familiar with the investigation.

The determination applies to the two purported ransom notes that emerged shortly after 84-year-old Nancy Guthrie disappeared, as well as a third message sent more recently by someone claiming to know who was responsible for the alleged abduction, the official told Reuters.

“None of the ransom notes are believed to be genuine,” the FBI official said, speaking anonymously because the investigation remains ongoing.

A second law enforcement source with knowledge of the case confirmed the FBI’s assessment that the notes were not authentic.

The finding casts fresh uncertainty over one of the central assumptions surrounding the investigation—that Nancy Guthrie was kidnapped in exchange for ransom. Two of the three communications had previously been widely reported as legitimate demands from abductors.

The Pima County Sheriff’s Department, which continues to oversee the overall investigation, declined to discuss the FBI’s conclusions. Sheriff’s spokeswoman Angelica Carrillo said the agency had agreed to direct all questions about the ransom notes to the FBI.

“We don’t have any updates, other than this ⁠is still an active investigation,” Carrillo said. She added that DNA evidence and surveillance footage collected during the investigation “remain under forensic analysis.”

Each of the three messages was first sent to media organizations—including TMZ—before ultimately being turned over to investigators. Savannah Guthrie has repeatedly referenced the ransom demands in emotional videos posted online with her siblings, pleading for anyone holding their mother to contact the family directly. In one appeal, she declared, “we will pay.”

Nancy Guthrie, who was 84 and reportedly suffered from significant health problems that limited her mobility, was last seen at her Tucson, Arizona, home on January 31 after spending the evening with her daughter Annie Guthrie and son-in-law.

Although the FBI has been responsible for analyzing the alleged ransom communications, the bureau had previously declined to publicly address whether any of them appeared credible. According to the official, investigators determined that the first two notes originated from the same sender, though authorities have not disclosed how they reached that conclusion.

TMZ reported that the first note demanded a cryptocurrency payment worth “in the millions” and established payment deadlines of February 5 and February 9. NBC News later reported that the second note claimed Nancy Guthrie had died and mentioned no payment demand or offer to return her body.

Investigators also attempted to verify the legitimacy of the first ransom demand by transferring a small amount of cryptocurrency to the digital wallet specified in the message. According to the FBI official, the funds remained untouched and were never withdrawn.

That unsuccessful test, along with additional investigative techniques that have not been disclosed, led the FBI to conclude that while the first two messages came from the same source, the sender was not actually connected to Nancy Guthrie’s disappearance.

Authorities also dismissed a third communication received by TMZ last week. The sender claimed to know the identities of Nancy Guthrie’s kidnappers and said they possessed video of the “main guy” involved in the abduction, as well as footage of the victim on the day she allegedly died.

The FBI declined to explain what evidence led investigators to determine that the third message was also fabricated.

After NBC News reported on the latest ransom communication, Savannah Guthrie used her “Today” platform to once again appeal for information about her mother’s whereabouts. She urged anyone with knowledge of the case to come forward and reminded viewers that her family is offering a $1 million reward for information, describing the family as living in “agony” since Nancy Guthrie disappeared.

Soon after the disappearance, investigators confirmed that blood discovered on the front porch of Nancy Guthrie’s home was identified through DNA testing as hers.

Public attention surrounding the case has diminished since mid-February, when the FBI and the Pima County Sheriff’s Department released surveillance video showing an armed individual wearing a ski mask tampering with Nancy Guthrie’s doorbell camera shortly before she vanished.

Investigators later recovered a glove near the residence that resembled those worn by the masked individual. However, DNA recovered from the glove did not match any known genetic profiles in the national law enforcement database.

Despite the lack of major breakthroughs, Savannah Guthrie has said her family continues “blowing on the embers of hope” that her mother is still alive, while acknowledging the painful possibility that “she may already be gone.”

{Matzav.com}

Israel and the United States took another major step in strengthening their diplomatic partnership on Tuesday by signing an agreement allocating land for the construction of a permanent U.S. Embassy complex in Yerushalayim.

The agreement designates property at the Allenby Complex for the future embassy campus and was formalized during a signing ceremony at Israel’s Foreign Ministry. Participating in the event were Foreign Minister Gideon Sa’ar, U.S. Ambassador to Israel Mike Huckabee, and Yerushalayim Mayor Moshe Lion.

The United States currently operates its embassy out of the former U.S. Consulate building in Yerushalayim, which was redesignated as the embassy after President Donald Trump recognized Yerushalayim as Israel’s capital in 2017 and relocated the embassy from Tel Aviv the following year.

Huckabee hailed the agreement as another milestone in the relationship between the two allies.

“Today is another historic day for the US-Israel relationship as the US receives the property that will be the future home of the new US Embassy complex — deepening and expanding our presence in Jerusalem — the eternal capital of Israel,” he said.

Sa’ar likewise described the agreement as another significant achievement in the close partnership between the two countries.

“We mark another milestone in the unbreakable alliance between Israel and the United States,” he said, calling Israel Washington’s “most important strategic asset in the Middle East,” before adding, “just as the United States is indispensable and irreplaceable to Israel, Israel is indispensable to the United States and to its interests throughout this region.”

{Matzav.com}

Shas MK Moshe Abutbul responded Tuesday evening to the controversy surrounding remarks made at the recent protest against the arrest of bnei yeshivos, warning that opponents of the chareidi community are seizing upon every controversial statement to undermine the broader struggle on behalf of the olam haTorah.

Speaking on Kol Chai’s Hamahadura Hamerkazis with Avi Mimran, Abutbul said the current climate demands caution in public remarks, arguing that critics are searching for opportunities to damage the image of the chareidi community.

“We are in a very sensitive period,” Abutbul said. “They are searching with a fine-tooth comb for every statement we make in order to spoil and destroy every good thing we’re trying to accomplish. Sometimes, ‘hamaskil ba’eis hahi yidom.'”

Referring to the letter issued in the name of members of Shas’ Moetzet Chachmei HaTorah, Abutbul said the movement has always sought to draw Jews closer rather than push them away.

“Yisroel, af al pi shechata – Yisroel hu,” he said, emphasizing that even during fierce disagreements, leaders must remain mindful of both their language and the broader public consequences of their words.

According to Abutbul, the recent controversy ended up harming efforts to advocate on behalf of bnei Torah. Rather than discussing the substantive issues raised by the rally, he said, lawmakers focused instead on the inflammatory remarks.

“Instead of discussing the issues with us seriously in today’s committee meetings, they brought this up in order to divert attention from the legitimate arguments raised at the rally,” he said. “They were looking for those two words so they could amplify them and deepen the hatred toward us.”

At the same time, Abutbul stressed that the public debate should not obscure the rally’s central message, which he said was to defend the honor of Torah and protest the arrest of bnei yeshivos.

“Bnei Torah are the crown of creation, and the entire world exists because of them,” he said. “Every success achieved by our soldiers comes בזכות the Torah learning of the bnei yeshivos. We say that without embarrassment and without blinking.”

He added that the message should be conveyed clearly, but with wisdom.

“The equation is ‘Yavneh v’Chachameha.’ The olam haTorah sustains the world, and thanks to the soldiers, the olam haTorah is able to sit and learn in safety. These are two things that complement one another.”

Abutbul also drew a distinction between the words of the generation’s leading gedolei Yisroel and those of other rabbonim and talmidei chachamim, saying the former speak with the responsibility and authority of national leadership.

“If I were to say a quarter of what Maran Rav Ovadia said, they would tear me apart like a fish,” he remarked.

Concluding the interview, Abutbul expressed hope that the controversy would soon pass and that attention would return to what he believes is the real issue.

“I believe they’ll get back to discussing the enormous contribution of the bnei Torah. We’re fighting for the olam haTorah—and we have to say that clearly.”

{Matzav.com}

A chareidi advocacy organization has sharply criticized Israeli President Isaac Herzog, accusing him of applying a double standard by swiftly condemning controversial remarks made by a rav while remaining silent in the face of what it describes as incitement and police violence directed at the chareidi community.

The criticism was issued by the organization Emes L’Yaakov B’Yisrael, which said it had sent an urgent follow-up letter to the President’s Residence protesting what it called a recurring pattern of unequal treatment. According to the group, Herzog responded almost immediately to the remarks delivered at Monday night’s gathering in Bnei Brak, yet has failed to respond to repeated complaints regarding alleged police brutality and anti-chareidi incitement.

The organization said its latest appeal follows an earlier, detailed letter sent on June 17, 2026, outlining claims of excessive police force and documented incitement against the chareidi public. According to the group, that correspondence never received a substantive response.

Emes L’Yaakov B’Yisrael argued that the contrast is particularly striking. On one hand, it said, the president quickly issued a public condemnation over statements made by a chareidi rav. On the other, the organization contends that he has remained silent despite inflammatory slogans directed at chareidim—such as calls to “beat the chareidim” and “run over every dos“—as well as allegations of police violence during demonstrations on Highway 4 that, according to the group, left people injured and placed lives at risk.

“When a rav makes a controversial statement, the president responds within minutes,” the organization said. “But when an entire community is subjected to selective enforcement and severe violence, the president remains silent.”

The organization also argued that the silence is particularly troubling because the Office of the President is funded by all Israeli taxpayers, including the chareidi community. Citing figures included in its letter, the group noted that the presidential budget for 2026 exceeds 85 million shekels and that chareidim, who comprise approximately 15 percent of Israel’s population, help finance the institution.

“It is unacceptable for the chareidi public to fully participate in funding the President’s Residence, yet when it needs basic civic protection from incitement and institutional violence, it is met with a wall of silence,” the organization stated.

According to Emes L’Yaakov B’Yisrael, the president’s conduct sends the message that the Presidency is quick to rebuke the chareidi community when it is politically or publicly convenient, but reluctant to defend it when it comes under attack. The organization called on Herzog to apply the same moral standard to cases involving incitement against chareidim and allegations of selective law enforcement, to end what it described as the selective use of public condemnations, and to meet with representatives of the organization so they can present the evidence they have collected.

The group stressed that its appeal is not political but is instead rooted in what it called a fundamental issue of equal treatment. It argued that the president is expected to serve as the president of all Israeli citizens—not only those whose causes receive sympathy in the broader media or those whom it is easier to defend publicly.

{Matzav.com}