President Donald Trump’s son, Eric Trump, cofounded a crypto mining venture called American Bitcoin Corp last year — and it’s already in deep trouble.
As the Bitcoin community reels from a major downturn — the digital currency has plummeted by over 40 percent year to date — the company’s shares have plummeted right along with it, crashing over a whopping 95 percent compared to their peak.
On Wednesday, its stock price hit an all-time low of well under $6, down from a high of $140 last autumn.
That means Eric Trump’s six percent stake in the company has lost more than $600 million in market value, per Bloomberg‘s calculations, a bruising crypto play that perfectly illustrates the enormous risks of going all-in on extremely volatile digital assets.
