I think this is a more or less up-to-date map of the businesses, LLCs, and people associated with the Trump family crypto projects.

The relative separation between World Liberty Financial and the Trump memecoin projects, both of which are trying to develop defi trading platforms, may help to explain the chaos around the latter’s wallet launch announcement yesterday.

It is very plausible to me that Trump has sold his likeness to so many separate projects, not to mention his sons also using the “Trump” branding, that no one really knows what’s going on in aggregate.

However, it’s still not fully clear to me how the memecoin end of the business could launch a wallet using Trump’s name and likeness without the sons’ knowledge unless the original licensing agreement for the memecoin was extremely broad.

This diagram is of course limited to what is publicly disclosed, and you’ll see a few places where links are uncertain, and where LLCs’ operators are partially or completely unknown. The flow of money is also a very partial accounting.