Forbes slams Trump family mining firm American Bitcoin for "dumping $500 million on retail investors"! Eric Trump hits back: Malicious smear by Chinese-funded media

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Is the Trump family fleecing retail investors? Or is it political persecution by mainstream media? Forbes published a scathing report accusing Eric Trump’s Bitcoin mining firm, American Bitcoin (ABTC), of causing investors to lose $500 million. Eric Trump immediately fired back on social media, aggressively sharing hard operational data—claiming the company holds over 7,000 BTC and is the 16th largest publicly traded Bitcoin company in the world—while pointing out that Forbes is controlled by Chinese capital, labeling the entire report a political weapon aimed at attacking the Trump family. (Previous coverage: Justin Sun’s lawsuit against WLFI mocked by Eric Trump: This lawsuit is more absurd than "spending $6 million on a taped banana") (Background: Trump’s son’s Bitcoin mining firm American Bitcoin activates 11,000 new mining rigs! Eric Trump exclaims: Efficiently hoarding coins at an institutional scale) The flagship enterprise of the Trump family’s foray into the cryptocurrency market is currently mired in an intense media and political storm. On April 28, 2026 (US time), the renowned financial media outlet Forbes published a bombshell report titled "Eric Trump’s Bitcoin Business is a Disaster," alleging that the publicly traded company American Bitcoin (NASDAQ: ABTC), promoted by the President’s second son Eric Trump, is a "cash-printing machine" in name only, but actually an "arbitrage tool." Forbes went all-out in its report, pointing out that when American Bitcoin went public in September 2025, it relied too heavily on the "Trump brand" halo, briefly inflating its market capitalization to $13.2 billion. However, the report revealed that the company actually had only two full-time employees, with operations heavily dependent on outsourcing to partners like Hut 8. A more severe accusation concerns financial maneuvers. The report criticized the company for issuing and diluting shares at high valuations to purchase Bitcoin, which lined the pockets of insiders, including Eric Trump. However, as the stock price plummeted by over 92% after the IPO, it left ordinary investors (many of whom are MAGA supporters) with massive losses totaling approximately $500 million. Forbes questioned whether the company’s claims of "low-cost mining" were more of a sales pitch than a reflection of actual operational capability. Facing the harsh accusations from Forbes, Eric Trump posted a long-form rebuttal on X (formerly Twitter) on the same day, using the company’s actual operational data since its inception to defend his reputation. Eric Trump emphasized that American Bitcoin did not even exist a little over a year ago, yet it has achieved remarkable milestones: - Bitcoin Reserves: Currently holds over 7,000 Bitcoin, ranking as the 16th largest publicly traded Bitcoin company globally. - Hashrate and Hardware: Owns nearly 90,000 mining rigs with a hashrate of 28 EH/s, all powered by high-quality domestic energy in the US. - Financial Growth: In Q4 alone, Bitcoin on the balance sheet surged by 58%; mining costs were 53% lower than the market spot price. Q4 revenue reached $78.3 million, a 22% quarter-over-quarter increase. He proudly stated: "We are likely the fastest company in this space to climb into the 'Top 100,' and we will continue to aggressively mine and expand." Since being acquired by China, @Forbes has become a political weapon and an embarrassment to journalism. Just over a year ago, American Bitcoin did not exist. 7 Months and 25 days ago we went public on the NASDAQ. Today we hold over 7,000 Bitcoin and stand as the 16th largest… https://t.co/m7ZD8Pg0F7 — Eric Trump (@EricTrump) April 28, 2026 Beyond using data to refute business allegations, Eric Trump took aim at the credibility of Forbes and its backing. Since the majority stake in Forbes has been owned by the Chinese-backed Hong Kong group Integrated Whale Media Investments (IWM) since 2014, Eric seized on this point to launch a fierce attack: "Since being acquired by China, @Forbes has become a political weapon and an embarrassment to journalism." "This narrative is insane, this is not journalism... this is politically motivated propaganda. Folks—know your sources, and in this case, it’s China!" He also brought up past grievances, noting that Forbes had unfairly attacked his charitable work for St. Jude Children’s Research Hospital years ago, using this to argue that the media outlet has a long-standing, malicious bias against him.

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