'Worse and Worse and Worse': Biographer Blasts Trump's 'Bottomless Greed' Over $TRUMP Coin Losses

Donald Trump's Trump coin windfall and the huge losses felt by investors were back in the spotlight this week, after biographer Michael Wolff argued on his podcast that the president's 'grift' is only set to get 'worse and worse and worse.'

Wolff made the comments on Inside Trump's Head in the wake of fresh financial disclosure and blockchain-linked reporting showing that roughly 900,000 buyers of the $TRUMP meme coin have lost billions, while Trump himself took in about $636 million (£474 million) from the token.

Trump Coin And The Money Trail

The news came after Trump's latest financial disclosure showed he earned at least $1.4 billion (£1.04 billion) from crypto-related ventures last year, with about $636 million tied to his meme coin business and roughly $594 million (£443 million) from World Liberty Financial, the family-linked crypto firm he co-founded.

According to reports the filing, released by the US Office of Government Ethics, also showed nearly $197 million (£147 million) from an equity sale tied to Stablecoin Holdco.

Wolff's gripe was not just that the numbers are ugly, though they are. It was the imbalance. On the podcast, he pointed to the scale of the losses and asked, in effect, how anyone could still enter a market so obviously stacked in Trump's favour.

'Of course, Donald Trump, the house, is going to win. Of course you're going to lose,' he said, framing the token as a rigged game from the start.

Trump's critics have long accused him of monetising grievance, branding and access, but the Trump coin saga gives that argument a very clean, very grubby number. Around 900,000 investors, according to reporting linked to blockchain analysis, have collectively lost about $3.8 billion (£2.84 billion).

Biographer Michael Wolff's Warning

Michael Wolff is hardly a detached observer. He is a veteran Trump biographer whose books and commentary have tracked the former reality TV star's political rise, private habits and public chaos for years. In the latest podcast episode, he suggested the wider public still has not fully absorbed what he sees as a decade-long pattern of profit-seeking wrapped in political theatre.

His line about the country failing to pay enough 'moral attention' landed because it was less a policy critique than a cultural one.

Wolff's argument is basically that Trump has been allowed to keep pushing the same buttons, chasing the same money, because outrage burns out fast and accountability, when it arrives at all, comes late. That is hardly a wild theory, but in Trump's case it has the smell of a familiar, ugly truth.

Joanna Coles, Wolff's co-host, tried to test the psychology of the people buying in. Were they blaming themselves for getting in late? Were they treating the coin like a gamble that might bounce back? That exchange matters because it captures the odd emotional economy of Trump-linked crypto. It is not always pure faith. Sometimes it is denial, sunk cost, or the mad hope that the thing will somehow recover tomorrow.

Why The Trump Coin Story Sticks

The $TRUMP token was launched as a novelty-style crypto asset, and it quickly became part of a broader Trump family money machine that now stretches across licensing, token sales and related ventures. According to reports, Trump's crypto earnings last year totalled about $1.4 billion (£1.04 billion), with meme coin income forming a major share of that haul.

That is why the story keeps biting. It is not only about the losses, though those are severe. It is about the president appearing to profit directly from a market in which ordinary buyers, by the tens of thousands, have been left carrying the bag. Another report said the disclosure was self-reported and followed a different set of reporting rules, which is worth remembering, but it does not soften the basic picture one bit.

Wolff's core claim was simple enough. Trump is not being restrained by scandal fatigue or by the idea that at some point enough is enough. He is being rewarded. And when that is the lesson, the incentive is obvious, almost brutally so. The grift does not stop. It mutates, gets slicker, gets bigger, gets worse.

The Trump coin episode now sits somewhere between political scandal and financial cautionary tale, which is probably where the messiest Trump stories always end up. Investors lost billions. Trump made hundreds of millions. And Michael Wolff, hardly a man known for understatement, thinks the next round will be even uglier.