With the U.S. election 2024 only a few hours away, Donald Trump’s World Liberty Financial has slashed its fundraising goal as the sales of its native token “WLFI” token fell meteorically.
Reportedly, the company now plans to raise only $30 million from investors which is 10% of its original plan of $300 million. Moreover, an SEC filing dated back to 30th October 2024 says that World Liberty Financial ($WILFI) plans to “terminate” the sales of its native token once its valuation hits $30 million.
Moreover, a Trump-owned entity called “DT Marks DEFI LLC” will get paid 75% of “net protocol revenues” which includes the token sales only after World Liberty Financial achieves the $30 million mark as per public documents.
World Liberty Financial had struggled on a great scale during the initial days. However, since launching in mid-October, its wallet has received just under $25 million worth of cryptocurrencies from investors buying up the project’s WLFI tokens.
Notably, the WLFI token has no mechanism to accrue value. It’s a governance token-based protocol that does not even exist today. Moreover, as per the same SEC filing, the documents highlight that it has $288 million worth of “nontransferable digital tokens” for sale.
Going deeper, the company currently plans to sell tokens for only $30M in the offering before freezing the sale. At press time, World Liberty’s website reflected the old sales target of $300 million. Further, the company sold just under 1 billion of the 20 billion WLFI tokens that are available.
However, the sold tokens will remain frozen until further notice. This highlights that no one who bought WLFI can cash out on secondary markets. On the other hand, Trump’s company “DT Marks DEFI LLC” is liable to get 22.5 billion WLFI tokens worth ~$330 million at World Liberty’s public sale valuation.
Moreover, its website describes a portal for accessing crypto-investment opportunities. It further describes opening a “borrow-and-lending” service. On the bright side, Decrypt recently reported about this platform’s plans to launch a stablecoin.
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