America First Audit

Trump sold “America First.” This record traces how public money, power, and risk moved toward family businesses, donors, favored firms, and foreign governments—and what workers, ranchers, retirees, patients, veterans, and small investors were left to absorb.

Thesis evidence

Office of the New York Attorney General: AG James Secures Court Order Against Donald J. Trump, Trump Children, And Trump FoundationAdmissions and restrictions sections
New York State Law Reporting Bureau: Matter of People v Trump, 2019 NY Slip Op 29336Findings concerning the January 28, 2016 veterans fundraiser
The American Presidency Project: 2024 Republican Party PlatformChapter Five, sections 1 and 3, and Core Promise 10
The American Presidency Project: 2024 Republican Party PlatformCore Promise 3; Chapter Five, section 1
The American Presidency Project: 2024 Republican Party PlatformTwenty promises, items 7-9; chapters 2, 9, and 10
Roll Call Factbase: Donald Trump speech at the Bitcoin Conference in NashvilleCrypto-capital and presidential-advisory-council remarks
Roll Call Factbase: Donald Trump Campaign Rally in Detroit, MichiganTranscript search: 'working with Elon Musk' and 'cut trillions'
Associated Press: Trump promotes new meme coin before taking office on pro-crypto agendaTrump's promotional post, official allocation and disclaimer
The White House: Establishing And Implementing The President’s “Department Of Government Efficiency”Sections 1-4
The White House: Granting Pardons And Commutation Of Sentences For Certain Offenses Relating To The Events At Or Near The United States Capitol On January 6, 2021Named 14 commutations, unconditional pardon for all other convicted individuals, dismissal directive
The White House: Fact Check: President Trump Will Always Protect Social Security, Medicare, and MedicaidOpening claim and first bullet
The White House: Regulating Imports With a Reciprocal Tariff to Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade DeficitsSections 2-3 and Annex I
The White House: President Donald J. Trump Restores Common Sense to Federal ProcurementIncreasing competition and efficiency section
System for Award Management: OPM HR (Cloud Based Human Capital Management)Award number, award date, recipient, value and justification notice
Associated Press: Defense Department accepts Boeing 747 from Qatar for Trump's usePentagon acceptance statement, intended presidential use, legal concerns, and administration cost-saving response
U.S. Department of Defense: Secretary of Defense Pete Hegseth and Chairman of the Joint Chiefs of Staff Gen. Dan Caine Hold a Press BriefingOperation Midnight Hammer ordered by the President; three facilities and fourteen GBU-57 weapons
U.S. Government Publishing Office: Public Law 119-21Title VII, Subtitle B, Chapter 1, Medicaid
The White House: Fact Sheet: President Donald J. Trump Ensures Affordable Beef for the American ConsumerSupplementing Our Beef Supply, bullets 1-2

Reversal ledger

Ordered by event date; spacing does not represent elapsed time.

Case 42 of 50

2025-08-26

The DJT Bagholder Test

partly-kept

Promised: 2024-07-08The 2024 platform promised to make America affordable and govern for the people.Open cited record · 1 source
The record: 2025-08-26Trump Media closed a purchase in which it transferred company shares and cash to Foris Holdings US for Cronos tokens, after separately accumulating Bitcoin in the third quarter.Open cited record · 3 sources2026-02-27The issuer reported $403.22 million in realized and unrealized digital-asset losses for 2025; its filing warns that investors may receive no return unless they sell above their acquisition price.Open cited record · 1 source
Who paid: Trump Media public shareholders
Trump Media & Technology Group Corp.
Audit finding: partly kept
After the affordability promise, the Trump-controlled issuer used company cash and equity for volatile digital assets and later reported a $403.22 million related accounting loss, exposing shareholders to that corporate risk without establishing their aggregate realized losses.
Causal strength: documented mechanism