1. The quick story
- Six days after the election, Don Jr. became a partner at 1789 Capital, a small “anti‑woke” VC fund near Mar‑a‑Lago.
- Back then the fund had raised < $200 million and only a few deals.
2. How the money snowballed
- With Don Jr. onboard, 1789 grabbed insider shares of SpaceX and xAI—opportunities usually saved for mega funds.
- Bloomberg pegs the SpaceX/xAI stake at $50 million+.
- The firm also slipped into Anduril, Firehawk Aerospace, and other startups chasing Pentagon cash.
3. Why watchdogs worry
- SpaceX just won a $5.9 billion launch deal plus fresh Starlink dollars from the Space Force. If the stock pops, Don Jr. wins too.
- Anduril landed a $22 billion AR‑goggles order and a $642 million anti‑drone deal—again, great news for 1789.
- Legal scholars call this a “flashing red light” for conflicts of interest.
4. The side hustle club
- Don Jr. and partners are also launching “Executive Branch,” a $500k‑membership Georgetown club that lets movers and shakers mingle with administration insiders.
- Critics say it’s pay‑to‑play access in everything but name.
5. What happens next
- 1789 aims to raise $1 billion by mid‑year, then up to $5 billion more in 2026.
- Ethics groups push for more disclosure; so far the White House is mum.
