Donald Trump Jr. and Eric Trump joined the advisory board of Dominari Holdings in February and acquired stakes in the company, sending its stock soaring—but filings with the Securities and Exchange Commission and online searches reveal little evidence of the advisory board before their appointments.
Donald Trump Jr. and Eric Trump speak during the Republican National Convention in Milwaukee in July ... [+]
On Feb. 11, an hour before the stock market opened, Dominari Holdings—which specializes in wealth management, investment banking, sales and trading, asset management and capital investment—announced Donald Trump Jr. and Eric Trump had joined its advisory board and acquired an undisclosed number of shares, sending shares to a 52-week high of $11.33 that day and a peak of $13.58 two days later.
But between June 10, 2021, when the company was named AIkido Pharma, and Feb. 12, 2025, the day after the Trumps’ involvement was announced, Dominari Holdings did not submit a filing to the SEC on that mentioned an advisory board or board of advisors, except for references in the chief operating officer’s bio stating he had been a member for three months in 2022.
An online search failed to provide evidence of the advisory board’s prior existence: it is not mentioned on any website—including Dominari Holdings’ own—prior to Feb. 11, in a search on Google.
Dominari Holdings also did not file its advisory board agreement with the SEC until Feb. 12, a day after announcing the Trumps’ membership.
Donald Trump Jr., Eric Trump and spokespeople for Dominari Holdings did not respond to inquiries.
“Anybody should know this is political patronage. This is not the purchase of expertise,” said Alan Palmiter, a professor who specializes in corporate law and securities regulation at Wake Forest University who reviewed the company’s SEC filings at Forbes’ request.
It can vary. Unlike a board of directors, which has specific legal and management responsibilities, an advisory board’s duties depend on the company’s needs. The template for an advisory board agreement that Dominari Holdings filed with the SEC on Feb. 12 states that its members “advise the company with respect to matters related to the field and/or other business-related matters”; consult on other suitable members of the advisory board; and review opportunities, proposals and plans. (Members of the advisory board in 2021, when Dominari Holdings was named AIKido Pharma, were all scientists.)
It remains unclear how much Donald Trump Jr. and Eric Trump will earn through their roles. According to the template, Dominari Holding compensates advisory board members with an unspecified number of shares upon joining, as well as additional shares when the company’s market capitalization reaches $50 million, $100 million and $150 million. (As of Thursday’s close, Dominari’s market cap stood at $42 million.)
Ronald Lieberman, who appears to be the only other current advisory board member identified in Dominari Holdings’ SEC filings, received 150,000 unrestricted shares on Feb. 18 for his work on it. Dominari Holdings also paid him $3,551 in cash in 2024 for that role. Lieberman is an executive vice president at the Trump Organization, where he has worked since 2007. And he is on Domiari Holdings’ board of directors, having joined in December 2024.
966,000: the number of Dominari Holdings shares Donald Trump Jr. and Eric Trump each own, representing 6.7% of the company’s outstanding shares, according to SEC filings they made on Feb. 24. They each also hold warrants to obtain another 432,000 shares. The Trumps’ SEC filings, however, do not disclose when they began acquiring their shares, how they obtained all of them (such as through public markets, private placements or as compensation for joining the advisory board) or the price paid. The brothers did purchase at least some of the shares in a private sale though, according to a company press release.
“Their guidance is expected to be instrumental as we continue to seek attractive investment opportunities, particularly in the rapidly evolving AI and data center sector,” said Dominari Holdings president Kyle Wool in a statement announcing Donald Trump Jr. and Eric Trump’s spots on the advisory
The extent of Donald Trump Jr. and Eric Trump’s experience in the AI and data center sector is unclear.
Dominari Holdings is headquartered in Trump Tower. The company pays the Trump Organization $747,000 in annual rent, reported independent journalist Wendy Siegelman.
Keep an eye on the company’s stock price. It doubled in the days following news of the Trumps’ involvement but has since slid, closing at $6.69 on Thursday.
Trading volume for Dominari Holdings Inc. soared ahead of the February announcement that the Trumps had taken stakes in the company and joined its advisory board—an increase that some securities law experts called “suspicious.”
In November 2024, Forbes estimated Donald Trump Jr.’s net worth at $50 million, while valuing Eric Trump at approximately $40 million.
Further Reading
How Donald Trump Shifted Kids-Cancer Charity Money Into His Business (Forbes)
After Promising Not To Talk Business With Father, Eric Trump Says He'll Give Him Financial Reports (Forbes)