Forbes: Trump Family’s Mining Company American Bitcoin “Slicing $500 Million Worth of Retail Investors’ Greens” — Eric Trump Fires Back: Chinese Media Maliciously Defames Them

Trump family disbands retail investors? Or mainstream media political persecution? Forbes published a fierce attack accusing Eric Trump’s Bitcoin mining company American Bitcoin (ABTC) of causing investors to lose $500 million. Eric Trump immediately responded angrily on social media, showcasing hard-core operational data of the company—holding over 7,000 BTC, ranking as the 16th largest publicly traded Bitcoin company worldwide—and directly pointed out that Forbes is controlled by Chinese capital, claiming the entire report is just a political weapon to attack the Trump family.
(Background: Sun Yuchen mocked WLFI’s lawsuit, saying it’s more absurd than “spending $6 million on a banana taped to a wall”)
(Additional background: Trump’s son’s Bitcoin mining company American Bitcoin has added 11k mining machines! Eric Trump proudly states: “Efficiently hoarding coins at institutional scale”)

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• Forbes strikes: stock plummets 92%, retail investors lose $500 million
• Eric Trump strongly responds: we are the fastest-growing mining company
• Playing the political card: “Forbes was bought by China early on”

The flagship enterprise of the Trump family’s entry into the cryptocurrency market is embroiled in a fierce media and political storm.

On April 28, 2026, U.S. time, the well-known financial media Forbes published a major report titled “Eric Trump’s Bitcoin Business Is a Disaster,” directly accusing the president’s son Eric Trump’s listed company American Bitcoin (NASDAQ: ABTC) of being a “money-printing machine,” actually serving as an “arbitrage tool.”

Forbes strikes: stock plummets 92%, retail investors lose $500 million

Forbes’s report is in full attack mode, pointing out that American Bitcoin, when it went public in September 2025, heavily relied on the “Trump brand” halo, temporarily inflating its market value to $13.2 billion. However, the report revealed that the company actually has only 2 full-time employees, with business heavily dependent on external partners like Hut 8 for contract manufacturing.

More severe accusations concern financial manipulation. The report criticizes the company for issuing overvalued shares and diluting stock to buy Bitcoin, which made insiders including Eric Trump very wealthy, but after the stock price plunged over 92 post-IPO, ordinary investors (many of whom are MAGA supporters) suffered huge losses of about $500 million. Forbes questions whether the company’s claim of “low-cost mining” is more marketing talk than real business capability.

Eric Trump strongly responds: we are the fastest-growing mining company

In response to Forbes’s harsh accusations, Eric Trump posted a lengthy rebuttal on X (formerly Twitter), presenting actual operational data since the company’s founding to defend its reputation.

Eric Trump emphasized that American Bitcoin didn’t even exist just over a year ago, but now has achieved remarkable results:

• Bitcoin reserves: Currently holding over 7,000 BTC, ranking as the 16th largest publicly traded Bitcoin company.
• Hashrate and hardware: Nearly 90,000 mining machines with a hashrate of 28 EH/s, all powered by high-quality U.S. domestic energy.
• Financial growth: In just Q4 alone, Bitcoin on the balance sheet surged 58%; mining costs are 53% below market spot prices. Q4 revenue reached $78.3 million, a 22% quarter-over-quarter increase.

He proudly states: “We may be the fastest climbing company into the top 100 in this field, and we will continue active mining and expansion.”

Since being acquired by China, @Forbes has become a political weapon and an embarrassment to journalism.

Just over a year ago, American Bitcoin did not exist. 7 months and 25 days ago, we went public on the NASDAQ. Today we hold over 7,000 Bitcoin and stand as the 16th largest… https://t.co/m7ZD8Pg0F7

— Eric Trump (@EricTrump) April 28, 2026

Playing the political card: “Forbes was bought by China early on”

Besides countering business accusations with data, Eric Trump also targeted Forbes’s credibility and behind-the-scenes funding. Since most of Forbes’s shares have been owned by the Hong Kong-based Chinese-backed group Integrated Whale Media Investments (IWM) since 2014, Trump sharply criticizes:

“Since being bought by China, @Forbes has become a political weapon and a disgrace to journalism.”

“This narrative is crazy; it’s not journalism at all… it’s propaganda driven by political motives. Friends — please understand your sources of information. In this case, it’s from China!”

He also revisited past grievances, pointing out that Forbes had unfairly attacked his charity efforts for St. Jude Children’s Research Hospital years ago, to prove the media’s long-standing malicious bias against him.