Trump Backer Loses $250K on Memecoin After Securing Presidential Dinner Spot
Nick Pinto, a 26-year-old social media content creator from New Jersey, made headlines in January 2025 after turning a $7,000 bet on Donald Trump's memecoin into a $480,000 position. This was enough to secure his spot at the president's dinner for the coin's biggest holders.
Pinto's research consisted of 'a few searches and a scroll through X', he told Forbes. He initially invested $7,000 but later raised his stake to 60% of his entire investment portfolio after Trump promised top holders a dinner at his golf club in Virginia.
The gala took place on May 22, 2025, at Trump National Golf Club in Virginia, with the 220 guests having spent a combined $148M on the token. However, Pinto's gamble didn't pay off as he sold most of his position at a loss of about $250,000.
Pinto is not alone in his losses; five Trump-family ventures have fallen from their peaks by 82% to 99%, with supporters down around $7B and the Trumps up roughly $3.1B overall. The memecoin generated about $635M for Trump during its first year.