Michaela Alvez
World Liberty Financial, President-elect Donald Trump’s crypto project, has named Justin Sun as its new advisor after the latter made a $30 million investment.
In a statement on X, WLFI expressed excitement about Sun’s new role. “Justin’s insights and experience will be instrumental as we continue to innovate and grow,” it said.
🦅☀️ Exciting Announcement! ☀️🦅
— WLFI (@worldlibertyfi) November 26, 2024
We’re honored to welcome @justinsuntron as an advisor to World Liberty Financial (WLFI)!
Justin is the founder of @TRONDAO, an advisor to @HTX_Global, and a supporter of @BitTorrent. A graduate of the University of Pennsylvania, he recently won… pic.twitter.com/wJD24nztab
Sun emphasized that his decision to invest in WLFI was driven by the project’s potential to deliver “innovative solutions for decentralized lending and governance,” dismissing any suggestion that his involvement was politically motivated.
His $30 million investment has significantly boosted the company’s token sales, bringing the total to $52 million, marking a major milestone for WLFI.
Prior to Sun’s involvement, the Trump-backed project had already secured $21 million in token sales from qualified investors in both the U.S. and internationally.
However, WLFI is currently short of its initial goal of raising $300 million at a valuation of $1.5 billion. The project has sold only 788 million tokens, totaling $11.8 million, which accounts for less than 4% of its overall target.
Due to limited demand, WLFI reduced its goal to $30 million in October. The project has also decreased the percentage of tokens available to public buyers, dropping from 63% to 35%.
Moreover, the company’s website now advises investors that WLFI tokens may remain non-transferable indefinitely, a change from earlier statements promising transferability after a 12-month period.
Can Sun Turn Things Around For World Liberty Financial?
Sun’s appointment as an advisor to WLFI has generated optimism, with expectations that his involvement will offer strategic guidance and support for the project’s growth.
Sun, the founder of the TRON blockchain ecosystem, is a University of Pennsylvania alumnus, like Trump, and is widely recognized for his high-profile investments in the crypto and tech sectors. TRON is currently ranked among the top 10 digital assets by market capitalization.
Additionally, Sun made headlines over the week for the purchase of a banana duct-taped to a wall which sold for $6.2 million at a Sotheby’s auction.
Read More
- World Liberty Financial Token Sale Scheduled Amid Ongoing Controversies
- Shiba Inu Burn Strategy Highlighted By Justin Sun
- Donald Trump’s World Liberty Financial Opens Whitelists; New Era of DeFi?
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
