A little-known start-up, Vulcan Elements — backed by Donald Trump Jr.’s investment firm 1789 Capital — has secured a record $620 million Pentagon loan, part of a larger $1.4 billion defence deal.
This marks the largest loan ever issued by the Pentagon’s Office of Strategic Capital.
But the award has triggered mounting conflict-of-interest questions, especially after reports revealed that four companies backed by Trump Jr.’s firm have won over $735 million in U.S. government contracts this year.
Critics argue that Trump Jr.’s growing influence in defence-sector investments — combined with his father’s return to power — raises serious ethical and political concerns.
The Financial Times reports that Trump Jr. also held a $4 million stake in Unusual Machines, another start-up that received a major U.S. Army drone motor contract.
Legal experts warn that the appearance of political influence and personal gain could undermine public trust, calling for greater transparency in government contracting.
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