A bitter public feud erupted between the Trump family's crypto mining flagship American Bitcoin (ABTC) and Forbes magazine. On April 28, Forbes published a searing report titled 'Eric Trump's Bitcoin Business Is a Disaster,' alleging ABTC's stock plunged over 92% from its peak, costing retail investors approximately $500 million. Eric Trump fired back the same day on X, posting operational metrics and accusing the publication of serving as a political instrument funded by Chinese capital.
Forbes Claims: Only 2 Employees, 92% Stock Crash
The Forbes report stated that ABTC went public via a reverse merger in September 2025, relying heavily on the Trump brand to inflate its market cap to $13.2 billion. It claimed the company had only two full-time employees and outsourced mining operations to Hut 8. The article criticized management for buying Bitcoin through overvalued share issuances and dilution, enriching insiders while MAGA supporters holding the stock suffered huge losses. It also dismissed the firm's alleged 'low-cost mining' as a marketing gimmick.
Eric Trump Counters: 7,000 BTC, 28 EH/s, World's 16th Largest Public Bitcoin Holder
Eric Trump released a detailed rebuttal: ABTC now holds over 7,000 Bitcoin, ranking 16th among all publicly traded Bitcoin companies globally; it operates nearly 90,000 mining rigs with combined hashrate of 28 EH/s, all powered by U.S.-based clean energy. In Q4 alone, the company's Bitcoin treasury grew 58%, and its mining cost was 53% lower than spot market price. Q4 revenue reached $78.3 million, up 22% quarter-over-quarter. He boasted: 'We may be the fastest-rising company into the top 100 in this space, and we will continue to mine aggressively and expand.'
Political Attack: 'Forbes Has Been Controlled by China Since 2014'
Beyond the numbers, Eric Trump zeroed in on Forbes' ownership. Majority stake has been held by Integrated Whale Media Investments (IWM), a Hong Kong-based group with Chinese capital ties, since 2014. On X, he wrote: 'Since being acquired by China, @Forbes has become a political weapon and an embarrassment to journalism.' He added that the story was 'not journalism... it's politically motivated propaganda' and urged readers to 'understand where your information is coming from — in this case, China!' He also recalled Forbes' past attacks on his charity work for St. Jude Children's Research Hospital as evidence of long-standing bias. Neither Forbes nor IWM have responded to Eric Trump's accusations as of press time. ABTC shares saw a slight rebound following the exchange but remain near historic lows.