From The New York Times:
The decision by President Trump to grant Saudi Arabia access to American nuclear technology aligns with his administration’s push to accelerate domestically backed nuclear power projects around the world.
But it may also contribute to a major trend in Mr. Trump’s second term: allowing the government to help enrich the president, his family, advisers and others in his orbit.
There is no evidence at this point that Mr. Trump’s friends or family helped orchestrate the Saudi nuclear deal. Yet a number of the president’s allies and relatives, including members of his cabinet, stand to benefit if his big bet on nuclear power pays off. Certain investors with ties to these deals are positioned to profit, even if the delivery of large new loads of nuclear-powered electricity remains years away.
The overarching goal is to generate more electricity as the demand surges worldwide, driven by a data-center building boom and growing consumer consumption. Investors are financing traditional, large-scale nuclear power plants along with a new technical approach called small modular reactors. Others are mining the uranium needed to power nuclear plants. Some others are vying to build those plants.
In some cases, how the Trump family or the president’s allies could potentially gain from the president’s nuclear plans is straightforward. In others, no direct line can be drawn, but there are such overlapping business ties that it is hard to separate the policy decisions from the potential personal benefits.
For example, Westinghouse, the Canadian-owned but U.S.-based company that developed the technology behind the AP1000, a large-scale reactor whose design has been used in China and for plans in Eastern Europe, is expected to be part of the deal, according to three people familiar with the matter.
The majority owner of Westinghouse is Brookfield Asset Management, one of North America’s largest commercial real estate owners. It is a frequent business partner with Newmark, the real-estate firm run and owned in part by the sons of Commerce Secretary Howard Lutnick.
Taylor Rogers, a White House spokeswoman, said in a statement that Mr. Trump’s position is about increasing electricity supply, rather than helping any companies with which he or his circle might have connections.
“Thanks to President Trump’s leadership, our country has seen historic advancements for civilian nuclear energy development, innovation, and technology, which is a critical component to meet the nation’s growing energy needs while keeping prices low for families and businesses,” she said. “The media’s continued attempts to fabricate conflicts of interest are irresponsible and reinforce the public’s distrust in what they read.”
In some cases, how the Trump family or the president’s allies could potentially gain from the president’s nuclear plans is straightforward. In others, no direct line can be drawn, but there are such overlapping business ties that it is hard to separate the policy decisions from the potential personal benefits.
For example, Westinghouse, the Canadian-owned but U.S.-based company that developed the technology behind the AP1000, a large-scale reactor whose design has been used in China and for plans in Eastern Europe, is expected to be part of the deal, according to three people familiar with the matter.
The majority owner of Westinghouse is Brookfield Asset Management, one of North America’s largest commercial real estate owners. It is a frequent business partner with Newmark, the real-estate firm run and owned in part by the sons of Commerce Secretary Howard Lutnick.
Taylor Rogers, a White House spokeswoman, said in a statement that Mr. Trump’s position is about increasing electricity supply, rather than helping any companies with which he or his circle might have connections.
“Thanks to President Trump’s leadership, our country has seen historic advancements for civilian nuclear energy development, innovation, and technology, which is a critical component to meet the nation’s growing energy needs while keeping prices low for families and businesses,” she said. “The media’s continued attempts to fabricate conflicts of interest are irresponsible and reinforce the public’s distrust in what they read.”
The president’s shares in the publicly traded Trump Media are worth about $875 million as of earlier this month, according to other public filings. The value of those shares could grow if the TAE merger proves a success.
Eric Trump and Donald Trump Jr.’s nuclear investments
Separately, two of the president’s sons, Eric Trump and Donald Trump Jr., in November became part owners through an investment partnership in a company called Quantum Leap Energy, which is working to develop certain isotopes that can be used as nuclear fuel.
Quantum Leap reached a deal last year with a Texas-based company co-founded by Rick Perry, who was energy secretary during Mr. Trump’s first term and is now seeking federal assistance to build nuclear power plants in Texas. Mr. Perry did not respond to requests for comment.
Asked about any potential conflict of interest, a spokesman for Donald Trump Jr. said that he was working on deals that were good for the country.
“Don is a lifelong businessman and investor who tends to invest in companies that align with his America First worldview,” said the spokesman, Andy Surabian. “He does not interface with anyone in the federal government on behalf of any company that he invests in.”
Eric Trump did not respond to requests for comment.
It is unclear whether Affinity will invest in Saudi’s nuclear energy initiative. For now, the kingdom expects to finance the effort itself, according to an official with knowledge of its plans.
On Thursday, the Trump family’s connections to all of this were on display when the president announced on Truth Social that the nuclear agreement would be contingent on Saudi Arabia joining the Abraham Accords.
The Cabinet
The Commerce and Energy Departments have been at the forefront of pushing Mr. Trump’s nuclear agenda. Both are led by secretaries who have either direct ties to the industry or family ones.
Mr. Lutnick has been leading an effort to invest U.S. tax dollars into companies in the nuclear sector, including Westinghouse. Companies his family members help run could profit.
Cantor Fitzgerald, the investment bank that Mr. Lutnick led until he was hired by Mr. Trump, is at the center. Cantor has over the last year helped several companies in the nuclear sector raise money, which generates millions of dollars in fees for the firm.
Among them are Oklo, Energy Fuels Inc and enCore Energy. Each is seeking permits, financial assistance or Trump administration contracts for its nuclear projects.
Oklo, based in Santa Clara, Calif., in 2019 became the first nuclear power company to receive site-use permit from the Energy Department for commercial operations.
Oklo also has links to Chris Wright, the energy secretary. Mr. Wright was a director at Oklo until he joined Mr. Trump’s cabinet. That connection spurred a Democratic lawmaker to complain to the White House that Oklo stood to benefit improperly from government nuclear permits and programs.
Together with Westinghouse we will unleash American energy,” Mr. Lutnick said in a statement then. “This partnership embodies the bold vision of President Trump — to rebuild our energy sovereignty, create high-paying jobs, and drive America to the forefront of the nuclear renaissance.”
Newmark has made money over the past year by helping finance billions of dollars worth of United States data center projects that were promoted by Mr. Lutnick and Mr. Trump, as The Times previously reported.
Blake Ruppe, a Commerce Department spokesman, said that Mr. Lutnick has complied with all requirements that he divest from his family companies. “There is no conflict of interest,” he said in a statement. “It is knowingly false to suggest otherwise.”
A prominent Trump donor: Peter Thiel
Peter Thiel, a billionaire investor and entrepreneur, was an early political backer of Mr. Trump and helped Vice President JD Vance begin his political career, serving as one of the largest donors to Mr. Vance’s Senate race in 2022.
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