Fresh Air
Fresh Air

How Trump made an estimated $2.2 billion last year

August 5, 2026

AI Summary

5 min read

In late 2025, President Trump became obsessed with getting a new Air Force One. He felt the old plane, in service since George H.W. Bush, was not worthy of a world leader, and he was jealous of the luxurious planes used by Middle Eastern leaders. So he identified a specific plane he wanted: a donated 747 from the Qatari government. The Times reported that the plane was rushed into service to meet Trump’s deadline of July 4, 2026, but it was missing critical security features. It lacked shielding against an electromagnetic pulse from a nuclear weapon, had no backup power system for international communications, and its sideways-facing seats required a special FAA certification that only came the day it started flying. After a ceasefire with Iran fell apart and a credible threat emerged against Trump, he flew back from a NATO summit on the older Air Force One because the retrofitted plane was not secure enough. The Times reporters who broke this story were subpoenaed by the Justice Department, which wanted to know their sources. The subpoenas were later withdrawn, but the pattern of targeting journalists from the Times, the Washington Post, and the Wall Street Journal was clear. As Lipton put it, the subpoenas were meant “to intimidate us,” but his team’s response was “just to re-commit to investigating more.”

The Tungsten Deal and the Trump Sons

Continue reading the full summary in the app — free to try.

Read Full Summary →

Free • No credit card required

What you'll learn

  • 1 (00:24) **Trump Made $2.2 Billion Last Year: The Setup** - Terry Gross introduces the core mystery: how President Trump profited $2.2 billion in his first year of his second term, and the conflicts of interest with his sons and Commerce Secretary Howard Lutnick.
  • 2 (01:19) **The Subpoena and the Air Force One Story** - Lipton describes receiving a Justice Department subpoena for his sources on a story about a luxurious Qatari plane donated to Trump to serve as Air Force One.
  • 3 (02:39) **The Air Force One Story: Details and Security Gaps** - Lipton details how Trump's obsession with a luxurious new plane led to a rushed retrofit of a donated Qatari 747, which lacks critical security features.
  • 4 (08:03) **The Subpoena Experience and Press Freedom** - Lipton recounts the moment FBI agents served him with a subpoena in front of his family, and the broader pattern of the Justice Department subpoenaing journalists.
  • 5 (11:37) **Tungsten Mining: The Kazakhstan Deal** - Lipton explains the strategic importance of tungsten for military use and how the U.S. is seeking new supplies amid a trade war with China.
  • 6 (13:44) **The Trump Sons' and Lutnick's Hidden Investments** - Lipton reveals that the small mining company had business partners who, through a complex web of LLCs, were working with Eric Trump and Donald Trump Jr.
  • 7 (16:27) **The Opacity of the Deal Structure** - Lipton describes the convoluted financial maneuvers used to obscure the investors, including buying a failing Hong Kong road builder to get a Nasdaq listing.

+ Full timestamped outline available in the app

Show Notes

New York Times reporter Eric Lipton discusses his Pulitzer Prize-winning investigations into Trump’s conflicts of interest and whether he’s exploiting the power of the presidency for self-enrichment. Lipton spoke with Terry Gross. 

Subscribe to our free weekly newsletter 
Follow us on Instagram 
Subscribe to our YouTube channel 
Check out the Fresh Air Archives

See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.

NPR Privacy Policy
Fresh Air

More from this podcast

Fresh Air →