Trump Lutnick Benefit from with Nuclear Energy Push in Saudia
In some cases, no direct line can be drawn
from the president’s domestic nuclear agenda to his family or close allies. But
they have overlapping business ties that could position them for gains.
o
President Donald Trump approved access for Saudi
Arabia to U.S. nuclear technology as part of his broader strategy to expand
American-backed nuclear power projects globally.
2.
Conflict of Interest Concerns
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The article argues that while there is no
evidence of wrongdoing, several members of Trump's family, Cabinet and
close associates could financially benefit from the administration's nuclear
policies.
3.
Growing Nuclear Investment
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Rising electricity demand from AI data centers and increased energy consumption has accelerated
investments in:
§ Large
conventional nuclear plants,
§ Small
Modular Reactors (SMRs),
§ Uranium
mining,
§ Nuclear
fuel production.
4.
Westinghouse Expected to Benefit
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Westinghouse is expected to play a major role in
Saudi Arabia's nuclear programme using its AP1000 reactor technology.
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Its parent company, Brookfield Asset Management,
has business links with Newmark, partly owned by the sons of Commerce Secretary
Howard Lutnick.
5.
White House Response
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The White House stated that the administration's
objective is to expand electricity generation and strengthen U.S. energy
security, rejecting allegations of conflicts of interest.
6.
Trump Media's Nuclear Investment
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Trump Media & Technology Group plans a $6
billion merger with nuclear fusion startup TAE Technologies.
o
President Trump's stake in Trump Media could
increase in value if the venture succeeds.
7.
Eric Trump and Donald Trump Jr.
o
Both sons invested in Quantum Leap Energy, a
company developing nuclear fuel isotopes.
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Quantum Leap has partnered with a Texas company
co-founded by former Energy Secretary Rick Perry.
8.
Jared Kushner's Saudi Links
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Saudi Arabia's sovereign wealth fund invested $2
billion in Jared Kushner's Affinity Partners after he left the White House.
o
Although no direct investment in Saudi nuclear
projects has been announced, Kushner maintains significant ties with the
kingdom.
9.
Commerce Secretary Howard Lutnick
o
Lutnick has promoted federal investment in nuclear
companies.
o
His former firm, Cantor Fitzgerald, has
raised capital for several nuclear companies that are seeking federal support.
10. Companies
Seeking Government Support
o
Firms such as Oklo, Energy Fuels Inc.,
and enCore Energy are pursuing permits,
contracts or financial assistance from the Trump administration.
o
Oklo previously had Energy Secretary Chris Wright
on its board before he joined the administration.
11. Federal
Financial Assistance
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Energy Fuels is expected to receive a $725
million Pentagon loan.
o
General Matter received a $900 million Energy
Department contract and export financing support for nuclear fuel
production.
12. Peter
Thiel's Position
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Trump supporter Peter Thiel is a major investor in
General Matter, which manufactures advanced nuclear fuel needed for
next-generation reactors.
13. Expansion
of U.S. Nuclear Industry
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The Trump administration announced plans to partner
with Westinghouse on approximately $80 billion of reactor construction
projects across the United States.
14. Technology
Companies Drive Demand
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Amazon, Google, Microsoft, Meta and OpenAI are
increasingly investing in nuclear energy to meet the massive electricity
requirements of AI data centres.
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Several of these companies have also supported
Trump's energy initiatives and participated in the Energy Department's
AI-focused Genesis Mission.
15. Broader
Theme
o
The article suggests that Trump's aggressive
promotion of nuclear energy could simultaneously advance U.S. energy policy
while creating potential financial gains for businesses connected to his
family, Cabinet members and political allies, although it states there is no
evidence that the Saudi nuclear agreement was arranged to benefit them
personally.
[ABS News Service/27.07.2026]
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.”
Westinghouse’s
chief executive, Dan Sumner, in a statement called the Saudi deal a “landmark
step” that “expands opportunities for U.S. industry and workers.”
Kerrie
McHugh, a Brookfield spokeswoman, said that the company, with more than $1
trillion in assets, has an enormous number of business partners and “robust
processes in place to manage any potential conflicts, consistent with our
fiduciary responsibilities.”
Officials
at the Energy Department did not respond to requests for comment.
Here
is a look at Mr. Trump and some of those with ties to him that could benefit
from his nuclear goals.
The president and his
family
Trump
Media & Technology Group, the money-losing company that hosts Truth Social,
the platform where Mr. Trump first posts most of his White House announcements,
has moved recently to add — incongruously — nuclear energy to its portfolio.
The
company announced in December that it intends to merge as part of a $6 billion
deal with a nuclear fusion start-up called TAE Technologies. During Mr. Trump’s
first term, and again last year, TAE won financial
support from the Energy Department’s Office of Fusion Energy Science.
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.
Jared
Kushner’s dealings with Saudi Arabia
Mr.
Trump’s son-in-law, Jared Kushner, has a complicated relationship with those
involved in the recent nuclear agreement.
He
participated in discussions related to Saudi Arabia’s push for access to U.S.
nuclear technology when he worked at the White House during Mr. Trump’s first
term. He also helped establish agreements between Israel and multiple Arab
countries to normalize their relationship, called the Abraham Accords.
Now,
Saudi Arabia’s sovereign wealth fund is one of Mr. Kushner’s biggest backers.
The fund committed $2 billion to Mr. Kushner’s investment firm, Affinity
Partners, shortly after he left the White House in 2021. Crown Prince Mohammed
bin Salman, an ally during Mr. Kushner’s government tenure, helped convince the
sovereign wealth fund to provide the money.
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.
Bonita
Chester, Oklo’s head of communications, said in a statement that Mr. Wright has
had “no role in Oklo’s governance” since resigning from the board.
“We’ve
worked with leaders across both sides of the aisle to advance policies that
accelerate the deployment of safe, commercially viable nuclear technology,” she
added.
Energy
Fuels, which Cantor helped last year raise money to expand its mining efforts,
disclosed in June it is slated to get a $725 million federal loan from the
Pentagon.
The
company — one of the top U.S. producers of natural uranium concentrate sold to
nuclear plants — has noted to The Times that it began working with Cantor
before Mr. Trump’s second presidency. It declined to comment.
The
network goes beyond these smaller nuclear companies.
Westinghouse,
in which the U.S. government has an option to take an equity stake, is at the
fulcrum of the proposed nuclear deal with Saudi Arabia, as the plan is for its
government to back the construction of multiple AP1000 reactors there.
The
Trump administration in October announced plans to partner with Westinghouse to
build $80 billion worth of its nuclear reactors across the United States, a
deal negotiated in part by Mr. Lutnick.
“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.
Mr.
Thiel is a major investor in General Matter, a U.S. nuclear fuel company
focused on producing what is known as high-assay low-enriched uranium. A giant
load of new nuclear fuel will be needed if all these new nuclear power plants
are built, and General Matter is positioned to benefit.
The
Energy Department in January awarded General Matter a $900 million contract to
build out its nuclear fuel effort. The U.S. Export-Import Bank, where Mr.
Lutnick is a board member, also issued up to $4.2 billion in “letters of
interest” to finance the export of General Matter’s domestically enriched
uranium to nuclear operators in South Korea and Japan.
Mr.
Thiel did not respond to a request for comment. A spokesman for General Matter
said that the federal support started under the Biden administration and that
the company had not engaged with Mr. Vance since he became vice president.
“Our
contract is 100 percent milestone based, so we don’t get paid until we fulfill our commitments to taxpayers,” Lee Robinson, a
co-founder of General Matter, said in a statement.
The tech titans
As
the explosive growth of artificial intelligence strains the nation’s power
capacity, tech companies are turning to nuclear energy. Among them are Amazon,
Meta, Google and Microsoft — all of which have backed at least some of Mr.
Trump’s energy policy goals.
Each
of those companies donated $1 million to Mr. Trump’s 2025 inauguration, placing
some of their executives — including the Amazon founder and executive chair
Jeff Bezos, Meta’s chief executive, Mark Zuckerberg, and Google’s chief
executive, Sundar Pichai — in prominent seats at the event.
The
companies have supported the White House in other ways.
Amazon
spent $40 million to acquire a documentary on Melania Trump, the first lady,
generating a licensing fee of more than $10 million.
Amazon,
Google, Microsoft and OpenAI — whose chief executive, Sam Altman, personally
donated $1 million to the inauguration — have helped finance an Energy
Department project called Genesis Mission, which will use AI to further the
nation’s energy goals, among other objectives.
In
announcing its $60 million investment in the program on July 22, Chris Barry,
who runs Microsoft’s public sector business, called Genesis Mission “exactly
the kind of moonshot that defines American science.” A Microsoft spokesman
declined to comment on the Saudi deal.
A
spokeswoman for Meta, which operates several data centers
overseas, declined to comment on whether the company might benefit from the
Saudi nuclear deal. Amazon, Google and OpenAI did not respond to requests for
comment.