New York — A recent filing by New America Acquisition 1 Corp., which recently brought on Donald Trump’s two oldest sons, Eric and Donald Jr., as advisers, raised eyebrows by suggesting the company hoped to benefit from government grants and incentives. The timing of this claim was noteworthy given their father’s position as President.
After inquiries from media outlets regarding the potential conflict of interest, the document was quickly revised, removing this contentious line.
The Trump brothers are set to receive “founder shares” valued in the millions from New America Acquisition, a special purpose acquisition company (SPAC). This type of company exists solely to acquire other businesses and bring them public. Their aim is to revitalize American manufacturing, aligning with President Trump’s trade policies that focus on domestic production.
The initial filing suggested the target company would be “well positioned” to qualify for government support—a detail that was omitted in the revised version. While the Trump Organization did not clarify whether New America still seeks government benefits, the legal firm that assisted with the filing called the original wording a “mistake.”
Kathleen Clark, a law professor and expert in government ethics, voiced her concerns about the implications of this situation. She noted that simply removing the wording doesn’t erase the potential intent behind it. “It’s an attempt to exploit public office for private gain,” she stated.
New America intends to raise funds by selling shares at $10 each on the New York Stock Exchange, which could instantly generate significant wealth for the Trump brothers as stock trading begins. The company plans to ultimately raise around $300 million to acquire a manufacturer, yet it is focused on “American values and priorities” without any mention of seeking government aid this time.
Their securities filing makes clear they are interested in companies that can take advantage of various government programs, a potential concern for those watching for ethical practices in business and governance.
