A little-known investment company has surpassed $1 billion in assets. 1789 Capital, an investment firm with eight employees listed on its webpage, has been transforming into a financial power player on Wall Street. It’s a major turnaround for the Palm Beach, Florida-based company that is causing concern among some ethics experts.
Before November 2024, 1789 Capital was a niche firm that invested in companies with conservative-aligned values, including small investments in Substack, pharmaceutical outfits, and AI startups. However, its fortunes changed following the re-election of President Donald Trump. Shortly after the election, Trump’s oldest son was named a partner in the firm.
Since then, the firm has consistently spent between $5 million and $50 million on a series of high-profile investments. Omeed Malik, one of 1789 Capital’s co-founders, has turned the firm from a niche brand into a financial powerhouse. The company is now backing AI startups and defense contractors that could potentially do business with the US government.
These investments collectively surpass $1 billion, according to Reuters. Malik, a major donor to President Trump during the 2024 election, views the enterprise as a counterpoint to what conservatives see as the politicization of business offices by progressive politics since the mid-2010s. For example, he points to the rise of ESG (Environmental, Social, and Governance) firms, which reached a global investment peak of $30.3 trillion in 2022.
Trump Jr. joins 1789 Capital
In response, Malik coined the term EIG—meaning entrepreneurship, innovation, and growth. “We felt that the private sector was actually becoming quite politicized,” Malik said in an interview.
“People and customers want to shop their values in some respects. Politics has entered into the boardroom, and that’s undeniable. We’d like the other half of the country to have a seat at that table.”
Since Trump Jr.’s addition to the company, the firm has diversified its investments, including those in a high-end private club in Washington, D.C., with memberships starting at $500,000.
Reuters also reports that three of Elon Musk’s companies—SpaceX, xAI, and Neuralink—have received investments, as well as vape company Juul Labs. Ethics experts are concerned about the financial ties between the company and the White House. They point to the company’s name, which references the year the US Constitution took effect.
“I don’t think the founders would have tolerated this in 1789, that’s the irony of it,” Richard Painter, an ethics lawyer for the White House during George W. Bush’s presidency, commented. The White House, 1789 Capital, and representatives for Don Jr.
have consistently denied any wrongdoing, stating that Don Jr.’s investments are separate from any federal government decisions. Representatives for the company could not be reached for further comment.
