Eric Trump Invests in Drone Maker with Government Contracts

US President Donald Trump’s son Eric is investing in an Israeli drone manufacturer, Xtend, as part of a $1.5 billion merger with JFB Construction Holdings. The deal aims to take Xtend public this year. Xtend is an Israeli company whose products have been used by Israel’s military in Gaza, including using its drones to map underground tunnels.

Drone maker Unusual Machines is also investing in the merger, and JFB builds commercial and residential properties, including multifamily communities and shopping centers. Xtend has secured contracts with the Pentagon, including a multimillion-dollar deal in November and an $8.8 million contract in December 2024.

Eric Trump stated that he is “incredibly proud” to invest in companies he believes in, citing drones as the future of technology. JFB’s CEO, Joseph F Basile III, said that combining their platforms will allow them to scale manufacturing capabilities and gain access to US public markets. Xtend’s CEO, Aviv Shapira, stated that the deal will provide the resources needed to expand manufacturing in the US.

The investment has raised concerns about conflict of interest, with ethics experts noting that the Trump family is expanding its business holdings during the president’s second term. JFB Construction also appointed Stefan Passantino, a former White House attorney, to its board of directors amid the merger.

In related news, the Trump family company has filed to trademark the use of the president’s name on airports, although it does not plan to charge a fee for a proposed renaming near his Florida home.

Source: Al Jazeera