The decision by President Trump to grant Saudi Arabia access to American nuclear technology aligns with his administration\u2019s push to accelerate domestically backed nuclear power projects around the world.<\/p>\n
But it may also contribute to a major trend in Mr. Trump\u2019s second term: allowing the government to help enrich the president, his family, advisers and others in his orbit.<\/p>\n
There is no evidence at this point that Mr. Trump\u2019s friends or family helped orchestrate the Saudi nuclear deal. Yet a number of the president\u2019s 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.<\/p>\n
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<\/a>. Others are mining the uranium<\/a> needed to power nuclear plants. Some others are vying to build those plants<\/a>.<\/p>\n In some cases, how the Trump family or the president\u2019s allies could potentially gain from the president\u2019s 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.<\/p>\n For example, Westinghouse, the Canadian-owned but U.S.-based company that developed the technology behind the AP1000<\/a>, a large-scale reactor<\/a> 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.<\/p>\n The majority owner of Westinghouse is Brookfield Asset Management, one of North America\u2019s largest commercial real estate owners. It is a frequent business partner with Newmark, the real-estate firm run<\/a> and owned<\/a> in part by the sons of Commerce Secretary Howard Lutnick.<\/p>\n Taylor Rogers, a White House spokeswoman, said in a statement that Mr. Trump\u2019s position is about increasing electricity supply, rather than helping any companies with which he or his circle might have connections.<\/p>\n \u201cThanks to President Trump\u2019s leadership, our country has seen historic advancements for civilian nuclear energy development, innovation, and technology, which is a critical component to meet the nation\u2019s growing energy needs while keeping prices low for families and businesses,\u201d she said. \u201cThe media\u2019s continued attempts to fabricate conflicts of interest are irresponsible and reinforce the public\u2019s distrust in what they read.\u201d<\/p>\n Westinghouse\u2019s chief executive, Dan Sumner, in a statement called the Saudi deal a \u201clandmark step\u201d that \u201cexpands opportunities for U.S. industry and workers.\u201d<\/p>\n Kerrie McHugh, a Brookfield spokeswoman, said that the company, with more than $1 trillion in assets, has an enormous number of business partners and \u201crobust processes in place to manage any potential conflicts, consistent with our fiduciary responsibilities.\u201d<\/p>\n Officials at the Energy Department did not respond to requests for comment.<\/p>\n Here is a look at Mr. Trump and some of those with ties to him that could benefit from his nuclear goals.<\/p>\n The president and his family<\/p>\n 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 \u2014 incongruously \u2014 nuclear energy to its portfolio.<\/p>\n The company announced in December<\/a> that it intends to merge as part of a $6 billion deal with a nuclear fusion start-up called TAE Technologies. During Mr. Trump\u2019s first term<\/a>, and again last year,<\/a> TAE won financial support<\/a> from the Energy Department\u2019s Office of Fusion Energy Science.<\/p>\n The president\u2019s 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.<\/p>\n Eric Trump and Donald Trump Jr.\u2019s nuclear investments<\/p>\n Separately, two of the president\u2019s sons, Eric Trump and Donald Trump Jr., in November became part owners<\/a> 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.<\/p>\n Quantum Leap reached a deal last year<\/a> with a Texas-based company<\/a> co-founded by Rick Perry, who was energy secretary during Mr. Trump\u2019s first term and is now seeking federal assistance to build nuclear power plants in Texas. Mr. Perry did not respond to requests for comment.<\/p>\n 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.<\/p>\n \u201cDon is a lifelong businessman and investor who tends to invest in companies that align with his America First worldview,\u201d said\u2068 the spokesman, Andy Surabian\u2069. \u201cHe does not interface with anyone in the Federal Government on behalf of any company that he invests in.\u201d<\/p>\n Eric Trump did not respond to requests for comment.<\/p>\n Jared Kushner\u2019s dealings with Saudi Arabia<\/p>\n Mr. Trump\u2019s son-in-law, Jared Kushner, has a complicated relationship with those involved in the recent nuclear agreement.<\/p>\n He participated in discussions<\/a> related to Saudi Arabia\u2019s push for access to U.S. nuclear technology when he worked at the White House during Mr. Trump\u2019s first term. He also helped establish agreements between Israel and multiple Arab countries to normalize their relationship, called the Abraham Accords.<\/p>\n Now, Saudi Arabia\u2019s sovereign wealth fund is one of Mr. Kushner\u2019s biggest backers. The fund committed $2 billion to Mr. Kushner\u2019s investment firm<\/a>, Affinity Partners, shortly after he left the White House in 2021. Crown Prince Mohammed bin Salman, an ally during Mr. Kushner\u2019s government tenure, helped convince the sovereign wealth fund to provide the money.<\/p>\n It is unclear whether Affinity will invest in Saudi\u2019s nuclear energy initiative. For now, the kingdom expects to finance the effort itself, according to an official with knowledge of its plans.<\/p>\n On Thursday, the Trump family\u2019s 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.<\/p>\n The Cabinet<\/p>\n The Commerce and Energy Departments have been at the forefront of pushing Mr. Trump\u2019s nuclear agenda. Both are led by secretaries who have either direct ties to the industry or family ones.<\/p>\n 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.<\/p>\n 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.<\/p>\n Among them are Oklo,<\/a> Energy Fuels Inc<\/a> and enCore Energy<\/a>. Each is seeking permits<\/a>, financial<\/a> assistance or Trump administration contracts for its nuclear projects.<\/p>\n 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.<\/p>\n Oklo also has links to Chris Wright, the energy secretary. Mr. Wright was a director at Oklo until he joined Mr. Trump\u2019s cabinet. That connection spurred a Democratic lawmaker<\/a> to complain to the White House that Oklo stood to benefit improperly from government nuclear permits and programs.<\/p>\n Bonita Chester, Oklo\u2019s head of communications, said in a statement that Mr. Wright has had \u201cno role in Oklo\u2019s governance\u201d since resigning from the board.<\/p>\n \u201cWe\u2019ve worked with leaders across both sides of the aisle to advance policies that accelerate the deployment of safe, commercially viable nuclear technology,\u201d she added.<\/p>\n Energy Fuels, which Cantor helped last year raise money<\/a> to expand its mining efforts, disclosed<\/a> in June it is slated to get a $725 million federal loan<\/a> from the Pentagon.<\/p>\n The company \u2014 one of the top U.S. producers of natural uranium concentrate sold to nuclear plants \u2014 has noted to The Times that it began working with Cantor before Mr. Trump\u2019s second presidency. It declined to comment.<\/p>\n The network goes beyond these smaller nuclear companies.<\/p>\n Westinghouse, in which the U.S. government has an option to take an equity stake<\/a>, <\/p>\n is at the fulcrum of the proposed nuclear deal<\/a> with Saudi Arabia, as the plan is for its government to back the construction of multiple AP1000 reactors there.<\/p>\n The Trump administration in October announced plans to partner with Westinghouse to build $80 billion<\/a> worth of its nuclear reactors across the United States, a deal<\/a> negotiated in part by Mr. Lutnick.<\/p>\n \u201cTogether with Westinghouse we will unleash American energy,\u201d Mr. Lutnick said in a statement<\/a> then. \u201cThis partnership embodies the bold vision of President Trump \u2014 to rebuild our energy sovereignty, create high-paying jobs, and drive America to the forefront of the nuclear renaissance.\u201d<\/p>\n 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.<\/a><\/p>\n Blake Ruppe, a Commerce Department spokesman, said that Mr. Lutnick has complied with all requirements that he divest from his family companies. \u201cThere is no conflict of interest,\u201d he said in a statement. \u201cIt is knowingly false to suggest otherwise.\u201d<\/p>\n A prominent Trump donor: Peter Thiel<\/p>\n 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<\/a> to Mr. Vance\u2019s Senate race in 2022.<\/p>\n 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.<\/p>\n The Energy Department in January awarded<\/a> 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<\/a>, also issued up to $4.2 billion<\/a> in \u201cletters of interest\u201d to finance the export of General Matter\u2019s domestically enriched uranium to nuclear operators in South Korea and Japan.<\/p>\n 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.<\/p>\n \u201cOur contract is 100 percent milestone based, so we don\u2019t get paid until we fulfill our commitments to taxpayers,\u201d Lee Robinson, a co-founder of General Matter, said in a statement.<\/p>\n The tech titans<\/p>\n As the explosive growth of artificial intelligence strains the nation\u2019s power capacity, tech companies are turning to nuclear energy. Among them are Amazon, Meta, Google and Microsoft \u2014 all of which have backed at least some of Mr. Trump\u2019s energy policy goals.<\/p>\n Each of those companies donated $1 million to Mr. Trump\u2019s 2025 inauguration, placing some of their executives \u2014 including the Amazon founder and executive chair Jeff Bezos, Meta\u2019s chief executive, Mark Zuckerberg, and Google\u2019s chief executive, Sundar Pichai \u2014 in prominent seats at the event.<\/p>\n The companies have supported the White House in other ways.<\/p>\n Amazon spent $40 million to acquire a documentary on Melania Trump, the first lady, generating a licensing fee of more than $10 million.<\/p>\n Amazon, Google, Microsoft and OpenAI \u2014 whose chief executive, Sam Altman, personally donated $1 million to the inauguration \u2014 have helped finance an Energy Department project called Genesis Mission<\/a>, which will use AI to further the nation\u2019s energy goals, among other objectives.<\/p>\n