An Indian Billionaire Was Targeted by Trump. Then He Poured Money Into a Startup Secretly Backed by Donald Trump Jr.

ProPublica reports that Indian billionaire Mukesh Ambani's Reliance Industries invested approximately $1 billion in America First Refining, a struggling Texas oil refinery startup, months after a November 2024 meeting between Ambani's son Anant and Donald Trump Jr. According to ProPublica's investigation—based on records and seven unnamed sources—Trump Jr. secretly acquired an undisclosed stake in the startup, and his personal lawyer claimed involvement in facilitating the Ambani deal, though both later walked back those statements. The timing is significant: the investment followed a period when the Trump administration had targeted Reliance with escalating tariffs over its purchases of Russian oil, but U.S.-India relations warmed considerably after the Ambani investment was announced, with the administration subsequently lowering tariffs, granting Reliance a license to buy Venezuelan oil, and providing sanctions waivers for Russian crude purchases. The article provides extensive detail including named executives, specific policy changes, financial figures, and regulatory correspondence, though key claims about Trump Jr.'s involvement and financial stake rely on anonymous sources and the interpretation of circumstantial evidence rather than direct documentation. Independent search results corroborate broader patterns of Trump family members profiting from government positions and business ventures, though none directly address the America First Refining transaction. Critical readers should monitor whether the refinery project advances given industry skepticism about its viability, what becomes public about Trump Jr.'s actual financial interest if the company pursues its reported plans to go public, and whether additional disclosure occurs regarding Reliance's arrangement with the White House on energy licensing and tariffs.