Story perspectives

Lawmakers Question $620M Pentagon Loan to Trump Jr. Startup

6/5/2026

Summary

Wiles Questioned Loan

Lawmakers asked Chief of Staff Susie Wiles to explain a $620 million Pentagon loan to Vulcan Elements, a 1789 Capital-backed startup that includes Donald Trump Jr. as a partner.
Request signed by Senators Elizabeth Warren, Richard Blumenthal and Representatives Jason Crow, Mike Levin cited a $50 million Commerce investment.
They alleged Peter Navarro pushed the loan after 1789 Capital took an undisclosed stake and set a June 16, 2026 deadline for Wiles to respond.

Summary

Vulcan Elements Funding

Vulcan Elements will produce 10,000 metric tons of rare-earth magnets in the United States with a $620 million Pentagon loan and a $50 million Commerce Department investment.
The Pentagon loan is a direct loan separate from the Commerce Department funding.
A White House spokesperson defended the actions as serving the public interest and denied improper influence claims.
Peter Navarro called the ProPublica report “fake news on steroids” and said it was unsupported.

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Wiles Questioned Loan

Lawmakers asked Chief of Staff Susie Wiles to explain a $620 million Pentagon loan to Vulcan Elements, a 1789 Capital-backed startup that includes Donald Trump Jr. as a partner.
Request signed by Senators Elizabeth Warren, Richard Blumenthal and Representatives Jason Crow, Mike Levin cited a $50 million Commerce investment.
They alleged Peter Navarro pushed the loan after 1789 Capital took an undisclosed stake and set a June 16, 2026 deadline for Wiles to respond.

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