U.S. Representative Maxine Dexter (D-OR) reported Wednesday on social media that she motioned to subpoena the eldest son of President Donald Trump, Donald Trump, Jr., “for funneling $670 million in taxpayer dollars to a critical minerals company he has financial stake in.”
Sharing the photo below, of a half empty room, Dexter added: “Republicans left the hearing room.”
BREAKING: I just motioned to subpoena Don Trump Jr. for funneling $670 million in taxpayer dollars to a critical minerals company he has financial stake in.
Republicans left the hearing room. pic.twitter.com/3HT7dwzi2i
— Congresswoman Maxine Dexter (@RepDexterOR) March 25, 2026
Trump Jr. is a partner in the venture capital firm 1789 Capital, which has backed Vulcan Elements, a manufacturer of rare earth magnets based in North Carolina. Vulcan secured a $620 million contract from the U.S. Defense Department in December. (Structured as a loan, it was at that time reportedly the largest loan made by the Pentagon’s Office of Strategic Capital.)
Vulcan Elements is proud to announce a $1.4 billion partnership with the @DeptofWar, @CommerceGov, and @ReElementTech to scale Vulcan Elements and ReElement Technologies’ 100% vertically-integrated, domestic rare earth magnet supply chain.
This partnership proves that America… pic.twitter.com/n49hTnOzu2
— Vulcan Elements (@VulcanElements) November 3, 2025
According to E&E News by Politico: “The funding was part of a broader $1.4 billion deal with ReElement Technologies that aims to boost domestic production of rare earth magnets. The magnets are used to make everything from drones and semiconductor equipment to robotics, EV batteries, wind turbines and smartphones.”
[NOTE: In February, Trump Jr. told the Financial Times that he is “very involved” in where 1789 Capital spends its money.]
The X account Iambixbite, which publishes Web3-focused research on the platform, produced the following transaction timeline in response to Dexter’s post, with datapoints linked back to mainstream media sources, Vulcan company press releases, and government sources confirming private sector deals.
Key Funding Timeline & Details
August 2025: Vulcan closed a $65 million Series A round. It was led by Altimeter Capital, with participation from One Investment Management, Lightspeed, Sequoia, and 1789 Capital (a venture firm where Donald Trump Jr. is a partner; he joined in…
— Bixbite (@iambixbite) March 25, 2026
In another post referencing Dexter’s post, iambixbite wrote about action citizens alarmed by Dexter’s revelation can take, pushing to extend the Core Conflict-of-Interest Statute (18 U.S.C. § 208).
If you actually want to take action @RepDexterOR I suggest:
1) Proposing to Extend Core Conflict-of-Interest Statute (18 U.S.C. § 208) to the President, Vice President, and Immediate Family.
Specific change: Amend § 208 to apply to the president, VP, and their adult…
— Bixbite (@iambixbite) March 25, 2026
In a statement, Dexter wrote: “For years, Republicans set a clear standard: when the President’s family profits from their name and office, it demands investigation. Suddenly, that standard has vanished. If there is nothing to hide, then why won’t Donald Trump Jr. explain to this committee why, just months after becoming a partner, his firm’s financial stake grew substantially following the single largest loan ever issued by the Pentagon’s Office of Strategic Capital? This is the oligarchy on full display.”
NOTE: Vulcan received more than $5 million in Defense Department funding in 2024, before Trump regained the presidency. Trump Jr., 1789 and Vulcan all deny that any current White House connection contributed to the new funding level, according to a Bloomberg report titled: US Taxpayers and Trump’s Son Are Backing the Same Rare-Earth Startup.