The Blubber

U.S. Commerce Secretary Howard Lutnick revealed on the All In podcast Thursday that he sold 1,000 Gold Cards in a single day. The program, which grants individuals the right to U.S. residency and eventual citizenship, is priced at $5 million per card—suggesting it generated $5 billion in revenue in just 24 hours.

"And by the way, yesterday I sold 1,000," Lutnick remarked during the discussion.

Lutnick has previously pitched the Gold Card initiative as a way to help pay down the U.S. national debt. He proposed that selling 200,000 of these Trump Gold Cards could generate $1 trillion in revenue.

President Donald Trump has gone even further, estimating that selling 1 million Gold Cards could bring in $5 trillion, while a sale of 10 million could generate $50 trillion—an amount large enough to wipe out the national debt entirely.

Lutnick traced the origin of the idea back to a conversation between billionaire investor John Paulson and Trump, where they discussed the notion of selling visas instead of giving them away. Lutnick was later brought in to refine the concept and oversee its implementation. He noted that Elon Musk’s team is currently developing the software needed for the program, which is expected to launch within two weeks.

Clarifying the details, Lutnick explained that the Gold Card effectively replaces the traditional green card, granting permanent residency in the U.S. While cardholders can eventually apply for citizenship, he pointed out that many may opt not to, as U.S. citizenship subjects individuals to global taxation. Instead, the Gold Card provides the right to live in the country, with each one carrying a $5 million price tag.