Christian-Themed Cell Phones and Anti-Woke ETFs: Exploring the Expansion of the MAGA Parallel Economy

Before his appointment as FBI director, Kash Patel was not known for wearing ties, but those who tuned into his appearances on Fox News would have noticed a gleaming piece of metal on his suit jacket: a pin that reads “K$H: Fight with Kash.” This pin can be purchased for $10.

Patel, primarily known for his work as a lawyer and political strategist, has also carved out a niche as an influencer, likened to figures such as Kylie Jenner or Dave Portnoy. However, his focus is not on fashion but on conservative politics, bolstered by his reputation as a close aide and defender of former President Donald Trump. Like Jenner and Portnoy, Patel and his associates have developed products to capitalize on this appeal.

Among his offerings are the book titled *Government Gangsters* and a corresponding documentary. He also made headlines at CPAC last year with his “Orange Man Bad” shirt, which featured a comic-style depiction of Trump’s face as a human skull. Furthermore, he has promoted various products on Truth Social, including Patriot Mobil, Revere Payments, the Coign credit card, and Nocovidium, a controversial supplement that Patel claimed would “rid your body of the harms of the vax.”

“Quackery,” is how Senate Democratic Whip Dick Durbin described Nocovidium, criticizing Patel’s ventures as he prepared to challenge his nomination for the FBI director position. However, he was unable to sway his Senate colleagues.

This resistance is significant because Patel embodies a larger trend: following the lead of Donald and Melania Trump, who have effectively monetized their images via meme coins, Patel and numerous other members of the MAGA movement are turning politics into a profitable venture. While figures like Durbin caution about unsuspecting customers buying potentially worthless or harmful products out of loyalty to Trumpism, others celebrate this development as a new, profound method of demonstrating political allegiance and establishing an alternative path to influence in Washington.

“This is a time when people are very proud of expressing their conservative identity,” noted Cait Lamberton, a marketing professor at the Wharton School. “Any action of expressing that identity adds a value that goes above and beyond.”

The rise of MAGA influencers is not solely about financial gain; it also encompasses the products they promote and the individuals behind them. Insiders refer to the source of these items as the “Parallel Economy,” which represents a marketplace for various conservative products endorsed by Patel. This economy consists of Republican-aligned enterprises that market everything from ETFs and credit cards to payment processing solutions, asset management services, private equity placements, consumer goods, and more.

Key figures shaping the Parallel Economy include some of the most influential personalities in Trump’s Republican Party, such as JD Vance, Donald Trump Jr., and Vivek Ramaswamy, among others, who have either invested in or helped nurture a cluster of MAGA businesses with a mission.

“We want the silent majority to not be so silent anymore,” stated Michael Seifert, founder of PublicSquare, an online marketplace for conservative products. “A big way to force that change is through the power of the economy.”

However, the emergence of companies aimed at channeling Trump’s worldview raises critical questions similar to those posed regarding Trump's presidency itself: Is the goal to amplify the voices of millions of Americans who feel overlooked? Is it primarily to enrich a select group of well-connected individuals? Or is it a combination of both?

“There were only a few of us for a few years. But we quickly grew and we quickly scaled,” recalled Nick Ayers, former chief of staff to Trump’s first vice president, Mike Pence.

Ayers has become a mediator linking conservative investors, influential figures at Mar-a-Lago, and aspiring entrepreneurs. He is also an investor and serves as a board member of PublicSquare while co-founding EveryLife, a diaper company aimed at parents who “unapologetically choose to celebrate life.”

Ayers’ background reflects the experiences of many founders in this space. During Trump’s initial presidency, he observed corporate America distancing itself from the president’s polarizing style. To Ayers, it seemed that traditional GOP allies in Big Business sought to "destroy" Trump’s agenda, a sentiment echoed in cultural attitudes that often marginalized Trump supporters.

The pivotal shift for conservative investment came during the pandemic, which Ayers describes as witnessing “what Big Tech did to a political leader and his supporters during the last six months of his presidency.” He noted how tech companies swarmed to fact-check and issue warnings on content. The surge of Environmental Social Governance (ESG) and Diversity, Equity, and Inclusion (DEI) initiatives provided justification for "deplatforming" individuals who countered corporate norms deemed hostile to conservatives.

Donald Trump himself was notably affected by these restrictions when Facebook, Twitter, Shopify, and Stripe all removed him for his role in the January 6 insurrection. Many Republicans viewed this as a severe assault that severed their party's leader from essential communication and fundraising tools.

“Do you really want a few people to have the power to do that?” Ayers questioned.

For a dedicated group of entrepreneurs and investors, the answer was an emphatic no.

Ayers’ path soon crossed with another notable figure emerging from the Parallel Economy: Vivek Ramaswamy, then a relatively unknown investor.

“Vivek is the godfather figure of this movement,” asserted Matt Cole, CEO of Strive, an asset management firm co-founded by Ramaswamy in 2022 to counter “value-destructive agendas” associated with ESG and other stakeholder-focused initiatives. While Cole maintains that his company is centered on promoting “meritocracy” and “unapologetic capitalism," its values resonate with the broader goals of this movement.

Cole's journey began in 2017 while he was a portfolio manager at CalPERS, where he felt pressured to prioritize investments that aligned with certain social goals over financial returns. This trend gained attention in 2021 when major asset managers like BlackRock and Vanguard supported activist investors looking to overhaul board dynamics at Exxon Mobil due to climate change concerns.

Cole, frustrated by the corporate push for social changes funded by everyday Americans, found Ramaswamy, who shared his mission of providing an alternative.

Together, they are among many entrepreneurs and investors developing a network of businesses designed to provide a safe harbor for conservatives in the culture war. Unbeknownst to them, they are also laying the groundwork for the upcoming 2024 election.

“Even though MAGA didn’t occupy the White House from 2021 to 2024, the people who built that movement and the free speech, anti-cancel culture movement really stuck together,” said Seifert.

According to Seifert, his early media engagements opened doors to a network of conservative investors eager to push back against vocal progressivism by supporting businesses that aligned with their views.

“I'd meet someone like Nick [Ayers], and he’d introduce me to three other people. I’d meet someone like Don Jr. and he’d introduce me to five,” he detailed.

These investors are backing enterprises that leverage the free market to contest cultural narratives. These investments offer additional advantages, as having a product that resonates with voters empowers its creators to secure more media appearances, meet influential investors, and even launch political careers. The early financial backers of the Parallel Economy represent a significant portion of the current MAGA movement.

For instance, Strive’s initial investors included prominent Trump supporter Thiel, as well as Cantor Fitzgerald and Narya Capital, an investment firm co-founded by Vance. Ramaswamy is currently campaigning for governor of Ohio, while Lutnick has taken on a role in Trump’s administration.

PublicSquare has now attracted board members like Ayers, Donald Trump Jr., former Georgia senator and current SBA Administrator Loeffler, and ex-senate candidate Blake Masters. This organization has since introduced a payment processing service.

Rumble, the conservative video-sharing platform, received investments from Vance's Narya and Thiel in 2021. In 2022, Cantor Fitzgerald facilitated its public offering through a SPAC, and it now provides cloud services for Trump’s Truth Social.

The upcoming Azoria ETF will debut this spring, offering investors a chance to purchase an S&P 500 index fund that excludes what it calls the worst DEI offenders. Its founder, James Fishback, is widely recognized for inspiring Trump’s idea for a “DOGE dividend” and is positioning himself as a potential replacement for Marco Rubio in the Senate.

“It’s such a ripe moment for these types of investments,” Fishback observed.

Additionally, the private equity firm 1789 Capital is directing investments into sectors such as the "Replication/Parallel Economy," "Deglobalization," and "Anti-ESG," as indicated on its website.

1789’s president, Omeed Malik, noted that the “absurdity” of the DEI era “helped formulate our thesis years ago that there is a thirst for financing that is focused solely on entrepreneurship, innovation, and growth.”

Malik and 1789’s co-founder Chris Buskirk are building their business alongside one prominent new partner: Donald Trump Jr.

Buskirk, Lonsdale, Loeffler, Lutnick, Masters, Ramaswamy, Rumble, Thiel, Trump, Trump Jr., and Vance all declined to comment on the situation.

Those seeking a guide on how to develop a profitable personal brand with political advantages need look no further than Donald Trump, who, during the lull between his presidential tenures, licensed his name for a variety of products, ranging from watches to sneakers, cologne, and digital trading cards. He even offered fabric strips from his “knockout suit,” worn during a critical presidential debate, to top customers.

On January 17, Trump took branding to new heights when he and his affiliates launched the $TRUMP meme coin, which surged to a nearly $15 billion valuation. It's unclear what portion of that valuation Trump and his affiliates have realized, but some experts caution that investors might ultimately face drawbacks from the $TRUMP coin.

“There obviously is no underlying value whatsoever,” claimed Nic Carter, founding partner of Castle Island Ventures, a blockchain investment fund. While Carter, a known Trump supporter, frequently critiques meme coins, he is open to the possibility that the $TRUMP coin could have honorable intentions.

“We just don’t know whether it was a naked cash grab or to meet crypto people on their own terrain,” he remarked.

Similar questions arise for the increasing array of products mirroring those already available. When customers purchase MAGA coffee, anti-woke razors, or pro-life diapers, what are they truly getting? Is it the product itself or an affirmation of their beliefs?

“If a brand says to me that ‘I see you, I understand the experience you have had in a market that doesn’t accept your views,’ that’s powerful,” Lamberton expressed.

It’s also a means of circumventing the typical skepticism towards questionable products and claims. According to Lamberton, shoppers may be slow to recognize that they are acquiring dubious goods when marketing resonates deeply with their feelings of alienation.

These concerns are intensified by a small portion of products aimed at fringe beliefs, such as conspiracy theories about Covid vaccines or Federal Reserve-backed currency. Critics argue that the potential dangers of supplements like Nocovidium, which Patel endorses, are unknown because they aren’t subjected to FDA testing. Conversely, Dr. George Fareed, a medical adviser to its manufacturer, argues that the drug helps the body to “eliminate damaged cells” through natural processes. Other experts contest whether such a cure is even necessary.

What Patel is essentially marketing is trust in himself, and achieving that has become more accessible, facilitated by a vast network of MAGA-friendly podcasts whose hosts endorse him before segments. Political entrepreneurs have leveraged this strategy to navigate upward through the MAGA hierarchy.

“JD Vance, Elon Musk, Vivek Ramaswamy, Donald Trump — these are all personal brands,” pointed out Joelle Ayala, founder of Minting House, a podcast and creator consultancy, who previously served as CMO for Jordan Belfort. He emphasized a reality evident to many outside the Beltway: scores of Americans are utilizing influencer culture to guide their voting decisions, akin to their shopping habits.

Patel did not respond to requests for comment. However, Ayala considers him an influencer.

“If you took this guy out of being a government official, you’d just say he built an audience, he knows what they like, and he finds the right opportunities to match his audience to maintain revenue,” Ayala noted. These opportunities include merchandise sold through Based Apparel, where he was a “Managing Member” until December 2024, consulting deals with Trump's media organization, as well as books, films, podcasts, speaking engagements, and product endorsements on his Truth Social account. His nonprofit, the Kash Foundation, regularly serves as an intermediary for these ventures and has faced media scrutiny for its business activities.

Trump established his influencer brand on the back of a television show and a lifestyle; similarly, the Kardashians have done the same. Patel’s case illustrates that in 2025, this trajectory to power can be pursued at a considerably lower cost.

“It’s all teeth on the same gear,” remarked Jordan Libowitz of Citizens for Responsibility and Ethics in Washington, a nonpartisan political watchdog organization. “In D.C., you are used to the idea of leaving the government and then cashing in. This is cashing in, then using the profile from cashing-in to get a spot in government.”

Should those in Washington prepare for this new status quo? The influencer economy appears to be here to stay, and with figures like Patel, Ramaswamy, and Trump serving as pioneers—and with James Fishback from Azoria waiting in the wings—there's a strong possibility that a new pathway to power has been established. Ironically, the success of MAGA may be both a boon and a challenge for these individuals. It seems that the culture war that many of these enterprises sought to combat is approaching an ending, as some of Trump’s adversaries in Silicon Valley are now aligning with him. Even tech mogul Mark Zuckerberg has recently altered his image to fit in with a more combative persona.

“Everybody wants to be my friend,” Trump told journalists in December following a meeting with technology CEOs, several of whom were present at his inauguration within the Capitol Rotunda.

“I’ll believe it when I see it,” Seifert reacted skeptically regarding Big Tech’s shift from progressive politics.

Emily Johnson for TROIB News