Trump's Truth Social clears final regulatory hurdle for merger with cash-flush acquisition firm

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Goldhedge

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I remember a thread when TS started... (could someone move this there?) I can't find it.

Trump's Truth Social clears final regulatory hurdle for merger with cash-flush acquisition firm​

Acquisition firm has seen its value soar as Trump won early primaries, merger now poised to occur

Truth Social, Donald Trump's social media platform, announced late Wednesday it had clear its final regulatory hurdle for merging with a cash-flush acquisition company whose value has soared in recent weeks as the former president won the first three major presidential primary contests.

Digital World Acquisition Corp. (DWAC) announced that the Securities and Exchange Commission had "declared effective" the registration statement for its proposed merger with Trump Media and Technology Group, the parent company for Truth Social.

Trump's Truth Social clears final regulatory hurdle for merger with cash-flush acquisition firm

Acquisition firm has seen its value soar as Trump won early primaries, merger now poised to occur
justthenews.com
 
Goldhedge said:
I can't find it.
Click to expand...

Neither could I.

__________________________________________-

Legally Troubled Donald Trump May Earn Billions As His Social Media Firm Gets SEC Nod For DWAC Merger — But It'll Be A Long Wait​


Donald Trump-linked SPAC Digital World Acquisition Corp.


DWAC-4.85%
+ Free Alerts
announced late Wednesday that the SEC has approved the registration statement regarding its proposed merger with Trump Media & Technology Group, owner of the Truth Social platform. The amended S-4 statement filed with the regulator indicates that the former president could receive a windfall at a time when he faces financial challenges due to legal issues.

Fine Print: As per the merger agreement, Digital World will be renamed New Digital World, with each share valued at $10. Trump will hold at least 58.1% of the voting power and outstanding shares of New Digital World, making it a “controlled” company.

Reports suggest Trump could receive over 78 million shares, valued at approximately $3.94 billion based on DWAC’s closing price on Thursday, which ended at $50.56, up 16.10%, according to Benzinga Pro data.

More:

Legally Troubled Donald Trump May Earn Billions As His Social Media Firm Gets SEC Nod For DWAC Merger — But It'll Be A Long Wait - Digital World Acq (NASDAQ:DWAC)

Trump will hold at least 58.1% of the voting power and outstanding shares of New Digital World, making it a "controlled" company.
www.benzinga.com
 

DWAC discloses new lawsuits seeking to block merger with Trump Media & Technology​

Digital World Acquisition Corp. on Friday again amended its filing with the Securities and Exchange Commission regarding its planned merger with Trump Media and Technology Group, former President Donald Trump’s social-media company.

In the new filing, the special-purpose acquisition corporation or SPAC, disclosed new lawsuits that seek to block the merger, as well as changes to its bylaws that specify that any complaints brought against it be directed to the U.S. District Court for the Southern District of Florida.

And on Thursday, the board extended the date by which the company has to complete the merger to June 8 from March 8. The extension is the third of four three-month extensions permitted.

The filing disclosed a lawsuit filed on Thursday by former DWAC chairman and chief executive Patrick Orlando, that seeks to block the deal unless he is awarded a larger number of shares than DWAC is currently proposing. The news was first reported by Reuters.

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DWAC: Trump Merger Could Close Next Week Bringing Volatility​

  • On Friday the 22th, Digital World will hold a meeting of shareholders to vote the merger with Trump Media.
  • After this, the merger could be closed quickly and the resulting company with stock symbol DJT could commence trading on the Nasdaq next week.
  • The potential media coverage could result in significant volatility and a large price movement.
  • Over the long term, I simply do not see this company becoming a decent investment, but in the short term, traders could make money during upcoming events.
The Trump SPAC Digital World Acquisition Corp. (NASDAQ:DWAC) is planning on merging with Trump Media & Technology Group. On Friday the 22th, DWAC will hold a meeting of shareholders to vote on the approval. This merger was already announced in 2021, but since then, it has finally received SEC approval. The merger could already happen next week.

More:

 

Trump social media company will go public as DWAC shareholders approve merger​

  • The price of shares in Digital World Acquisition Corp. fell by more than 12% after the shell company’s shareholders approved a merger with the social media company owned by Donald Trump.
  • DWAC opened the trading day at $44.20 per share.
  • The newly merged company, Trump Media, could begin trading under the new ticker DJT next week.
  • Trump holds a majority of shares in the new company, which would be worth $3 billion or more.
The price of shares in Digital World Acquisition Corp. fell by as much as 12% Friday morning after the shell company’s shareholders approved a merger with the social media company owned by former President Donald Trump.

DWAC had opened the trading day at $44.20 per share, but tumbled to below $38 at some points after the vote.

 

Trump Media stock closes 21% lower after company reports $58 million loss for 2023​

  • The share price of Trump Media closed 21.47% lower Monday, hours after the social media app company tied to former President Donald Trump reported a net loss of $58.2 million on revenue of just $4.1 million in 2023.
  • The newly publicly traded social media company of former President Donald Trump had total revenue of just $4.1 million last year, according to a Securities and Exchange Commission filing.
  • Trump Media & Technology Group ”“expects to incur operating losses for the foreseeable future,” says the filing.
  • Trump Media, which trades under the ticker DJT on the Nasdaq, owns the Truth Social app.
 

Trump-and-dump: Speculators bet on Truth Social 'meme' stock​

April 2 (Reuters) - Mohammed Al Shalloudi, a 21-year-old graduate data analyst in the United Arab Emirates who invested in Donald Trump's social media company, has little in common with the former U.S. president's political supporters.

Al Shalloudi bought shares in Trump Media and Technology Group (TMTG) (DJT.O), opens new tab, but not because he believes in the business of its app Truth Social or because he is a Trump fan. He is part of an army of speculators seeking a quick lucrative trade whose bets on TMTG have made it one of the most overvalued and actively traded U.S. stocks.

Al Shalloudi said he bought at $37 per share and cashed out late last week at $65 per share, clinching a 76% return on his $4,000 investment in just a few days. TMTG's stock closed on Monday at $48.66 after listing on Nasdaq last week in a deal that valued it at just $10 per share.

“It was a no-brainer. You buy the stock, wait for Trump's fan base to hear about it, and enjoy your profit,” Al Shalloudi said.

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Two defendants in Trump Media insider trading case signal possible guilty pleas​

  • A Florida venture capitalist and his brother moved toward potential guilty pleas in an insider trading case connected to the merger that took Donald Trump's social media company public.
  • Michael Shvartsman, the venture capitalist, and his brother, Gerald Shvartsman, previously pleaded not guilty in the criminal case, which relates to trading in 2021 in shares of the shell company that ended up merging with Trump Media last week.
  • A change of plea hearing for the brothers was scheduled for Wednesday afternoon in U.S. District Court in Manhattan. A change of plea hearing typically involves a defendant pleading guilty.
A Florida venture capitalist and his brother moved Monday toward potential guilty pleas in an insider trading case connected to the merger that took Donald Trump's social media company public last week.

Michael Shvartsman, the venture capitalist, and his brother, Gerald Shvartsman, both previously pleaded not guilty to criminal charges of insider trading and conspiracy, related to trading shares in of the shell company that merged with Trump Media last week.

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America!

 

Trump Media sues its co-founders, accuses them of ‘severe mismanagement’​

The media company that Donald Trump recently took public is suing its co-founders, accusing them of failing “spectacularly” to get the company off the ground and then trying to “thwart the deal.”

The lawsuit filed in Sarasota County, Florida, civil court seeks to bar Trump Media & Technology Group co-founders Wesley Moss and Andrew Litinsky from appointing members to the company’s board — or from owning any of its shares.

Moss and Litinsky claim that a 2021 agreement that Trump signed with a company they founded, United Atlantic Ventures, LLC, guarantees them an 8.6% share of Trump Media’s total stock, undiluted by the issuance of new shares.

At DJT’s closing price Tuesday, that share would be worth about $601 million.

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Seems about right. Same pattern one sees for most stocks...

 

An accounting firm hired to vet Truth Social's financials quit after less than a year because it no longer wanted to be linked to Trump: FT​

  • WithumSmith+Brown quit being the auditor for Trump Media just months after being appointed.
  • The firm didn't want to be associated with Donald Trump and his company, per the Financial Times.
  • Trump Media's share prices have plunged in the weeks since it went public.
The accounting firm that was first hired to audit former President Donald Trump's social media company quit just months after it was appointed, the Financial Times reported on Monday.

WithumSmith+Brown was appointed to vet Trump Media & Technology Group's financials soon after it was founded in early 2021. But the firm resigned before the end of 2021, the FT reported citing people familiar with the matter.

According to the FT's sources, WithumSmith+Brown no longer wanted to be associated with Trump and his company after several months on the job.

The accounting firm declined to comment on why it had resigned when approached by the FT.

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What phrase do you want to use?
Crash and burn?
Flash in the pan?

Really, a good microchasm of Trump himself and everything he touches. Looks good at first, but the more information you get and the more you find out, the worse it looks.

 
LA Times

Column: With his Truth Social stock, Trump may be laughing all the way to the bank — but his investors have reason to weep​

With their life savings, childrens' college funds and their own retirement prospects at stake, most people probably view investing in stocks as a serious business. Now and then, however, the markets produce comedy gold.

Hello, Trump Media & Technology Group.

The owner of Truth Social, a social media platform exclusively hitched to Donald Trump, staged an initial public offering March 26 amid a torrent of speculation over how many billions the IPO would produce for Trump himself. In the event, the figure was a paper gain of about $5 billion for him, virtually pure profit.

More:

 

Trump Media Stock Spikes After CEO Pens "Naked" Short Letter​

FRIDAY, APR 19, 2024 - 07:46 AM

Shares of Trump Media spiked on Friday after the company alerted the Nasdaq to 'potential market manipulation' from 'naked' short selling of its stock.




Trump Media Stock Spikes After CEO Pens "Naked" Short Letter | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
 
CNBC

Trump Media auditor charged by SEC with 'massive fraud,' permanently barred from public company audits​


  • The auditing firm for Trump Media and the auditor's owner were charged with "massive fraud" by the Securities and Exchange Commission for work that affected more than 1,500 SEC filings, the federal regulator announced.
  • The auditor, BF Borgers CPA and its owner Benjamin Borgers have agreed to be permanently suspended from practicing as accountants before the SEC, and also agreed to pay a combined $14 million in civil penalties, the SEC said.
  • The share price of Trump Media, which owns the Truth Social app, was down 9% shortly after trading began.
The auditing firm for Trump Media and the auditor's owner were charged Friday with "massive fraud" by the Securities and Exchange Commission for work that affected more than 1,500 SEC filings, the federal regulator announced.

The auditor, BF Borgers CPA and its owner Benjamin Borgers have agreed to be permanently suspended from practicing as accountants before the SEC, and also agreed to pay a combined $14 million in civil penalties, with admitting or denying the allegations, the SEC said.

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Not news, just a WTF article I read. lol

Martin Shkreli Says He Is Behind Trump-Linked DJT as ZachXBT, GCR Start Poking Around

Updated Jun 19, 2024 at 9:26 a.m. EDT

The young token made waves in the crypto community over its supposed status as the “official” Trump token. Turns out one of X's biggest loudmouths was behind its issuance.

  • Martin Shkreli, also known as "Pharma Bro," claims he and Barron Trump created the DJT token after initially denying involvement.
  • This revelation followed a series of events, including Shkreli's $100 million bet with crypto trader GCR on the token's authenticity and blockchain sleuth ZachXBT's uncovering evidence linking Shkreli to the token.
  • Despite the drama, the Trump campaign has not officially commented on the matter as of Wednesday.

Martin “Pharma Bro” Shkreli said on Tuesday that he was behind the controversial DJT token in an X space tuned in by thousands of people, days after denying any involvement as influential accounts GiganticRebirth and ZachXBT joined in on the search for its creator.

“I have 1000 pieces of evidence I created it with Barron,” Shkreli wrote to blockchain sleuth ZachXBT in a direct message posted by the latter. He confirmed the same in his X spaces podcast shortly after.

More:

Martin Shkreli Says He Is Behind Trump-Linked DJT as ZachXBT, GCR Start Poking Around

The relatively new token created ripples in the crypto community on X this week over its supposed existence as the “official” Donald Trump token. But it turns out one of its biggest loudmouths was behind its issuance.
www.coindesk.com
 

Soap opera time.

DJT creator Martin Shkreli comes after ZachXBT for exposing him​

Just two days after renowned on-chain sleuth ZachXBT exposed ex-convict Martin Shkreli for being the creator of TrumpCoin (DJT ), he has publicly slammed him and Arkham Intelligence for giving him the $150K they promised anyone who uncovered the identity of who created DJT.

On June 19, Cryptopolitan reported that ZachXBT had successfully exposed Martin’s identity to the world. Before then, Arkham Intelligence had put out a bounty of $150,000 to anyone who could fish DJT’s creator out within a certain time window. Intrigued by the challenge, Zach went to work, and in no time, he was making post after post with evidence of Martin being the creator.

Not only that, but Martin is also allegedly running an insider trading ring in DJT with his friends and family, with the most notable being Donald Trump and his son Barron Trump.

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Trump Media joins Russell Indexes after annual refresh​

July 1 (Reuters) - Trump Media & Technology Group (DJT.O), opens new tab, which owns social media platform Truth Social, said on Monday it has been added to the Russell Indexes as part of their annual reconstitution.

The Russell Indexes include the Russell 1000 index of large-cap stocks (.RUI), opens new tab and the Russell 2000 index of small-cap names (.RUT), opens new tab, which together make up the Russell 3000 (.RUA), opens new tab index. In addition, there are style indexes such as the Russell 1000 growth (.RLG), opens new tab and Russell 2000 value (.RUJ)

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Fortune

Trump Media erases all 2024 stock gains days before Donald Trump can cash out his $1.95 billion stake​

Donald Trump is nearing the day he can cash out of Truth Social's parent company, raising concerns of a potential sell-off that could hit the meme stock hard.

On paper, Trump's stake in Trump Media and Technology Group (TMTG) is valued at $1.95 billion, which could help cover his mounting legal fines.

More:

 

Donald Trump Issues Warning After Stock Halted​

Former President Donald Trump said he may consider moving his media company's stock listing after it was briefly halted on the Nasdaq stock exchange.

In a post to Truth Social on Friday, the former president complained about shares of Trump Media & Technology Group, which uses the ticker DJT, being halted by Nasdaq, writing that it had occurred twice during the day.

"Why is NASDAQ halting the sale of DJT? What right do they have to do this?" read Trump's post, in part.

Earlier in the day, Trump said that he will not sell his shares of DJT despite the stock value dropping after his debate against Vice President Kamala Harris on Tuesday. The share price plummeted to its lowest level last week since going public in March, and had faced a steady decline for weeks.

"No, I'm not selling," Trump said while talking to reporters in California. "I'm not leaving. I love it. I think it's great.

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Yep they're short-selling DJT.

I'm on Truth Social and it's working great! Almost as good as 'X' functionality. Not as popular, but it's only a couple of years old.

 

How Donald Trump Made Billions From Politics​

Sep 24, 2024 Forbes Daily Briefing

Plenty of rich people have blown fortunes on politics. But no other American has used politics to create as much personal wealth as the 45th president, who left office with a new asset — throngs of people willing to buy almost anything from him, at virtually any price.

4:44

Read the full story on Forbes: https://www.forbes.com/sites/danalexa...
 
searcher said:
...
Plenty of rich people have blown fortunes on politics. But no other American has used politics to create as much personal wealth as the 45th president, ...
Click to expand...

That's some shoddy police work there, Lou.

* cough, cough *

Clinton Foundation

Burisma et al

New Jersey Sen. Menendez and his wife are indicted on bribery charges (gold, cars & cribs)

Bob Menendez’s wife sold $400K in gold bars months before his office admitted he was facing federal probe Sen. Bob Menendez’s new wife cashed in up to $400,000 worth of gold bars — despite having faced foreclosure just three years earlier. The sale, last spring, was months before his office...
www.pmbug.com

Trading - The Congress Critter Way

THE REAL REASON AMERICAN POLITICIANS ARE SO WEALTHY Kickbacks. Book deals. Speaking engagements. Base salaries. Clever stock deals. Insider info. Financially favorable legislation. Could wealth amongst United States' politicians — a kind of Romanesque neo-patrician class – have such obvious...
www.pmbug.com
 
Last edited:
throngs of people willing to buy almost anything from him, at virtually any price.
Click to expand...
The guy has 500 corporations under his belt. I'm pretty sure he had throngs of people wanting to buy from him before politics. However, even if that wasn't the case, the fact is he has businesses that sell products for a profit. Every other politician out there is stealing from the taxpayers. Huge difference.
Obama spends 350 million on new common core math books for America. The same company gives him a 60 million dollar book deal when he leaves office. That doesn't look suspicious at all. LOL. How many books did he sell? 3?
 

The company building Trump Media’s tech has historic links to Iran, Russia, and China​

Earlier this year, two obscure companies from Northern Louisiana brokered a multimillion-dollar deal with former President Donald Trump’s Truth Social and walked away with a finders’ fee valued at $155 million.

The companies—WorldConnect IPTV and JedTec—formed a joint venture, named WorldConnect Technologies, which served as the middleman between Trump Media & Technology Group (TMTG) and Perception TV CDN, the company hired to build the tech infrastructure needed to power Truth Social’s foray into video streaming.

To better understand the nature of TMTG’s burgeoning media holdings and the companies building it, Fortune examined dozens of business filings from the U.S. and abroad, and spoke to seven sources that previously worked with Perception’s cofounders, its current chair Matjaz “Matt” Vidmar and CEO John Mills.

What emerged from these sources was a “no questions asked” policy at Perception and previous companies connected to Vidmar and Mills that led them to work with Chinese and Russian state-backed propaganda networks, Islamist television channels, and Iranian corporations. TMTG chose to work with Perception despite the fact that in the past it did business with now-sanctioned entities.

More:

 

Truth Social's owner wants to let you invest based on Trump's MAGA promises​

U.S. President Donald Trump has been an outspoken proponent of cryptocurrencies, domestic manufacturing, and boosting energy production.

The company that owns President Donald Trump’s Truth Social now plans to let consumers invest in companies that benefit directly from his campaign promises.

Trump Media & Technology Group (TMTG), which counts Trump as its majority owner, on Thursday said it had filed to register trademarks for new investment vehicles under its financial tech brand, Truth.Fi. Each of the exchange-traded funds (ETF) and separately managed accounts (SMA) will sound familiar to anyone even tangentially familiar with the president’s plans to “Make America Great Again.”

More:

https://www.msn.com/en-us/money/oth...S&cvid=6e39b12f5418487fb9cae646560405d2&ei=24
 
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