It's strange. You can see everyone getting fucked and chucked as soon as they hop into bed with right wing populists like Trump, yet there's still a queue outside the bedroom door.
I can only assume that they like being stiffed, and this is somehow their secret inner kink.
The story honestly delivers much better than the simple schadenfreude that the headline would imply.
TMTG was set to go public via a merger with a special purpose acquisition company (SPAC) called Digital World Acquisition. However, Litinsky and Moss are now alleging in their lawsuit that Trump sought to "drastically dilute" the shares of the company in an "11th hour, pre-merger corporate maneuvering" scheme.
Initially, Trump's stake was 78 million shares, valued at roughly $3.5 billion. UAV's stake in the company amounted to seven million shares valued at approximately $339 million. However, the lawsuit alleges Trump then engaged in a "dilution scheme" to increase the number of total shares to one billion, which they said had "no legitimate business purpose." UAV accused Trump of possibly scheming to distribute the additional shares among himself and his family, while significantly decreasing their stake in the company to less than 1%.
"[UAV was] promised 8.6 percent of this company and sadly its business partners are baselessly trying to renege," Litinsky and Moss' attorney, Christopher J. Clark — who has previously represented Hunter Biden, Elon Musk and Mark Cuban — told the Post.
"They feel like: We made Truth Social for you. You get 90 percent. But some people just aren’t happy with 90 percent."
It's like a perfect Russian-nesting-doll storm of greed, incompetence, and malice. In ordinary circumstances, I would say it's plausible that the whole thing is a ploy to delay the IPO, because no one would be greedy and illogical enough to fuck up the process of inflating their 90% stake by spending any attention on a craven and self-defeating attempt to claw the last 10% away from the people who are, as far as I know, still actually doing all the work.
But this is Trump. Craven and self-defeating is in him at a molecular level. I would guess that some lawyer of his has already been on the receiving end of a HUGE yelling fit about how unfair it is that someone would try to stop him taking the remaining 10% as is his God given right.
Yeah the article is fascinating. I'm really surprised that the company constitution didn't have anti-dilution built into it though. That's a child level error when getting into business with someone like Trump.
Still shocked they gave him 90% just for his name essentially. Also surprised at just how high it's valued.
They also claimed they were going to become a streaming platform that would replace Netflix and Disney+ and they would have 80 million users in their first year, pretty sure most of that valuation is imaginary. Didn’t they only make it to around 5 million users?
If Trump loses the election, I'm still hedging my bets, it's going to be glorious seeing all the rats flee or turn on each other. Clearly we're already seeing some realise the ship may be sinking.
He is also a black hole of Republican financing though, so many donations to Trump‘s legal defense means a lot fewer dollars to go to other Republican candidates. It isn’t easy to be in the shadow of Trump.
How in the holy hell can that dumpster fire of a social media site be worth $4billion????
Might be similar to selling books or shoes. It'll be bought to give way more money than otherwise would be allowed. A wealthy donor might not be allowed to send the money directly. So they buy loads of books/shoes/etc.
Former President Donald Trump is now being accused in a lawsuit of intentionally devaluing the media company he co-owns with two associates who met him as contestants on his reality TV show "The Apprentice."
The case could complicate a long-delayed bid by Trump Media & Technology Group, owner of the social network Truth Social, to merge with a special purpose acquisition company called Digital World Acquisition and become a publicly traded company.
That merger deal, which could value Trump’s stake in the company at more than $3 billion, would offer the former president a financial lifeline at a time when he is facing more than $454 million in penalties from a civil fraud judgment this month in New York.
We all got caught off guard, dont feel bad. No one could have seen this coming in a million zillion kajagabillion years. Even God was fooled, not our fault