#DanielRotstein, the man #Pecker used in an ultimately failed effort to secretly obtain reimbursement for the #KarenMcDougal deal, was his own #fixer of sorts. Pecker had long used him to deliver the news that employees would be fired, to the point that Rotstein became known at Pecker's company as "Dr.
Death."
Funds that bet on a fall were set to profit as the parent of #TruthSocial came under renewed pressure after it registered new shares for a potential sale.
Shares of #Trump’s #socialmedia company plunged on Monday after the company filed to register the potential sale of tens of millions of additional shares.
#Trump Media & Tech stock fell 18%, erasing hundreds of millions from its market value — & putting a dent in Trump’s majority stake, worth >$3B. Since a surge in its 1st days of trading as #TrumpMedia, which lifted the value of the co to ~$8B at one point, the company’s shares have dropped by >50%.
Trump Media was expected to register the potential sale of new shares after the completion of its merger w/ #DWAC, a #ShellCompany known as a #SPAC.
Trump stands to gain billions… from the merger between TrumpMedia & Tech & the blank-check co [#SPAC] #DWAC, which took the parent company of #TruthSocial public.
The trust’s existence has previously been reported…. However, who controlled the acct, how the trust was connected to Paxum, & how the money had been funneled thru it to TrumpMedia was unknown.
Yes, the company went public. No, it is not a financial success—or even a lifeboat.
Debuting on the charts w/a “DJT” ticker, #TrumpMedia saw a 55% surge in valuation right after markets opened.
Huge influx of cash, right? w/Trump holding ~79M shares, equating to 58% of available stock, the #SPAC debut balloons his #NetWorth by nearly $5B; there were ~136M shares outstanding post-merger.
You may be wondering just whence that staggering #valuation arises,then. There are a couple factors at play—namely, rich friends & retail-level suckers.
…As a #ShellCompany established w/the express purpose of gathering #investments & absorbing them into the minimally operational #TrumpMedia, #DWAC curried investments from all manner of private institutions,most significantly #SIG… meaning #JeffYass, the #Republican#megadonor who’s been floated as potential #treasury sec if #Trump is reelected.
…fresh from a merger w/a cash-rich #ShellCompany… Trump’s #socialmedia co jumped on its 1st day of trading on the #Nasdaq Tues, giving the co an estimated market value of ~$8B…
The biggest beneficiary…has been #Trump, who owns about 60% of #TrumpMedia, making him the largest shareholder. His stake in the co — the parent of TruthSocial, the online platform that is Trump’s main megaphone… — is worth ~$4.6B on paper.