An April SEC filing for Trump Media reveals new details on early investors in Trump’s company - including ex FL AG Pam Bondi who owns 100,000+ shares worth several million dollars and her brother advised on the deal.
A new name in the Trump Media Apr S-1 Registration Statement is lawyer Michael Milkersen with 300,000+ shares (and several hundred thousand founder and ARC shares) making him one of the largest investors. It's not clear how he became involved in the deal.
A new name in the alternative financing group is 'Washington Muse Investments SPC' which has a Cayman Islands address and owns 4,166,666 shares and 1,388,888 warrants, making it one of the top owners - but there is almost no public info on this company.
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.
@Nonilex
There were multiple negative reports over the weekend regarding tfg's "scam social" stockholders utter displeasure with it's performance, or lack of! Sure is showing up today!
🤣
@Nonilex Truth Social is nothing but a Mastodon instance which has not federated.
Its revenue is akin to that of a moderately-sized local business, which would suggest a value in the hundreds of thousands (maybe low millions?), not in the billions.
But Truth is both (1) shrinking, and (2) losing 10x more than it's taking in, so in reality, its liquidation value (they claim $200m cash on hand) is probably higher than its value as an ongoing business.
"Watching Trump sell his swindle about migrants, it occurred to me that those suckered by the Trump Media IPO got a better deal, relatively speaking. Those who bought “DJT” shares lost only their shirts. But those who have been snookered into seeing migrants as diseased animals have lost part of their souls." https://www.washingtonpost.com/opinions/2024/04/05/trump-swindle-crowd-green-bay-rally/
🔥 🔥 🔥
"Now that Trump plans to surrender Ukraine to Russia, it seems inappropriate to have a major airport named after a fierce Cold Warrior such as John Foster Dulles, secretary of state in the Eisenhower administration. But couldn’t Reschenthaler cut out the middleman and just name the airport Putin International?"
🔥 🔥 🔥 https://www.washingtonpost.com/opinions/2024/04/05/trump-swindle-crowd-green-bay-rally/
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.
But #TrumpMedia almost didn’t make it to the merger after #regulators opened a #securities investigation into it in 2021 & caused the co to burn through cash at an extraordinary rate as it waited…for its IPO.
The situation led TrumpMedia to take emergency #loans, incl’g from an entity called #ESFamilyTrust, which opened an acct w/ #PaxumBank, a small bank registered on the #Caribbean island of #Dominica best known for providing #financial services to the #porn industry.
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.
Trump Media saved in 2022 by Russian-American under criminal investigation
Last year The Guardian reported on $8 million loans made in 2022 to Trump Media that went through Paxum Bank from ES Family Trust run by Anton Postolnikov, nephew of Putin ally Aleksandr Smirnov
Today's story adds new info, including that loans had promissory notes that would put ES Family Trust stake in Trump Media at $20-$40mil
Trump's #lawsuit claims that Litinsky & Moss, who were both contestants on Trump’s reality-TV show “The Apprentice,” mishandled an attempt to take Trump Media public several years ago, allegedly putting the whole project “on ice” for >1½ yrs.
[how much you wanna bet he trying to find a way around the 6 month lock up provision?]
Can we quit saying “A fellow #billionaire helped bail #donaldtrump out”? #Trump is not a fucking billionaire. If you believe otherwise, you are too stupid to have a say in our #democracy.
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.
…both #TrumpMedia & #DWAC are facing 3 lawsuits, incl’g 1 from 2 #TruthSocial co-founders & fmr Apprentice contestants who allege #Trump purposefully stiffed them on a company stake. That #litigation isn’t going to die down in the midst of a #MemeStock craze.
By the end of Tues, the stock had dropped from its 55% surge down to 16% up from pre-market levels…it hasn’t returned anywhere near close to that peak…. people will keep on trading $DJT. It just isn’t going to help Trump anytime soon.
…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.
¿ Trump’s Net Worth Hits $6.5B, Making Him One of Bloomberg’s World’s 500 Richest People¿ [several caveats to this]
#Trump’s business empire was supposed to be in peril like never before on Mon. Instead, it turned into the single-greatest day on record for his wealth.
#TrumpMedia merger wins investor approval, netting #Trumppotential windfall
TFG will own ~60% of #TruthSocial, which at its current share price would be worth ~$3.3B.
A lockup agreement will prevent him from selling the shares for 6 months.
A long-delayed move that will open the owners of TruthSocial to stock-market investors & grant Trump a stake worth billions he could use to pay down his #legal#debts.
The vote Fri by investors in #DWA authorized the #SPAC, to merge w/ #TrumpMedia & #Tech Grp as part of a process that will avoid a more traditional #IPO. #Trump will own ~60%, which at DWA’s current share price would be worth ~$3.3B. He & other investors could earn tens of millions more shares through an “earnout” provision tied to the stock’s performance, DWA said in an #SEC filing.
The merger will net TrumpMedia $300M that DWA initially raised from investors.
@Darryl there will be a new board post merger. Also the shareholders to agree to the merger, contractually stipulated a 6 month waiting period post public offering for major shareholders to sell to ensure that they weren’t left holding worthless shares. Good reason too - if Trump sell out, then the company stock plummets. Though there’s an argument to be made that the same is true if he’s in jail. A compromise may be to let him sell some shares & get the rest of the $ elsewhere.
#TrumpMedia, launched after an #insurrection, faces rebellion
4 suits involving the founding boosters of #TruthSocial threaten #Trump’s grasp on a massive financial haul
When #TMTG & its proposed merger ptr, #DWA, announced last month a shareholder vote on their long-delayed deal, it marked a final step for the owner of TS to become a public co potentially worth billions —most of which is owned [how much he can sell is limited] by Trump.
But in the lead-up to Friday’s vote, both companies have been rocked by #legal warfare. Their leaders, past & present, have traded heated accusations of deception & impropriety across 4 lawsuits in 3 states. And the cases threaten to erode #Trump’s grasp on a stake in the post-merger company potentially worth hundreds of millions of dollars — a possible financial lifeline, given that he owes >$500M in #legal fines.