Why don't you ask Trump... because Donnie Boy is so upset about what Kimmel said on his late night comedy show that Trump sent a latter demanding that Kimmel retract what he said about Truth Social. of course, the response was Kimmel mocking Truth Social further -- because Trump's website seemly can't deal with the truth that it is an abysmal failure. By the way... the SEC wants to have a few words with some Truth Social executives about the amended S-4 filing which changed the numbers. Apparently the SEC wants to know who to charge with fraud.
So let's see how this works. 1) Publish a financial statement. 2) The media reports on the numbers in your financial statement. 3) You file an amended financial statement with different numbers. 4) You sue the media companies who reported on your earlier financial statement. Surely all the other companies will get on with this scheme to extract money from media companies. They forgot about step 5 -- the SEC wants to know which executives to arrest for reporting false financial information. Trump’s Truth Social Parent Company Sues 20 Media Outlets https://finance.yahoo.com/news/trump-truth-social-parent-company-035218020.html
Let's take a look at Trump's Truth Social Russian connection. Putin-connected businessman loaned $8M to Trump entity involved in alleged insider trading https://www.alternet.org/putin-businessman-trump-entity/ A Russian businessman based in South Florida may have made millions off of insider trading in a scheme involving the parent company of former President Donald Trump's Truth Social platform. The Miami Herald reported Wednesday that investor Anton Postolnikov — the nephew of a former staffer to Russian President Vladimir Putin — is mentioned in court documents from a 2023 New York securities fraud case prosecutors brought against three men from South Florida. Gerald and Michael Shvartsman, along with accomplice Bruce Garelick, allegedly pocketed $23 million from insider trading involving a 2021 merger between Trump Media and Technology Group and the Miami, Florida-based Digital World Acquisition Corp. Garelick and the Shvartsman brothers are accused of sharing non-public information with friends and colleagues in order to maximize their gains from the deal. Documents show Postolnikov loaned $8 million to Trump's company through a Caribbean bank he owns that frequently works with the pornography industry. While neither Trump nor Postolnikov are facing any allegations of wrongdoing from the deal, the Herald reported that prosecutors could tack on more charges in a subsequent indictment. However, it remains unclear if Postolnikov will be added as an additional defendant. A separate filing by Tai Park — the defense attorney representing Michael Shvartsman — suggests that his client could face new charges of money laundering in response to his efforts to conceal his alleged insider trading profits. Meanwhile, Garelick, who sat on the board of Digital World Acquisition Corp, is accused of making $50,000 from the merger in his work for Shvartsman's company, Rocket One Capital. Digital World is a special purpose acquisition company, or SPAC, which is often used as a vehicle for entities seeking to become publicly traded companies, as it involves less regulatory oversight than a traditional initial public offering (IPO). The Herald reported that months before the merger was announced, Garelick wrote a message to Postolnikov that read "Anton, Good times last night! Following up on that Trump Media Group SPAC we mentioned. The deal is going to finalize this week. Please let us know if you are interested in investing." The murky details of the merger may be partially why the deal has yet to be approved by the US Securities and Exchange Commission after being on hold for more than two years. As a result of that delay, Trump Media and Technology Group has bled approximately $1 billion in investment commitments as of fall 2023. in the first three quarters of 2023, the company only posted $3.4 million in total revenue, which is far behind competing social media companies like Facebook and X/Twitter. University of Florida business professor Jay Ritter — an expert on publicly traded companies — told the Herald that the fact that the merger is still on hold is "pretty unprecedented." He also likened the SPAC's performance to a "meme stock," in which social media sentiment drives a stock's performance more than other traditional business metrics.
Donald Trump's Truth Social Clears Final Hurdle to Become Publicly Traded Company Trump's shares in the company will be worth about $4 billion at current prices. https://gizmodo.com/donald-trump-truth-social-clears-hurdle-publicly-traded-1851260973 The Securities and Exchange Commission (SEC) gave the green light on Thursday for a merger between Donald Trump’s social media company and the special purpose acquisition company that will allow it to become a publicly traded company, according to a new report from the Wall Street Journal. The SEC declared effective the Registration Statement on Form S-4 for the proposed business combination between Trump Media and Technology Group and Digital World Acquisition Corp after long delays. The merger was first proposed in late 2021 but had been hindered by investigations by the SEC and the U.S. Department of Justice. Trump will hold more than 78 million shares in the newly created company, a 58.1% stake, which is worth about $4 billion at just over $50 per share as of Thursday afternoon. DWAC’s stock soared 30% on the news of the merger approval Thursday morning, though fell approximately 15% throughout the day. The stock has surged 124% since a month ago when Trump won the Iowa caucuses, besting his closest opponent, former South Carolina governor Nikki Haley, by double digits. While Haley has pledged to remain in the race, Trump is still considered the favorite to become the Republican nominee for president this year despite several criminal indictments at both the state and federal level. The new company’s current valuation is somewhere in the neighborhood of approximately $7 billion at the current stock price, an astounding figure for a company with relatively few active users. Truth Social has less than 1 million active users, according to CNN. Trump’s messages on the platform are widely distributed across other networks, which, paradoxically, somewhat reduces the need for some people to join Truth Social to read Trump’s messages. The former president was suspended from major social media platforms such as Facebook and Twitter after the events of January 6, 2021. And while both platforms have said he can return, Trump has opted to stay exclusively on Truth Social. The big selling point of Truth Social is the fact that it’s when Trump posts exclusively, but the CEO of the platform is doing his best to try to convince potential users it’s the only company that cares about free speech. “Truth Social was created to serve as a safe harbor for free expression and to give people their voices back. Moving forward, we aim to accelerate our work to build a free speech highway outside the stifling stranglehold of Big Tech,” the CEO of Trump Media and Technology Group Devin Nunes said in a statement filed with the SEC. Nunes, a former Republican congressman from California, sued Twitter over two parody accounts that were making fun of him. The court dismissed Twitter from the case in June 2020.
Imagine that... Trump trying to rip people off. Truth Social co-founders accuse Trump of trying to rip them off in merger https://www.rawstory.com/truth-social-merger/ The co-founders of Donald Trump's media company accused the former president of scheming to lock them out of a stake in the company potentially worth millions of dollars. Trump Media & Technology Group, which owns Trump's Truth Social platform, is trying to merge with a special purpose acquisition company called Digital World Acquisition and go public. If the merger is successful, the company could be valued at more than $3 billion. As The Washington Post points out, Andy Litinsky and Wes Moss met Trump as contestants on his reality show “The Apprentice" and pitched him the idea of a social media platform after he was banned from Twitter, now branded as X. Trump was given 90 percent of the company. The co-founders took 8.6 percent, while an attorney on the deal, Bradford Cohen, was given the remaining 1.4 percent, according to a lawsuit filed by the pair. "[United Atlantic Ventures] launched the Trump Media business, hired employees and raised funding while receiving no 'fee or payment for its work,' the motion said," according to the Post. "And though Litinsky and Moss left Trump Media that year amid a dispute with its current leadership, UAV retained its shares, according to a Securities and Exchange Commission filing this month from Digital World." According to a motion filed by UAV's attorneys, Trump was to receive 78 million shares worth $3.5 billion after the merger. But UAV says Trump tried to “drastically dilute” the co-founders' stake in an “11th hour, pre-merger corporate maneuvering” tactic and that the “dilution scheme” had “no legitimate business purpose." UAV was “promised 8.6 percent of this company and sadly its business partners are baselessly trying to renege,” the partnership’s lead attorney, Christopher J. Clark of Clark Smith Villazor, 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.” Read the full report over at The Washington Post.
there is a bit of divine justice in Dump being a thieving asshole to everyone that dares involve themselves w/him.
this is 2024 how f********ing stupid do you have to be to STILL make any deals with that stinky shitbag ... ?!?