This is just plain ‘nuts’…..
Trump Media has just made it a public company….
As I expected?
The face book valaue of the stock has ALREADY dropped 13% ….
Trump will own 60%…..
Trump could have to wait for 6 months to money out from this….
(The stock could junk bond amounts of pennies per share)
Trump IS under the thumb of the court with his finances….
Remember Donald Trump’s LAWYERS said he could NOT pay the money?
Hmmmmm?
On Monday ?
The answer to the bond payment HAS TO BE Made…..
Donald Trump claimed on Friday to have almost a half-billion dollars in cash but said he’d rather spend it on his presidential run than on the $454 million civil fraud judgment against him in New York. The former president vowed to fight the verdict “all the way up to the U.S. Supreme Court if necessary” as the state gears up to potentially seize some of his assets if he doesn’t pay the hefty tab.
Trump has been trying to get a state appeals court to excuse him from a requirement that he provide financial guarantees showing he’s good for the money while he appeals the staggering verdict. He didn’t provide any documentation for his cash claim, and his lawyers have suggested it’s not feasible to tie up so much cash on a bond while also keeping his businesses running and meeting other obligations.
A Manhattan judge in February found that Trump repeatedly lied about his wealth on financial statements given to banks and others to secure loans and make deals. The judge ordered him to give up profits from certain real estate deals and money he saved by obtaining lower interest rates on loans. Trump denies that he tried to deceive anyone.
As recently as Thursday, Trump’s lawyers reiterated in court filings that they were having difficulty obtaining a bond covering the judgment because underwriters insisted on cash, stocks or other liquid assets instead of real estate as collateral. More than 30 bonding companies rejected their entreaties, they said….
…
Trump, a Republican, has never before suggested that he would contribute to his own 2024 campaign and has been soliciting contributions from outside donorssince before he left the White House. When he ran in 2016, Trump repeatedly claimed that he was self-funding his campaign, even though he relied on donor funds.
“I don’t need anybody’s money,” he said in his announcement speech in 2015. “I’m using my own money. I’m not using the lobbyists, I’m not using donors. I don’t care. I’m really rich.”
In the end, Trump ended up spending about $66 million of his own cash in loans and contributions on that race — far less than the $100 million he frequently promised….
…
Trump’s substantial personal wealth likely grew even more Friday when shareholders of a publicly traded shell company approved a deal to merge with his media business, which operates the social networking site Truth Social. Based on Thursday’s stock price, Trump’s stake in the company could be worth more than $3 billion, though rules could potentially prevent him from selling newly issued shares for at least six months….
Note….
The biggest institutional investor in the SPAC that’s merging with Truth Social is a hedge fund co-founded by Republican megadonor Jeffrey Yass, CREW reports.
The deal is poised to give Donald Trump a $3.5 billion windfall.
Yass’s firm is also a major investor in ByteDance, the company that owns TikTok.
(TikTok and the Chinese?)