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Digital World Acquisition Corp., the blank-check company looking to take Trump Media and Technology Group public, has changed its listed address to a UPS Store in Miami.
The change from a Miami office building to a UPS address came with DWAC's regulatory filing on Friday disclosing that some investors pulled out tens of millions of dollars.
The company said it had lost $138.5 million of the $1 billion in financing from private investors in public equity, also known as PIPE, to fund Trump Media after the merger. The contractual obligation for those investors to contribute to former President Donald Trump's media company after the deal had expired last Tuesday, allowing them to pull their funding.
One of the former private investors told CNBC that it pulled financing from DWAC because of the many legal obstacles facing the company. The investor, who declined to be named due to the sensitive nature of the matter, was also underwhelmed by the popularity of Trump Media's Truth Social app as measured by Donald Trump's follower counts.
Trump had more than 80 million followers on Twitter. On Truth Social, which he founded after he was banned from Twitter following the Jan. 6, 2021, Capitol insurrection, he has 4.1 million. The app is also currently barred from the Google Play store.
Representatives from DWAC did not immediately respond to a request for comment.
After DWAC failed to garner enough shareholder support to extend its deal deadline earlier this month, CEO Patrick Orlando contributed $2.8 million from his company Arc Global Investments II to push back the deadline to December.
The merger delay comes as Trump Media and DWAC are the subject of a Securities and Exchange Commission probe into whether alleged discussions between the two companies prior to the merger violated securities laws.
Trump himself is also the subject of multiple investigations, including civil allegations of fraud from New York's attorney general, as well as criminal investigations relating to the removal of sensitive documents from the White House, his involvement in the Jan. 6 Capitol insurrection and attempts to influence the outcome of the 2020 presidential election.
DWAC's address change was first reported by the Financial Times.
Shares of DWAC were trading around $17 after hours Monday, down significantly from their $97 peak in March of this year.
#us politics#news#cnbc#digital world acquisition corp#Trump Media and Technology Group#donald trump#ups#Patrick Orlando#truth social#Arc Global Investments II#Securities and Exchange Commission#financial times
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#andy litinsky#truth social#trump crime family#melania trump#donald trump#trump media and technology group
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I burst out laughing whenever people say they think Trump is a "brilliant businessman". 😆😆😆 Maybe MAGA zombies think six bankruptcies equals stable genius.
The closest he ever got to successful businessman is that he sort of portrayed one on TV; and even in The Apprentice franchise the producers had to shoot 300 hours of video just to get 1 hour of usable footage from Trump.
So Trump's ironically named "Truth Social" stock is tanking after being boosted by economically illiterate MAGA fans who bought it to support the Orange Dear Leader.
Shares of Trump Media & Technology Group — the company behind Truth Social — lost 8% on Monday after already losing 12% on Friday.
It's now trading at its lowest level since the company's trading debut on March 26. Trading has been remarkably volatile since its debut, with some big swings.
The sharp declines over the past two days will take a big bite out of Trump's paper gains.
The former president owns a majority stake in the company and his stake was valued at about $2.9 billion on Monday, down from a peak of over $6 billion after its debut on its trading debut.
That's still an eyebrow-raising valuation for former president's stake considering Trump Media lost $58 million last year and had revenue of just over $4 million.
The people who bought Truth Social stock probably have degrees in economics from Trump University. Perhaps Trump will blame the plummeting share prices on Hillary's email server.
#donald trump#truth social#social media#economics#trump media & technology group#trump is a business imbecile#maga zombies get conned again#election 2024#vote blue no matter who
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Trump Media tells shareholders how to block their DJT stock being loaned to short sellers
Jonathan Raa | Nurphoto | Getty Images
Trump Media’s share price rose sharply on Wednesday, by more than 15%, its closing price of $26.40 was still a whopping 63% lower than the price it opened at on March 26.
The stock slumped by 20% last week alone, and then plummeted by more than 18% on Monday and another more than 14% on Tuesday.
The share price Wednesday was nearly 46% lower than its…
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#Breaking News: Markets#Breaking News: Politics#business#business news#Donald Trump#elections#Markets#politics#Social Media#Trump Media & Technology Group Corp
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DWAC-Truth Social Merger: High-Stakes Deal Extends Deadline Amidst Scrutiny
In a dramatic turn of events, Digital World Acquisition Corp. (DWAC) shareholders have voted to extend the deadline for the merger with Trump Media & Technology Group, the owner of Truth Social. Explore the latest news surrounding this high-profile merger and the potential impact on the social media landscape.
#headline horizon#news#latest news#DWAC-Truth Social merger#Trump Media & Technology Group#social media landscape
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Trump prosecutions keep coming.
July 28, 2022
Back in October, WoW described for you one of the twice-impeached conman's lesser-known flimflams (see: "Don's latest con"). That would be the one where he takes his privately owned Trump Media and Technology Group (parent company of the failing social media platform, Truth Social) and merges it with an empty shell company that's publicly traded (in this case, a firm called Digital World Acquisition Corp.), so he can sell shares to gullible MAGA investors.
It's your standard "pump and dump" swindle. And with Trump loudly hyping the deal's announcement last fall, the share price of DWAC skyrocketed to as high as $175. But even before the merger could take place difficulties began cropping up.
As reported by CNBC, Senator Elizabeth Warren (D-MA) informed Securities & Exchange Commission Chair Gary Gensler that
DWAC may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021, while omitting this information in its [SEC] filing and other public statements.
SEC regulators, accordingly, began investigating these possible violations by seeking records of meetings involving the company’s board of directors, its policies and procedures related to trading, as well as the identities of certain investors. According to Forbes, "The focus of the review seems to be on whether the two sides negotiated before DWAC went public, which would be illegal." But things got worse for the tangerine hustler. Last month, a federal grand jury in the Southern District of New York issued subpoenas to the company and each member of its board in connection with the SEC inquiry.
The reason this is such bad news for Donald Trump is that the deal he struck with DWAC gave him virtually unlimited power over the company, allowing him to decide who sits on the board of directors and enabling him to block matters that would normally require stockholder approval. In other words, he bears almost total responsibility for the scheme.
But, true to form, Trump is trying to duck any consequences for his actions. The Sarasota Herald-Tribune reported earlier this month that Trump left the TMTG board shortly before the subpoenas hit (the company claims this is "fake news" and that he's still chairman). Meanwhile, DWAC's stock price has nosedived (it's currently about $31.50), with Trump's investors — as usual — left holding the bag.
It's getting harder and harder to keep track of all the legal proceedings ensnarling the one-term loser. For example, have you heard about the trial coming up in February involving the defamation lawsuit by the woman who accused Trump of sexually assaulting her? Didn't think so.
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How many times can one man rip off followers before the sheep wake up. Most MAGAts can’t afford to support Trump at any level. Since 2016 Trump operatives, RNC operatives, and evangelical charlatans have been telling MAGAts to skip meals so they can donate more money.
I’d feel bad for these feeble minded gullibles if it weren’t for the fact that they want to kill me and those who share my progressive beliefs.
#Trump is broke#republican assholes#traitor trump#Truth Social#trump’s failing media company#crooked donald#traitor#maga morons#grifter#republican values#republican hypocrisy#republican family values#never trump
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Trump's pride and joy, Truth Social tanks after massive share sale. I guess Trump won't get paid from that either!!
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Trump Media & Technology Group, the Truth Social parent company majority-owned by former president Donald Trump, filed a document with the Securities and Exchange Commission this morning that helpfully details all of the ways Trump himself poses a threat to the company and its shareholders.
While the company generated just over $4 million in revenue in 2023, Trump Media’s valuation has fluctuated wildly since going public in March, at one point reaching more than $7 billion. As of this morning, the company was valued at $3.7 billion. Trump Media has become a meme stock, where the stock price is governed more by vibes than traditional financial performance.
The SEC document filed by Trump Media this morning, which announced the public stock offering of 21.5 million shares, also detailed the company’s “risk factors.” These statements are standard for publicly traded companies, and usually include anything from macroeconomic headwinds to worst-case scenarios like earthquakes or terrorist attacks. The filing does include several risk factors that aren’t directly related to Trump, including competition from other social media companies, deficiencies in bookkeeping and accounting, and data privacy laws. And the company has faced multiple lawsuits from early employees of the company, who argue they deserve more shares.
But an entire section is dedicated to Trump-associated risks, making Truth Social’s risk factors unique because they cast Trump’s role as chief promoter and majority shareholder as a threat to the company’s success.
“TMTG may be subject to greater risks than typical social media platforms because of the focus of its offerings and the involvement of President Donald J. Trump,” the company said in the SEC filing. “These risks include active discouragement of users, harassment of advertisers or content providers, increased risk of hacking of TMTG’s platform, lesser need for Truth Social if First Amendment speech is not suppressed, criticism of Truth Social for its moderation practices, and increased stockholder suits.”
Here’s how Trump Media says Trump himself could threaten the company:
Trump’s Legal Issues
Trump Media noted that if Trump “were to discontinue his relationship with TMTG due to death, disability, criminal conviction, incarceration, or any other reason, or limit his involvement with TMTG due to his ongoing candidacy for political office, TMTG would be significantly disadvantaged.”
Trump’s History of Bankruptcy
“Entities associated with President Donald J. Trump have filed for bankruptcy protection in the past,” the company said in the filing, which noted that the Trump Taj Mahal, Trump Plaza, the Trump Castle, the Plaza Hotel, and Trump Entertainment Resorts Inc. had all previously filed for bankruptcy.
“While all of the foregoing were in different businesses than TMTG, there can be no guarantee that TMTG’s performance will exceed the performance of those entities,” the filing said.
Other Companies Refusing to Work With Truth Social
“To date, several potential third-party partners have expressed an unwillingness or reluctance to work on TMTG’s products or provide services for reasons including TMTG’s connection with President Donald J. Trump,” the filing stated.
Trump’s Use of Other Platforms
The company warned that if Trump stopped using Truth Social, its business would be adversely affected.
Trump has an agreement to post all content he deems as “nonpolitical” to Truth Social first, and must wait six hours before posting it on any website. But Trump, as a political candidate, may be able to argue that anything he posts is political content, meaning the company doesn’t have much power if he wants to start tweeting again.
“Consequently, TMTG may lack any meaningful remedy if President Donald J. Trump minimizes his use of Truth Social,” the filing states.
Politically Motivated Hackers
Trump’s involvement makes the company a prime target for hackers, according to the filing.
“TMTG believes that it is a particularly attractive target for such breaches and attacks, including from nation states and highly sophisticated, state-sponsored, or otherwise well-funded actors,” the company said in the filing. “And TMTG may experience heightened risk from time to time as a result of geopolitical events.”
Trump’s Self-Interest
Trump, who owns 57.6 percent of Trump Media, could steer the company to his benefit in a way that might not align with other Trump Media investors.
“President Donald J. Trump will, as a controlling stockholder, be entitled to vote his shares in his own interests, which may not always be in the interests of TMTG’s stockholders generally,” the filing says.
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Former President Donald Trump's media and technology company must turn over information about ex-Congressman Devin Nunes' employment as its chief executive officer, a federal judge ruled on Friday.
The ruling stems from a $75 million defamation lawsuit brought by Nunes, a former Republican U.S. Congressman from California, against Hearst Magazine Media Inc and journalist Ryan Lizza.
U.S. Magistrate Judge William Matthewman in West Palm Beach, Florida, ruled that Trump Media and Technology Group Corp has 10 days to comply with the defendants' subpoena and provide information regarding Nunes' employment as CEO. Trump Media owns Truth Social, Trump's social media startup.
Nunes is suing Hearst and Lizza in Iowa federal court over a 2018 Esquire magazine article, which Lizza wrote, that said the Nunes family dairy cow farm had moved from California to Iowa. The judge's ruling addressed Hearst's bid for information that the media defendants want to use to counter Nunes' claim that the article caused him to suffer reputational harm. Hearst and Lizza have denied Nunes' defamation claims.
Trump's company is not a plaintiff in the case. A lawyer for the company, Scott Allen of Lippes Mathias, did not immediately respond to messages on Monday seeking comment. A spokesperson for Trump's company did not immediately respond to a message seeking comment, and there was no immediate response from Nunes to a request for comment.
Nunes, who joined Trump's media company in January from the U.S. House of Representatives, had been the top Republican on the House Intelligence Committee. A lawyer for Nunes, Steven Biss, did not immediately return a message seeking comment on Monday.
Hearst and Lizza, a former Esquire correspondent who was hired at Politico in 2019, are seeking information that includes Nunes' onboarding at Trump's media company and copies of any employment agreements and contracts. Lizza did not immediately respond to a message seeking comment, and a representative for Politico declined to comment.
Hearst's lawyers said they anticipate the subpoenaed documents will show Nunes "maintains a sterling reputation."
Trump's company argued the requested information was irrelevant to Nunes' defamation case and that complying with the demands would be burdensome.
The 8th U.S. Circuit Court of Appeals last year upheld the dismissal of Nunes' "express" defamation claims but revived allegations of "defamation by implication" based on a tweet Lizza sent in 2019 linking to the Esquire article.
Nathaniel Boyer, a Hearst legal department attorney who argued before Matthewman for Esquire and Lizza, did not immediately respond to requests for comment.
The case is Ryan Lizza and Hearst Magazine Media Inc v. Trump Media & Technology Group Corp, U.S. District Court, Southern District of Florida, No. 9:22-mc-81070-DMM.
FOR PLAINTIFF: Deanna Shullman and Rachel Fugate of Shullman Fugate; Nathaniel Boyer of The Hearst Corporation
FOR DEFENDANT: Alessandro Apolito and Scott Allen of Lippes Mathias
#us politics#news#reuters#donald trump#truth social#trump media and technology group#2022#devin nunes#Hearst Magazine Media Inc#Ryan Lizza#Judge William Matthewman#Esquire#politico
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The contradictions of China-bashing in the United States begin with how often it is flat-out untrue.
The Wall Street Journal reports that the “Chinese spy” balloon that President Joe Biden shot down with immense patriotic fanfare in February did not in fact transmit pictures or anything else to China.
White House economists have been trying to excuse persistent US inflation saying it is a global problem and inflation is worse elsewhere in the world. China’s inflation rate is 0.7% year on year.
Financial media outlets stress how China’s GDP growth rate is lower than it used to be. China now estimates that its 2023 GDP growth will be 5-5.5%. Estimates for the US GDP growth rate in 2023, meanwhile, vacillate around 1-2%.
China-bashing has intensified into denial and self-delusion – it is akin to pretending that the United States did not lose wars in Vietnam, Afghanistan, Iraq and more.
The BRICS coalition (China and its allies) now has a significantly larger global economic footprint (higher total GDP) than the Group of Seven (the United States and its allies).
China is outgrowing the rest of the world in research and development expenditures.
The American empire (like its foundation, American capitalism) is not the dominating global force it once was right after World War II. The empire and the economy have shrunk in size, power and influence considerably since then. And they continue to do so.
Putting that genie back into the bottle is a battle against history that the United States is not likely to win.
The Russia delusion
Denial and self-delusion about the changing world economy have led to major strategic mistakes. US leaders predicted before and shortly after February 2022, when the Ukraine war began, for example, that Russia’s economy would crash from the effects of the “greatest of all sanctions,” led by the United States. Some US leaders still believe that the crash will take place (publicly, if not privately) despite there being no such indication.
Such predictions badly miscalculated the economic strength and potential of Russia’s allies in the BRICS. Led by China and India, the BRICS nations responded to Russia’s need for buyers of its oil and gas.
The United States made its European allies cut off purchasing Russian oil and gas as part of the sanctions war against the Kremlin over Ukraine. However, US pressure tactics used on China, India, and many other nations (inside and outside BRICS) likewise to stop buying Russian exports failed. They not only purchased oil and gas from Russia but then also re-exported some of it to European nations.
World power configurations had followed the changes in the world economy at the expense of the US position.
The military delusion
War games with allies, threats from US officials, and US warships off China’s coast may delude some to imagine that these moves intimidate China. The reality is that the military disparity between China and the United States is smaller now than it has ever been in modern China’s history.
China’s military alliances are the strongest they have ever been. Intimidation that did not work from the time of the Korean War and since then will certainly not be effective now.
Former president Donald Trump’s tariff and trade wars were meang, US officials said, to persuade China to change its “authoritarian” economic system. If so, that aim was not achieved. The United States simply lacks the power to force the matter.
American polls suggest that media outlets have been successful in a) portraying China’s advances economically and technologically as a threat, and b) using that threat to lobby against regulations of US high-tech industries.
The tech delusion
Of course, business opposition to government regulation predates China’s emergence. However, encouraging hostility toward China provides convenient additional cover for all sorts of business interests.
China’s technological challenge flows from and depends on a massive educational effort based on training far more STEM (science, technology, engineering and mathematics) students than the United States does. Yet US business does not support paying taxes to fund education equivalently.
The reporting by the media on this issue rarely covers that obvious contradiction and politicians mostly avoid it as dangerous to their electoral prospects.
Scapegoating China joins with scapegoating immigrants, BIPOCs (black and Indigenous people of color), and many of the other usual targets.
The broader decline of the US empire and capitalist economic system confronts the nation with the stark question: Whose standard of living will bear the burden of the impact of this decline? The answer to that question has been crystal clear: The US government will pursue austerity policies (cut vital public services) and will allow price inflation and then rising interest rates that reduce living standards and jobs.
Coming on top of 2020’s combined economic crash and Covid-19 pandemic, the middle- and-lower-income majority have so far borne most of the cost of the United States’ decline. That has been the pattern followed by declining empires throughout human history: Those who control wealth and power are best positioned to offload the costs of decline on to the general population.
The real sufferings of that population cause vulnerability to the political agendas of demagogues. They offer scapegoats to offset popular upset, bitterness and anger.
Leading capitalists and the politicians they own welcome or tolerate scapegoating as a distraction from those leaders’ responsibilities for mass suffering. Demagogic leaders scapegoat old and new targets: immigrants, BIPOCs, women, socialists, liberals, minorities of various kinds, and foreign threats.
The scapegoating usually does little more than hurt its intended victims. Its failure to solve any real problem keeps that problem alive and available for demagogues to exploit at a later stage (at least until scapegoating’s victims resist enough to end it).
The contradictions of scapegoating include the dangerous risk that it overflows its original purposes and causes capitalism more problems than it relieves.
If anti-immigrant agitation actually slows or stops immigration (as has happened recently in the United States), domestic labor shortages may appear or worsen, which may drive up wages, and thereby hurt profits.
If racism similarly leads to disruptive civil disturbances (as has happened recently in France), profits may be depressed.
If China-bashing leads the United States and Beijing to move further against US businesses investing in and trading with China, that could prove very costly to the US economy. That this may happen now is a dangerous consequence of China-bashing.
Working together (briefly)
Because they believed it would be in the US interest, then-president Richard Nixon resumed diplomatic and other relations with Beijing during his 1972 trip to the country. Chinese chairman Mao Zedong, premier Zhou Enlai, and Nixon started a period of economic growth, trade, investment and prosperity for both China and the United States.
The success of that period prompted China to seek to continue it. That same success prompted the United States in recent years to change its attitude and policies. More accurately, that success prompted US political leaders like Trump and Biden to now perceive China as the enemy whose economic development represents a threat. They demonize the Beijing leadership accordingly.
The majority of US mega-corporations disagree. They profited mightily from their access to the Chinese labor force and the rapidly growing Chinese market since the 1980s. That was a large part of what they meant when they celebrated “neoliberal globalization.” A significant part of the US business community, however, wants continued access to China.
The fight inside the United States now pits major parts of the US business community against Biden and his equally “neoconservative” foreign-policy advisers. The outcome of that fight depends on domestic economic conditions, the presidential election campaign, and the political fallout of the Ukraine war as well the ongoing twists and turns of the China-US relations.
The outcome also depends on how the masses of Chinese and US people understand and intervene in relations between these two countries. Will they see through the contradictions of China-bashing to prevent war, seek mutual accommodation, and thereby rebuild a new version of the joint prosperity that existed before Trump and Biden?
This article was produced by Economy for All, a project of the Independent Media Institute, which provided it to Asia Times.
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Trump Media shares plunge 11% after company files to issue additional DJT stock
This photo illustration shows an image of former President Donald Trump reflected in a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022.
Stefani Reynolds | AFP | Getty Images
Shares of Trump Media plunged more than 11% on Monday after the company filed to issue millions of additional shares of stock.
Trump Media’s dramatic slide came as Donald Trump…
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#Breaking News: Markets#Breaking News: Politics#business news#Crime#Donald Trump#politics#Stock markets#Trump Media & Technology Group Corp
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At the end of this clip, there is a mention of just how smart Marjorie Traitor Gangrene is.
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Donald Trump's social media company Truth Social completed a merger Friday morning that could net the former president over $3 billion.
Shareholders of Digital World Acquisition Corporation -- a special purpose acquisition company -- approved a merger with Trump Media & Technology Group, which owns Truth Social.MORE: New York AG takes 1st step toward possibly seizing Trump's assets as part of $464M fraud judgment
The company can begin trading as a public company, with the stock symbol DJT on Nasdaq, as early as next week.
Shares in DWAC currently stand around $40 per share.
With Trump owning 58.1% of the common stock in the company, the former president stands to make over $3 billion from the deal depending on how the stock ultimately trades. Experts say it represents a staggering valuation for a social media company that ranks below major competitors like Facebook, X, and TikTok.
However the deal currently includes a lockout provision that prevents Trump from immediately selling or getting loans based on his shares -- potentially limiting Trump's ability to use the windfall as collateral for a bond in his $464 million civil fraud judgment.
Trump faces a Monday deadline to secure a financial guarantee to cover the judgment, after a New York judge in February ordered him to pay $464 million in disgorgement and pre-judgment interest when he found the former president and his adult sons liable for using "numerous acts of fraud and misrepresentation" to inflate his net worth in order to get more favorable loan terms.
Trump has denied all wrongdoing and has appealed the decision in the case.
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