The parent company of Donald Trump's Truth Social platform, Trump Media & Technology Group, saw its stocks plummet by 18% after filing to potentially increase the number of shares for sale, causing its value to decrease by hundreds of millions of dollars. The company's stock has been on a downward spiral since going public, with the market value dropping from $8 billion to $3.7 billion. Financial concerns were raised as the company reported a loss of over $58 million and minimal revenue, raising doubts about its future viability.
Shares of Trump Media & Technology Group, the owner of Truth Social, dropped by 12% to $40.49, their lowest level since going public on the Nasdaq under the ticker symbol DJT last week. The selloff has erased nearly $2 billion from Donald Trump's stake in the company this week. Despite the recent losses, Trump Media shares have still increased by over 130% this year. The company recently disclosed a loss of $58 million in 2023 on revenue of $4.1 million, leading to concerns about overvaluation by Wall Street analysts, with some likening it to 'meme' stocks like GameStop.
Shares of Trump Media & Technology Group have dropped by 10% on Monday, leading to a significant decrease in former President Donald Trump's stake to about $2.9 billion from a peak of $5.2 billion. The company, including Truth Social, has faced financial challenges, losing $58 million in 2023 on minimal revenue. Despite the losses, shares have doubled in value this year, with Trump Media and its merger partner valued at $8 billion initially. CEO Devin Nunes remains optimistic, emphasizing the company's unique offerings and positioning against 'Big Tech' companies.
Shares of Trump Media & Technology Group closed 16% higher on its first day of trading, reaching $57.99 per share and giving the company a market capitalisation of nearly $8 billion. The social media platform Truth Social was launched by Donald Trump after he was banned from mainstream platforms. Trump holds a nearly 60% ownership stake in the company, valued at about $4.6 billion. Despite operating losses of $10.6 million for the first nine months of 2023, the company experienced a successful market debut. Trump faces legal challenges and financial pressures, including a reduced bond payment decision by a New York court.
Shares of Trump Media & Technology Group fell by 8% on Monday, reducing Donald Trump's stake value in the company to $2.9 billion. The stock's decline of 40% in April follows the company's disclosure of significant losses and financial struggles. With a market value of around $5.55 billion, Trump's stake has decreased from $6 billion last month. Short-sellers have profited from the stock's downfall, despite facing losses earlier in the year.
Former President Donald Trump's Truth Social network is poised to go public through a merger with Digital World Acquisition Corp., potentially giving Trump stock worth billions of dollars. Trump is expected to own the majority of the new company, with the stock trading under the ticker symbol DJT. Trump faces financial burdens, including a $454 million judgment in a fraud lawsuit, and a six-month lock-up agreement on selling his shares. Despite generating modest revenue, the stock value of Truth Social could significantly benefit Trump financially.
Former President Donald Trump's media company, Trump Media & Technology Group, the owner of Truth Social, is on the brink of going public with shares worth over $3 billion if shareholders approve the merger with Digital World Acquisition Corp. However, experts believe this windfall may not solve Trump's financial woes as he faces a looming $464 million bond deadline in a civil fraud case. Despite potential challenges, the merger could lead to Trump owning a significant stake in the public company if approved by shareholders, with trading expected to begin shortly after the merger's closure.
Trump Media & Technology Group, featuring Truth Social, will start trading on Nasdaq after shareholders approved a merger with Digital World Acquisition Corp. Former president Donald Trump is poised to own 79 million shares worth nearly $3 billion. The company's stock will trade under the symbol DJT. Despite low revenue and high losses, its market valuation exceeds $5 billion. Investors are cautioned about Trump's track record of business failures and the possibility of him selling shares to cover legal expenses, which could impact stock prices.
Former President Donald Trump's new company, Trump Media & Technology Group, is now trading under the stock ticker symbol DJT on the Nasdaq exchange, with its main product being the social media app Truth Social. Trump's previous publicly traded company, Trump Hotels and Casino Resorts, faced financial struggles and bankruptcies despite Trump profiting personally. Trump Media's valuation at $6.7 billion seems disproportionate to its business performance, with low revenue and high losses. Trump cannot sell his shares for six months post-merger due to a lockup provision.
Trump Media & Technology Group (TMTG), also known as T Media Tech LLC, is an American media and technology company founded in 2021 by former U.S. president Donald Trump. In October 2021, the company announced a proposed merger agreement with Digital World Acquisition Corp (DWAC), a publicly traded special-purpose acquisition company. Trump owned about 90% of the company in April 2023. Since January 2022, former U.S. representative Devin Nunes has served as the company's chief executive officer. In February 2022, TMTG launched the social network Truth Social. Trump reported in an April 2023 personal financial disclosure that he had made less than $201 from TMTG.A November 2023 DWAC financial disclosure indicated TMTG had generated losses such that management had "substantial doubt" about its ability to pay its bills, and the company's accounting firm had "substantial doubt" about the company's ability to remain in business.
Truth Social (stylized as TRUTH Social) is an alt-tech social media platform created by Trump Media & Technology Group (TMTG), an American media and technology company founded in October 2021 by former US president Donald Trump. It has been called a "Twitter clone" that competes with Parler, Gab, and Mastodon in trying to provide an alternative to Twitter and Facebook. Truth Social uses Mastodon as its backend.The service was launched on February 21, 2022. Since mid-2022, Truth Social has been facing financial and regulatory issues. The application was initially not available on Google Play because of violations of Google policies prohibiting content with physical threats and incitement to violence, but was approved for Google Play in October 2022 after agreeing to enforce policies against incitement.As of March 6, 2023, it was ranked number 101 in Apple's App Store rankings for social media apps, and SimilarWeb ranked its website as number 203 in their "News & Media Publishers" category, behind Gab at number 154, but ahead of Parler at number 1,052. Trump estimated in an April 2023 personal financial disclosure that the site's value ranged from $5 million to $25 million.Digital World Acquisition Corporation, the special-purpose acquisition company formed to fund Truth Social's parent company TMTG and take it public, disclosed in October 2023 that it was refunding to investors the $1 billion it had raised for TMTG. A November 2023 financial disclosure by DWAC indicated that Truth Social had made a cumulative loss of at least $31.5 million since its inception.
Trump Media & Technology Group, led by former President Donald Trump, filed a lawsuit against co-founders Andy Litinsky and Wes Moss seeking to eliminate their stakes in the company. Litinsky and Moss face allegations of reckless and wasteful decisions that caused significant damage to the multi-billion dollar company. Litinsky and Moss had previously filed a lawsuit against Trump, claiming he planned to dilute their stake. Trump owns a majority of shares in Trump Media, which went public and saw its stock price fluctuate, experiencing a significant increase at launch.
Despite receiving glowing reviews from some users like Nick Mirtschink and Bree Duke at a recent rally, Truth Social, Donald Trump's social media platform, is facing challenges in gaining a broader user base with only around 860,000 active accounts as of November. Despite this, a merger approved by Digital World Acquisition Corp with Trump Media & Technology Group is projected to bring a significant financial gain for Trump, providing a potential avenue for his return to Wall Street under the ticker DJT.
Former President Donald Trump's media business, Trump Media & Technology Group (TMTG), will start trading on the Nasdaq stock market under the ticker symbol DJT after merging with Digital World Acquisition Corp. Trump is expected to own nearly 79 million shares of the combined company, with a potential stake value of around $3 billion. Shares of Digital World Acquisition surged 26% after the merger approval, offering a significant windfall for Trump amidst legal challenges and his involvement in the 2024 U.S. presidential elections.
Former CEO of Digital World Acquisition Corp. (DWAC) sues successor, Eric Swider, alleging hacking and coup plot to replace him as CEO of the company that merged with Trump Media & Technology Group. Swider denies allegations of orchestrating a coup and hacking Orlando's accounts with the help of a former assistant. Legal disputes and messy events characterize Trump Media's rocky path to going public after DWAC settled fraud charges and faced criticisms of being a meme stock.
The Trump Organization is an American privately-owned conglomerate owned by Donald Trump. It serves as the holding company for all of Trump's business ventures and investments, with around 250 of its affiliates and subsidiaries using the Trump name. Donald Trump joined the organization in 1968, began leading it in 1971, renamed it around 1973, and handed off its leadership to his children in 2017 after he won the 2016 United States presidential election. The Trump Organization, through its various constituent companies and partnerships, has or has had interests in real estate development, investing, brokerage, sales and marketing, and property management. Trump Organization entities own, operate, invest in, and develop residential real estate, hotels, resorts, residential towers, and golf courses in various countries. They also operate or have operated in construction, hospitality, casinos, entertainment, book and magazine publishing, broadcast media, model management, retail, financial services, food and beverages, business education, online travel, commercial and private aviation, and beauty pageants. Trump Organization entities also own the New York television production company that produced the reality television franchise The Apprentice. Retail operations include or have included fashion apparel, jewelry and accessories, books, home furnishings, lighting products, bath textiles and accessories, bedding, home fragrance products, small leather goods, vodka, wine, barware, steaks, chocolate bars, and bottled spring water.Since the financial statements of the Trump Organization's holdings and Donald Trump's personal tax returns are both private, its true value is not publicly known, though a wide range of estimates have been made. Trump has publicly released little definitive financial documentation to confirm his valuation claims. On several occasions, Trump has been accused of deliberately inflating the valuation of Trump Organization properties through aggressive lobbying of the media (in particular the authors of the annual Forbes 400 list) to bolster his perceived net worth.By 2019, the Trump Organization was being scrutinized by New York investigators for possible financial fraud. In July 2021, New York prosecutors charged the organization with 10 counts in an alleged 15-year tax avoidance scheme. In November, The Washington Post reported that between 2011 and 2015 the organization presented several properties as being worth far more to potential lenders than to tax officials. In August 2022, the organization's chief financial officer, Allen Weisselberg, pleaded guilty to committing more than a dozen felonies, including criminal tax fraud and grand larceny. In September 2022, New York Attorney General Letitia James announced a civil lawsuit against the organization. A separate criminal case by the Manhattan district attorney was brought to trial in October; on December 6, the organization was convicted on 17 criminal charges.In September 2023, the judge presiding over the civil suit ruled that Trump, his adult sons and the organization repeatedly committed fraud and ordered their New York business certificates canceled and their business entities sent into receivership for dissolution in what has been described by observers as a "corporate death penalty". Trump and the organization were ordered to pay nearly $355 million before interest in February 2024, with further restrictions placed on the Trump Organization's business certificates, and on both Trump and his adult sons' ability to do business in New York.
Trump Entertainment Resorts, Inc. was a gambling and hospitality company. The company previously owned and operated the now-demolished Trump Plaza and Trump World's Fair (both in Atlantic City), the now-closed Trump Marina, Trump Casino & Hotel in Gary, Indiana, Trump 29 in Coachella, California, and Trump Taj Mahal in Atlantic City. It was founded in 1995 as Trump Hotels & Casino Resorts by Donald Trump, who after 2004 held only a minority ownership. The company filed for bankruptcy in 2004, 2009 and 2014. It became a subsidiary of Icahn Enterprises in 2016. Since then, all of the company's properties have been closed and sold.
Digital World Acquisition Corp (DWAC), is an American special-purpose acquisition company, founded in 2021. In October 2021, the company announced a proposed merger agreement with Trump Media & Technology Group, the owner of Truth Social.
Donald Trump's use of social media attracted attention worldwide since he joined Twitter in May 2009. Over nearly twelve years, Trump tweeted around 57,000 times, including about 8,000 times during the 2016 election campaign and over 25,000 times during his presidency. The White House said the tweets should be considered official statements. When Twitter banned Trump from the platform in January 2021 during the final days of his term, his handle @realDonaldTrump had over 88.9 million followers. On November 19, 2022, Twitter's new owner, Elon Musk, reinstated his account, although Trump has stated he will not use it in favor of his own social media platform, Truth Social. The first tweet since 2021 was made in August 2023 about his mugshot from Fulton County Jail, but the account has since remained inactive.For most of Trump's presidency, his account on Twitter, where he often posted controversial and false statements, remained unmoderated in the name of "public interest". Congress performed its own form of moderation: on July 16, 2019, the House of Representatives voted mostly along party lines to censure him for "racist comments" he had tweeted two days previously. In the face of this political censure, his tweets only accelerated. An investigation by The New York Times published November 2, 2019, found that, during his time in office to date, Trump had already retweeted at least 145 accounts that "have pushed conspiracy or fringe content, including more than two dozen that have since been suspended." In 2020, Trump also spread misinformation about the COVID-19 pandemic.During his 2020 reelection campaign, he falsely suggested that postal voting or electoral fraud may compromise the election, prompting Twitter to either remove such tweets or label them as disputed. After his election loss, Trump persistently undermined the election results in the weeks leading to Joe Biden's inauguration. His tweets played a role in inciting the January 6, 2021, attack of the US Capitol during the formal counting of electoral votes. Though the Senate eventually acquitted Trump during his second impeachment, social media companies swiftly banned him. Facebook and Instagram banned him for two years. Twitter permanently suspended his @realDonaldTrump handle, followed by the official account of his campaign (@TeamTrump) and the accounts of allies who posted on his behalf, like Trump campaign digital director Gary Coby. Twitter also deleted three tweets by Trump on the @POTUS handle and barred access to the presidential account until Joe Biden's inauguration. During the first week that Trump was banned on several platforms (January 9–15), election-related misinformation declined 73 percent, according to research analytics firm Zignal Labs.As Trump continued to issue brief statements, his spokesperson Liz Harrington tweeted screenshots of them under the Save America logo from June 2021 to June 2022. Since then, however, her Twitter handle @realLizUSA has been infrequently used. She said she would move to Truth Social, a Trump-affiliated social media application that launched on February 21, 2022.On April 4, 2023, at his arraignment hearing, Trump was warned by Acting New York Supreme Court Justice Juan Merchan not to use social media to incite violence.
Billionaire entrepreneur Mark Cuban disclosed a tax debt of $275.9 million, opting to pay what he owes to the IRS. Cuban, worth $5.4 billion, emphasized the importance of paying taxes patriotically. He critiqued former President Trump's tax practices, highlighting his own compliance and contributions to the country. Cuban also shared insights on tax strategies, cautioning against risky schemes, and reflected on his business investments. In contrast, Trump's financial challenges include legal debts and tax controversies, with reports of minimal tax payments. Trump's recent business ventures, like Trump Media & Technology Group, met fluctuations in stock performance.
Michael Shvartsman and his brother Gerald Shvartsman pleaded guilty to securities fraud for insider trading related to Trump Media & Technology Group's public debut through a merger with a blank-check company. The Shvartsmans made $22 million in illegal profit by trading on nonpublic information and are scheduled to be sentenced on July 17, facing a maximum possible sentence of 20 years in prison.
Washington Post
Business Insider
https://www.theguardian.com/profile/nick-robins-early
NY Post
Yahoo! News
Yahoo! News
Neirin Gray Desai Consumer
CBS News
ABC News
ABC News
Yahoo! News
Yahoo! News
The Huffington Post
The Verge
PANORA
PANORA
PANORA
PANORA
PANORA
PANORA
PANORA
PANORA
Wikipedia
Wikipedia
PANORA
PANORA
PANORA
PANORA
Wikipedia
Wikipedia
Wikipedia
Wikipedia
PANORA
PANORA