Truth Social
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https://www.cnbc.com/2024/02/29/trump-media-sued-over-dwac-merger-share-dilution.html
- Former President Donald Trump was accused in a lawsuit of trying to “drastically dilute” the value of stock shares in his social media company.
- United Atlantic Ventures alleges that Trump Media & Technology Group engaged in “wrongful 11th hour … maneuvering” to dilute UAV’s minority stake in the media company.
- The Delaware Chancery Court lawsuit comes in advance of a planned merger of TMTG with a shell company called Digital World Acquisition Corp.
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Important shareholder meeting today to decide the fate of the Digital World and Trump Media merger:
https://www.investors.com/news/dwac-stock-trump-media-merger-vote-donald-trump-needs-cash/
But lawsuits galore:
https://wapo.st/3x6nNrrBut in the lead-up to Friday’s vote, both companies have been rocked by legal warfare. Their leaders, past and present, have traded heated accusations of deception and impropriety across four lawsuits in three states.
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DJT now trading (again):
https://www.cnbc.com/2024/03/26/trump-media-stock-ticker-djt-debuts-after-dwac-merger.html
The ticker debuted on the Nasdaq stock market nearly three decades after the former president used it to launch his publicly traded hotel and casino company to great fanfare in 1995.
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That stock was ignominiously delisted from the New York Stock Exchange nine years later.I suppose this is DJT 2.0.
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It’ll be interesting to see their numbers now that they’ve gone public.
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By the way you almost have to feel sorry for all the retail buyers out there. Many of them probably bought $400 sneakers only to see them selling for $99 a week later.
As a reminder, Truth Social had less than $4MM of revenue in the first 3 quarters of last year, while blowing through $50MM in expenses that same period.
And now those poor dupes bid the value of the enterprise up to 13B. Someone needs to tell them there are no greater fools to sell it to later.
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@jon-nyc said in Truth Social:
By the way you almost have to feel sorry for all the retail buyers out there. …
As a reminder, Truth Social had less than $4MM of revenue in the first 3 quarters of last year, while blowing through $50MM in expenses that same period.
And now those poor dupes bid the value of the enterprise up to 13B. Someone needs to tell them there are no greater fools to sell it to later.
Yeah, tough call on whether to post about the “DJT” ticker in this thread here or in the “Never Ending Grift” thread.
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@jon-nyc said in Truth Social:
By the way you almost have to feel sorry for all the retail buyers out there. Many of them probably bought $400 sneakers only to see them selling for $99 a week later.
As a reminder, Truth Social had less than $4MM of revenue in the first 3 quarters of last year, while blowing through $50MM in expenses that same period.
And now those poor dupes bid the value of the enterprise up to 13B. Someone needs to tell them there are no greater fools to sell it to later.
If you could have gotten in the first hour, it would have been great.
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A heard a remarkable statistic and personally verified it.
Truth Social’s revenues last year were less than half that of the average Cheesecake Factory restaurant.
It’s always something.
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@jon-nyc said in Truth Social:
A heard a remarkable statistic and personally verified it.
Truth Social’s revenues last year were less than half that of the average Cheesecake Factory restaurant.
You should add that the "mildly interesting" forum thread. LOL
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Oops. Hope nobody here put all there money in this stock.
https://abcnews.go.com/US/shares-trumps-truth-social-drop-20-after-company/story?id=108721538
Shares of former President Donald Trump's social media platform dropped more than 20% on Monday after the company disclosed a net loss at the end of last year of more than $58 million.
The decline erased $2 billion in value and, with it, the value of Trump's majority stake of 57%.
Before Trump Media and Technology Group joined forces with a shell company to go public last week, "management had substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due," the company said in a regulatory filing.
The company also conceded that "TMTG's success depends in part on the popularity of our brand and the reputation and popularity of President Trump. The value of TMTG's brand may diminish if the popularity of President Trump were to suffer."
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Still a great short of it weren’t impossible to borrow.
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@taiwan_girl said in Truth Social:
Before Trump Media and Technology Group joined forces with a shell company to go public last week, "management had substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due," the company said in a regulatory filing.
So ... another Trump bankruptcy approaching?
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I wonder how many of his less financially sophisticated followers blew their life-savings on those shares.
(And before I'm accused of being a condescending asshole I should admit that I consider myself financially unsophisticated when it comes to trading. Without a time-machine I'm never going to make any money)
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Former President Donald Trump has sued the co-founders of Truth Social, alleging they mismanaged the social media platform early on and should therefore lose their stock in the company, which recently went public.
In papers filed last week in Florida state court, Trump Media & Technology Group Corp. argued that executives Wes Moss and Andy Litinsky made a series of costly mistakes that resulted in a long delay in the company’s going public and urged a judge to strip them of their shares in the company.
The pair, who were contestants on Trump's NBC show "The Apprentice," had pitched him on the idea of Truth Social after he was banned from what was then known as Twitter following the Jan. 6, 2021, attack on the Capitol.
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Imagine the satisfaction Trump will feel when their shares are worth zero.
