I’m not a finance person, and the reporting I’ve seen on this has been abysmal, both because it hasn’t clearly explained what is going on, but more importantly, because it hasn’t raised red flags.
Best I can tell, DWAC is a SPAC, and the major shareholders in DWAC are a shitload of institutional LLCs. It also appears that the purpose of a SPAC is to pool funds together to merge with a company so that the company doesn’t have to go thru the SEC rigor associated with an IPO.
I understand that DWAC had a bunch of Chinese money behind it in the early stages and had trouble with the SEC, which got worked out. What I don’t understand is once the DWAC is listed on an exchange, why would any institutional investors support it to the tune of a 5B valuation when everything screams that the target acquisition is essentially worthless?
There is a story behind this that the press should be telling, rather than implying that Trump magically created 3B thru Truth Social.
“That same ticker was used for Trump’s prior publicly traded company, Trump Hotels & Casino Resorts, whose shares traded on the New York Stock Exchange beginning in 1995.
That company lost money every year it operated and ended up filing for bankruptcy protection in 2004, the same year it was delisted from the exchange”
Also, in the article for those stupid enough to accept the 5B valuation:
“TMTG, which owns the Trump Social platform that Trump used Saturday to proclaim his love for the app, reported losses of nearly $50 million over the first three financial quarters of 2023. It booked less than $3.5 million in revenue during that time.”
Clearly this merger is designed simply to pump money into Trump’s pocket, so any real world worth is irrelevant. However, the media unquestioningly repeating the Trump World valuation is pathetic.
Is Trump going to get a shit-ton of free money? Yes.
Is it going to be $3 billion? Fuck no.
By the time he is allowed to sell those shares in six months, he’ll be lucky if DJT is still listed.
The most gullible people on the planet are the mouth breathing Democrats who vote for a racist, bumbling old fool for president. It’s truly amazing how stupid about 40% of the American population is.
This is what the Biden campaign is pumping into the eyeballs and ear holes of battleground state voters. The Trump campaign is recycling ads from 2020.
The Biden campaign’s strategy is to keep Biden’s mouth shut at all costs so he doesn’t say something stupid during a dementia relapse. The old demented sock puppet isn’t pumping anything into anyone’s ears. The last time he did that, we got to learn about beer brew here.
So, if MAL is really worth $1bn to $2bn - per his claim above - then he should’ve had no problem borrowing against it to secure the funds needed to stay execution of the judgment, right?
Trump is in court in NY today where the judge is expected to set the rescheduled start date for his election interference criminal case. No, not that one, the other one.
Super high energy on display here folks. Clearly still buzzing from winning two tournaments at the same time.
Limey is on a tear this morning. He thinks about President Trump day and night. I can’t wait for him to short circuit when Trump wins the election. It will be a sight to behold.
Looks like the appeals court has bailed out Trump in the business fraud case. They have reduced the amount he has to post to stay collection of the judgment to $175 million.
Just to be clear, he is still liable for the full amount pending adjudication of his appeal, but he doesn’t have to put up the full amount to make the appeal.
And, yes, the rarely if ever happens in any other cases for any other defendants.
ETA: He has an additional 10 days to come up with the $175 million, despite starting in public that he has $500 million cash on hand.
Separately, the election fraud criminal trial in NY is set to start on April 15. The judge dragged Team Trump over the coals for its obvious stalling tactics and dismissed all of their arguments as bullshit. Because they were.
One thing about the bond reduction that I truly don’t understand is the additional 10 days to post it. He argued that a $454 million bond wasn’t possible. If the court said, “ok, how much you got?” and Trump said “I got $175 million right now.” I can see them taking the bird in hand.
He showed up without a pot to piss in. He didn’t even try to post anything, thumbing his nose at the rules. And they gave him two significant concessions.
I hope those appellate judges watched Trump’s press gaggle immediately after their ruling, in which he said he has way more money than $500 million, but he prefers to spend that on his campaign. He just called them cunts in front of the world’s press.
