Money still counts even at $23 x 1018 dollars. Where will Trump get the cash on Monday even if he’s only an ultra-lite villain at 215 pounds, wet. Hard Work, Talent, and Luck is not his law firm, but his ideology is some form of Crypto, likely fascism. The DWAC/TMTG bubble will not save him. After days of raging over the possibility of losing assets, Trump now claims he has access to half-a-billion dollars...consider his flip-flop on TikTok.
BREAKING: Truth Social, Trump's social media platform, will become a publicly traded company after its merger with blank check company Digital World Acquisition Corp.https://t.co/i0tv4jLS5L
Worth noting that $DWAC, the SPAC set to acquire Truth Social, is currently trading at $40.57.
Per SEC filings, TMTG shareholders have 87.5 million shares presently. This would give Trump a stake worth around $3+ billion, at the current share price.
In approving the merger, shareholders of Digital World Acquisition Corporation will become shareholders of Trump Media & Technology Group, which will trade on the stock market under the stock symbol DJT. The deal will pump more than $300 million into Trump Media, which has all but exhausted its available cash and will allow Truth Social, the company’s flagship digital media platform, to keep operating.
Based on Digital World’s stock price of $44 a share just before the vote announcement, Trump Media will debut with a market value of more than $5 billion. That means Mr. Trump’s personal stake will be worth more than $3 billion.
Shares of Trump Media could begin trading under the new stock symbol as soon as next week.
The deal’s approval comes as Mr. Trump is facing a Monday deadline to cover a $454 million penalty in a civil fraud case in New York. He is restricted for six months from selling any his shares or using them as collateral for a loan, although he could ask the board of the merged company to waive that rule for him.
Driving the news:Shareholders ofDigital World Acquisition Corp., a blank-check company, on Friday approved a merger withTruth Social'sparent company, Trump Media & Technology Group.
Why it matters:The vote effectively adds billions of dollars to Trump's net worth, although he's not allowed to sell any shares for at least six months.
BREAKING: The biggest institutional investor in the SPAC that’s merging with Truth Social is Susquehanna International Group LLP, which was co-founded by GOP megadonor Jeffrey Yass.
Jeffrey S. Yass(born 1956) is an American billionaire businessman. According toForbes, Yass had a net worth of $28.5 billion in 2023.[1]
He is the co-founder and managing director of the Philadelphia-basedSusquehanna International Group(SIG) and an early investor in TikTok. In 2001, he joined the executive advisory council of theCato Institute.
Yass is the richest man inPennsylvania. As of March, he is the largest donor in the2024 US election cycle, having donated $46 million to Republican groups and campaigns.[2]
According to Israeli newspaperHaaretz, he is a major supporter of Israeli right-wing think tanks.[3]
a Trump/Yass meeting generated Trump's remarkable flip-flop on the merits of flooding American teens with Chinese propaganda.
March 21 (Reuters) - The biggest donor in this U.S. election cycle is Jeffrey Yass, a libertarian trading firm owner who started off as a professional poker player and is now a major investor in TikTok's Chinese owner ByteDance.
Philadelphia-based Yass has donated more than $46 million to Republican causes so far in the 2024 election cycle, data from political donations tracker OpenSecrets shows.
The funds have gone to support former rivals of Donald Trump for the Republican presidential nomination, as well as a raft of groups supporting school choice, programs that use taxpayer dollars to send students to private and religious schools.
In a document labeled “these are all random probably bad ideas that aren’t vetted,” convicted fraudster Sam Bankman-Fried consider going on Tucker Carlson’s show to “come out as a republican” and “come out against the woke agenda.”https://t.co/dYbZbPPKBU
The CEO of FTX Trading, John Ray, sent aletterto Judge Lewis Kaplan Wednesday to correct what he called "callously" and "demonstrably false" claims that disgraced FTX founder Sam Bankman-Fried made in hopes of receiving a lighter sentence forcrimes including defrauding FTX customers.
In asentencing memo, Bankman-Fried asked the court todrastically slash his prison sentencefrom what he considered a "grotesque" 110-year maximum to five to six years. Prosecutors have suggested the sentence should be between 40 and 50 years, but Bankman-Fried claimed such a sentence painted him as a "depraved supervillain," Bloombergreported.
As FTX founder Sam Bankman-Fried awaits sentencing this month for ‘one of the largest financial frauds in American history’, where is crypto now? https://t.co/biBZlIq1Tv
Donald Trump Jr murders irony by complaining about other people changing the values of Trump properties based on convenience pic.twitter.com/B5gDV1R6Pm
