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Donald Trump’s social media company to debut on Nasdaq following Digital World merger
Donald Trump is returning to the stock market. Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the former president’s media business in a Friday vote. That means Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will soon begin trading on the Nasdaq stock market.
All eyes were on a vote scheduled for Friday by shareholders of Digital World Acquisition Corp., a publicly traded shell company that is looking to merge with the former president’s media business. The deal’s approval would open the door for Trump Media & Technology Group, whose flagship product is the social networking site Truth Social, to soon begin trading on the Nasdaq stock market in Digital World’s place.
If the merger is greenlit, which is likely, Trump stands to receive a sizeable payout. He would own most of the combined company — or nearly 79 million shares. Multiply that by Digital World’s current stock price of more $42, and the total value of Trump’s stake could surpass $3 billion.
The prospect of the deal arrives at a time the presumptive Republican presidential nominee is facing his most costly legal battle to date: a $454 million judgment in a fraud lawsuit.
But even if the Digital World merger is approved Friday, Trump wouldn’t be able to immediately cash out his windfall, unless some things change, due to a “lock-up” provision that prevents company insiders from selling newly issued shares for six months.
Trump’s earlier foray into the stock market didn’t end well. Trump Hotels and Casino Resorts went public in 1995 under the symbol DJT — the same symbol Trump Media will trade under. By 2004, Trump’s casino company had filed for bankruptcy protection and was delisted from the New York Stock Exchange.
Digital World listed many of the risks its investors face, as well as those of the Truth Social owner, if Trump Media also goes public.
One risk, the company said, is that Trump would be entitled to vote in his own interest as a controlling stockholder — which may not always be in the interests of all shareholders. Digital World also cited the high rate of failure for new social media platforms, as well as Trump Media’s expectation that it would lose money on its operations “for the foreseeable future.”
Trump Media lost $49 million in the first nine months of last year, when it brought in just $3.4 million in revenue and had to pay $37.7 million in interest expenses.
Trump Media and Digital World first announced their merger plans in October 2021. In addition to a federal probe, the deal has faced a series of lawsuits leading up to Friday’s vote.
Truth Social launched in February 2022, one year after Trump was banned from major social platforms including Facebook and Twitter, the platform now known as X, following the Jan. 6 insurrection at the U.S. Capitol. He’s since been reinstated to both but has stuck with Truth Social as a megaphone for his message.
Trump promoted Truth Social in a post on the social media network Thursday evening, saying: “TRUTH SOCIAL IS MY VOICE, AND THE REAL VOICE OF AMERICA!!! MAGA2024!!!”
Trump Media doesn’t disclose Truth Social’s user numbers. But research firm Similarweb estimates that it had roughly 5 million active mobile and web users in February. That’s far below TikTok’s more than 2 billion and Facebook’s 3 billion — but still higher than rivals like Parler, which has been offline for nearly a year but is planning a comeback, or Gettr, which had less than 2 million visitors in February.
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Alina Habba: They are prosecuting Trump because the can’t win the Elections
Alina Habba, a lawyer and spokesperson for former President Donald Trump, alleged that Democrats are targeting the Republican presidential nominee in court because they are unable to defeat him through electoral means.
“The fact that we have two courts, not one — criminal and civil — being used against one man because they cannot beat him in the polls is a disgrace to the American judicial system,” she said in remarks at the New York State Supreme Court Building in Manhattan after opening arguments in the hush money case.
Habba mentioned that she had recently attended another court session where Trump faced accusations of inflating his asset values to obtain advantageous loans, which he has since repaid. Initially, he was instructed to post a $454 million bond before appealing, but an appellate court later reduced it to $175 million. On Monday, New York Judge Arthur Engoron approved this bond, effectively preventing New York Attorney General Letitia James, a Democrat, from seizing his assets while the case is under appeal.
Habba accused Engoron of not understanding “basic principles of financing” and said he and James “had no idea what they were talking about.”
“I am sick of coming in front of the press and saying this, but you have to because you people need to understand what is going on. God forbid you put an accounting thing in for ‘legal counsel.’ … Because they’re afraid of 2024. And you know what? They should be because the American people are not stupid. They see what’s going on,” she said.
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The Charade of Donald’s Trump Hush Money Trial Begins with All Jurors Selected
Opening statements in the Manhattan trial of ex-President Donald Trump’s hush money case are for Monday, following the selection of a full jury of 12 members and six alternates on Friday.
Trump took to social media the night before, posting on Truth Social:
“Four years ago I was a very successful and popular President of the United States and, in November, went into an Election where I received more votes, by far, than any sitting President in the history of our Country. Unfortunately, the Election were Rigged and Stolen, and our once great Country has quickly become a Nation In Serious Decline. Tomorrow morning I report to a New York Criminal Court for a Trial on, somewhat ironically, ELECTION INTERFERENCE, ruled over by Crooked Joe Biden’s DOJ, before a Corrupt and Highly Conflicted Judge, a failed Soros funded District Attorney who didn’t want to bring this case, which could have been brought eight years ago, but wasn’t, in an almost completely Democrat District. Virtually every Legal Scholar and Expert says that there is NO CASE, NO CRIME, NO NOTHING! IT IS A SHAM THAT SHOULD NOT HAVE BEEN BROUGHT, EXCEPT TO TRY AND DAMAGE BIDEN’S POLITICAL OPPONENT, ME. SEE YOU TOMORROW MORNING!”
Manhattan District Attorney Alvin Bragg, a Democrat, has brought forth 34 felony charges against Trump, accusing him of falsifying business records. These charges stem from an alleged attempt to conceal a $130,000 hush money payment, facilitated by his then-lawyer Michael Cohen, to adult actress Stormy Daniels prior to the 2016 election.
Bragg asserts that Trump’s classification of the payment as a legal fee was an effort to mask violations of campaign finance laws, elevating the offense to a felony rather than a mere regulatory infraction that might result in a fine. The jury, composed of seven men and five women, will ultimately determine the persuasiveness of this argument.
After a week-long selection process involving thorough questioning about potential biases and their ability to remain fair and impartial, the jurors and alternates were chosen. This process was crucial given the high-profile nature of the case, which also carries implications for the upcoming 2024 presidential election. With Trump currently leading in crucial swing states, the jury’s impartiality becomes all the more significant.
We are waiting to see where this charade goes
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Republicans want to defend America and to ban the foreign aid help because Democrats wont do it
A GOP lawmaker aims to limit the presence of foreign flags in the House chamber following Democrats’ waving of the Ukrainian flag in celebration of the $60.84 billion aid legislation passage. House Speaker Mike Johnson (R-LA) rebuked the display, calling it a breach of decorum. Now, Republicans are drafting legislation to ban the display of foreign flags on the floor entirely.
“Watching American representatives pass out & wave Ukrainian flags in the United States House of Representatives chamber infuriated me,” Rep. Kat Cammack (R-FL) said in a post on X. “If there is one room in our country that should only have the American flag present, it is this room.”
The timing for bringing the legislation to the floor remains uncertain, but Cammack’s team is currently drafting the text. Representatives won’t reconvene until April 29. Some lawmakers expressed dismay over the Ukrainian flag display, leading to a tense moment when Rep. Anna Paulina Luna (R-FL) urged Democrats to “put those damn flags away” during votes.
Johnson also admonished members, later issuing a statement referring to a “disturbance on the House floor.”
“In these extraordinary times, both in the House and globally, it’s crucial to maintain decorum,” Johnson remarked. “We should only wave one flag on the House floor, and I believe we all know which flag that is.”
Democrats defended their celebration, with some even engaging with pro-Ukrainian protesters post-vote. Rep. Rosa DeLauro (D-CT) expressed gratitude to many in the crowd for their support.
A list of possible co-sponsors for Cammack’s bill is not yet known, although a handful of House Republicans criticized Democrats for the move, indicating substantial support among rank-and-file GOP lawmakers.
“Shouldn’t have any other flag but the American flag on the House floor,” Rep. Tim Burchett (R-TN) said. “That’s ridiculous. … It’s inappropriate. It’s just lack of order.”
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