Fogbow

Not likely to see some dopey liar like NBC Propagandist Kelli Stavast claim irate fans are saying "Let's Go Brandon! on MAGA TRUTH.

Donald Trump’s sagging fortune is suddenly poised to get a massive boost from meme-stock mania.

News late Wednesday that the former president’s nascent media enterprise, Trump Media & Technology Group, is planning to go public via a special purpose acquisition company has sent retail investors into a frenzy, even with few details released. The stock gain drove the implied value of the new venture to more than $8.2 billion.
…
It’s also unclear how Trump plans to build a social-media platform on the scale of Twitter over the next few months, let alone a streaming service, which is the next phase of Trump Media’s plans, according to the press release announcing the company. That statement was light on numbers even by SPAC standards.

“We have no financials. We have no business plan. We don’t know how they got to the valuation. We have no information,” said Kristi Marvin, chief executive of research firm SPAC Insider. “That’s the fundamental problem.”

tek wrote: ↑Sat Oct 23, 2021 5:11 pm DJT, probably:

"This suit is fake news. I wrote every line of that code myself. Big burly software engineers, with tears in their eyes, came up to me and told me it is the best code they have ever seen."

Flatpoint High wrote: ↑Sat Oct 23, 2021 8:23 pm he stands to make a hell of a lot of money off the SPAC grift: https://www.bloomberg.com/news/articles ... ock-frenzy

Donald Trump’s sagging fortune is suddenly poised to get a massive boost from meme-stock mania.

News late Wednesday that the former president’s nascent media enterprise, Trump Media & Technology Group, is planning to go public via a special purpose acquisition company has sent retail investors into a frenzy, even with few details released. The stock gain drove the implied value of the new venture to more than $8.2 billion.
…
It’s also unclear how Trump plans to build a social-media platform on the scale of Twitter over the next few months, let alone a streaming service, which is the next phase of Trump Media’s plans, according to the press release announcing the company. That statement was light on numbers even by SPAC standards.

“We have no financials. We have no business plan. We don’t know how they got to the valuation. We have no information,” said Kristi Marvin, chief executive of research firm SPAC Insider. “That’s the fundamental problem.”

RightForge, an internet infrastructure company that courts conservatives, will host former President Trump's new social media platform, CEO Martín Avila told Axios on Monday.

Why it matters: By relying on a web hosting service that won't cut ties over controversial comments, Trump's new platform could avoid the problems conservative network Parler faced when Amazon pulled its web services following the Capitol insurrection.

Yes, but: Representatives affiliated with the Trump network declined to comment on whether RightForge is their provider, and Trump's business deals are notoriously messy and full of reversals.

Driving the news: RightForge is preparing for Trump's new social media network, Truth Social, to have more than 75 million users, Avila said.

woodworker wrote: ↑Tue Oct 26, 2021 2:14 pm IMHO, this was a dumb dumb move by TFG. Yes, he he gets a load of cash short term, but he is now the head of a publicly traded company that has no real business plan and is unlikely to develop one (more on that below), is going to be squeezed by short-sellers, is now subject to all sorts of intrusive financial and other reporting requirements (more below), is unlikely to be able to recruit top executive talent and, oh did I mention being run by a cretin.

As a publicly traded company, its financials will have to be audited by an approved auditing firm. I can't see see any major, or major regional firm, signing on for this bullshit -- they would be tasked with the knowledge of all the accounting fraud Trump/his companies have already been alleged to be involved in and would therefore have to conduct truly in-depth, beyond normal, audits, all at an outrageous cost while suspecting/knowing that TFG is hiding stuff from them. I can just imagine the qualifications they would include in any audit -- "we cannot provide any reasonable level of assurance that we have been given access to all of the company's relevant financial and other materials because we all know that TFG is a lying, grifting, sleazy conman." Maybe he can get Weisselberg (sp) to handle it for him and the guy who did his taxes.

Next, this means that the SEC has free rein to go in and examine all of the company's books and records, to announce inspections and investigations, and when motivated, they have sharp lawyers and accountants.

My crystal ball projects that some people have already bought shares with an eye to shareholder derivative suits -- we all know that TFG will attempt to milk the company in every way possible, e.g., travel, security and other expenses, putting Melania and the kids on the payroll as consultants, etc. and I am confident that a Board selected by TFG is not going to challenge any of that.

We know that TFG is going to try to hire everyone on the cheap and then stiff them and if you stiff someone on their consideration that might render any NDA void for his failure to perform. He is not going to get talented individuals for anything, from IT to HR. I can already see HR's notes on individual potential hires --"we already have our quota of ______."

As CEO, he has to personally sign the financial statements and the SEC filings re: same. Personal liability!

This will crash and burn and will be in everyone's faces. He won't be able to hide this failure, just in time for the next elections.

Lots more reasons, but I need food.

filly wrote: ↑Tue Oct 26, 2021 2:27 pmExcellent post!

woodworker wrote: ↑Tue Oct 26, 2021 2:14 pmMy crystal ball projects that some people have already bought shares with an eye to shareholder derivative suits

More than a quarter-century ago, the real estate baron took another company public, Trump Hotels and Casino Resorts, listing it on the New York Stock Exchange. The venture started with all the glamour and hype that you might expect from a 1995 Trump production. “This is such a big day for us,” Trump told a newscaster as his second wife, Marla Maples, looked on admiringly. Investors purchased $140 million of stock, betting on the business, yes, but also betting on the man. The ticker symbol for the company was DJT.
It didn’t take long for Donald John Trump to betray his shareholders, acting in ways that benefitted himself but harmed the larger business. Trump Hotels and Casino Resorts started with just one Atlantic City casino, but Trump personally held another two outside of the firm. Less than a year after taking the company public, he used it to buy one of his two other casinos, the debt-burdened Taj Mahal, in a deal that valued his stake at $40.5 million. The transaction improved Trump’s personal balance sheet, but the company suddenly had a disastrous amount of debt. As part of the agreement, Trump also collected $51 million of cash and $11 million of stock, in exchange for land that he had previously rented to the company for about 5% of that price annually. A couple of months later, Trump Hotels and Casino Resorts announced that it was going to pony up roughly another $500 million for Trump’s third Atlantic City casino. At the time, one analyst estimated that the property was worth more like $400 million, suggesting Trump was essentially robbing the public company of $100 million. Investors smelled a rotten deal, and shares plummeted 37% within days.

tek wrote: ↑Tue Oct 26, 2021 4:33 pm Trump Had A Public Company Before. It Was A Disaster

Slim Cognito wrote: ↑Tue Oct 26, 2021 3:35 pm I know nothing such things, but am I wrong in believing that trump org has always been closed, which is why he was able to inflate his assets without proving anything? I do remember his charity being that way, which was why the groups that rate charities from good to sucks-up-donations-to-benefit-their-bigwigs was unable to rate his.

woodworker wrote: ↑Tue Oct 26, 2021 2:14 pm IMHO, this was a dumb dumb move by TFG. Yes, he he gets a load of cash short term, but he is now the head of a publicly traded company that has no real business plan and is unlikely to develop one (more on that below), is going to be squeezed by short-sellers, is now subject to all sorts of intrusive financial and other reporting requirements (more below), is unlikely to be able to recruit top executive talent and, oh did I mention being run by a cretin.

As CEO, he has to personally sign the financial statements and the SEC filings re: same. Personal liability!

This will crash and burn and will be in everyone's faces. He won't be able to hide this failure, just in time for the next elections.

Lots more reasons, but I need food.

RTH10260 wrote: ↑Tue Oct 26, 2021 9:00 pm Do we have a confirmation that he will put himself into that position, to run the company himself? Or is he only majority share holder and defining the company policy?