TRUTH SOCIAL
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. The deal is poised to give Donald Trump a massive financial lifeline.
Jeff Yass is worth $28 billion, is the single biggest political donor in the U.S. this cycle—and is also reportedly in the running to become Trump’s Treasury Secretary if he wins a second term. So, yes, this investment raises ethics questions.
Koch Industries has given more than $2,000,000 to support the Sedition Caucus — the 147 members of Congress who voted to overturn the 2020 election
Today Trump Media filed an 8-K
https://sec.gov/Archives/edgar/data/1849635/000114036124016719/ef20025342_8k.htm
In addition to Trump holding 57.3%,
ARC Global 6.9% and
United Atlantic 5.5%
– top exec/dirs hold significant shares
Devin Nunes CEO – 115,000 shares
Phillip Juhan CFO – 490,000 shares
Eric Swider Director – 153,153 shares
Also here are the official percentages for largest shareholders:
Donald Trump: 78,750,000 or 57.3 percent
ARC Global Investments II LLC: 9,547,101 or 6.9 percent
United Atlantic Ventures: 7,525,000 or 5.5 percent
From the filing (which we have noted before)
“President Donald J. Trump beneficially owns more than 50% of the combined voting power of Public TMTG common stock. As a result, Public TMTG is a “controlled company” within the meaning of the Nasdaq corporate governance standards.”
Trump Media — the parent company of Truth Social — recorded $58m in losses against $4m in revenue in 2023, per SEC filings. The merger to take the company public last week unlocked new capital but the business fundamentals don’t justify $7bn valuation.
It’s a scam.
Truth Social just released their 8-K, so the SEC mandated disclosures where you can’t lie without commiting a crime. Lots of focus on the dollars, which are hilarious: Just over $4.1 M in revenue, $58M in costs. …
Gotta admit, this is the greatest con Trump has ever pulled. A pump and dump money laundering scheme that has lost 30% of the money of the people who bought it just last week.
What a poor investment decision for institutional shareholders of Trump Media.
#TrumpMedia is a money laundering scheme for foreign governments to buy our Presidency. Check Jared Kushner’s $2 billion Saudi Arabian slush fund,
GOP commissioners have single-handedly blocked FEC action against Trump 29 times
It’s not just the FEC. Republicans throughout the government, from the local level all the way up to the Supreme Court have undermined the rule of law to the point of lawlessness.