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Investors greenlight Trump’s $5.7 billion Truth Social deal

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I don’t understand how this shithole app is worth billions but that’s why I’m a starving artist who draws characters and environments.





The deal values Trump's majority stake in the company that holds his app Truth Social at about $3.3 billion. The windfall could prove vital as Trump grapples with the financial fallout of a string of legal cases against him, including a $454 million judgment in a civil fraud case in New York.


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I read somewhere that it’s not as helpful to him as you might think, at least not in the short term.  He’s required to hold the shares for a certain amount of time, and I think at best can request a waiver in order to sell 1% quarterly at most.  I’m not saying it’s nothing, but this entire thing isn’t going to be liquid wealth for the time being, and presumably not until the election is over.  

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  • 2 weeks later...
43 minutes ago, outsida said:

How do you only have revenue of $4million on a social media platform of 8-9million users??? Money Laundering?

From Reddit:


Or as they say in the current filing: "material weaknesses in its internal control over financial reporting" in the past that is apparently still ongoing, i.e. "identified material weaknesses continue to exist."

Probably another "victimless" crime by DJT...


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A "material weakness" in ICOFR means that there is a "reasonable possibility" that a "material misstatement of a company's annual or interim financial statements will not be prevented or detected on a timely basis."


In other words, the financial statements should not be relied upon.

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15 hours ago, Commissar SFLUFAN said:

Also, the company's accountants indicated that the severity of the losses raises substantial doubt about its ability to continue as a going concern.


That's why you get a bunch of cult members to invest in an IPO

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Andy Litinsky and Wes Moss sued Trump in February, alleging he was trying to "drastically dilute" the value of their shares.




Former President Donald Trump has sued the co-founders of Truth Social, alleging they mismanaged the social media platform early on and should therefore lose their stock in the company, which recently went public.


In papers filed last week in Florida state court, Trump Media & Technology Group Corp. argued that executives Wes Moss and Andy Litinsky made a series of costly mistakes that resulted in a long delay in the company’s going public and urged a judge to strip them of their shares in the company.


The pair, who were contestants on Trump's NBC show "The Apprentice," had pitched him on the idea of Truth Social after he was banned from what was then known as Twitter following the Jan. 6, 2021, attack on the Capitol.


"This was a phenomenal opportunity for Moss and Litinsky," the suit says, adding that they were both "riding President Trump's coattails."


"Without President Trump, Truth Social would have been impossible," the filing said.


The lawsuit, first reported by Bloomberg, said Moss and Litinsky were tasked with establishing corporate governance for the new company and finding a special purpose acquisition company that could take the new company public and fuel it with cash. It claimed they failed at both tasks.



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lol, what an asshole.


Also, I genuinely forgot I posted this, so I got worried that I had some sleep walking moment and posted this rather than just posting this at a normal time last week.

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