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Utopia Talk / Politics / ONE BILLION! TRUTH SOCIAL! MAGA!
Average Ameriacn
Member
Sun Dec 05 09:37:22
!TRUMP 2024!

http://www...-says-it-has-raised-1-billion/

Trump Media Company Says It Has Raised $1 Billion

Former President Donald Trump's new media company said Saturday that it has lined up $1 billion in funding from a “diverse group” of institutional investors contingent on the consummation of its planned merger with the blank check company Digital World Acquisition Corp.





Trump Media and Technology Group (TMTG), which aims to launch a social media platform, did not share the names of the investors in the private investment in public equity transaction, or PIPE, which is unusual.

Reports surfaced earlier this week that Trump’s company was seeking to raise $1 billion in a PIPE deal that would value the company at around $3 billion—more than three times the $875 million valuation ascribed to it in the merger with DWAC that was announced in October.

In October, TMTG said it would launch a beta version of its social media platform in November, a goal which it appears to have missed, and roll out a complete version next year.
Key Background

Shares of DWAC soared 550% in the week after the merger to a height of $94.20, but the stock has given up much of its initial gains and recently has been trading in the $40s. The PIPE and the merger with DWAC, which raised $293 million when it listed, are expected to leave Trump’s company with proceeds of about $1.25 billion, according to Saturday’s statement. TMTG will use the money to build out a social media platform called TRUTH Social that it says “will not discriminate on the basis of political ideology” and will “fight back against the tyranny of Big Tech.” Trump is hoping to use it to re-establish the social media presence he lost when he was banned from major social media platforms for spreading misinformation about election fraud after his supporters stormed the U.S. Capitol on January 6.

murder
Member
Sun Dec 05 10:09:08

OWNED! OWNED! OWNED! OWNED!

Average Ameriacn
Member
Sun Dec 05 10:20:12
I think this could become THE global network, it could not only replace the big 3 Twitter, UP and Facebook but the whole internets. Think of that: Biden would have to beg for an account on Truth Social, wouldn't that be great?
Im better then you
2012 UP Football Champ
Sun Dec 05 11:04:55
We need to find out whose stupid enough to give a failed casino owner money to launch a digital company.
murder
Member
Sun Dec 05 11:38:10

Peter Thiel



Nimatzo
iChihuaha
Mon Dec 06 02:53:28
May I remind you, this guy defied all of your intutions and heckling and became president. So, be careful what you ridicule, it probably will turn out exactly like that.
murder
Member
Mon Dec 06 08:28:05

So it turns out that tumbleweed writes for Gizmodo ...


-------------------------------------------

Trump's Shady Tech Company Raises $1 Billion, According to Serial Liar

The former president might've raised just $5 and we'd have no way to check.

By Matt Novak

Donald Trump’s new tech company has raised $1 billion from investors, according to a press release from the former president and a report from CNBC. But there’s no way of independently checking whether Trump, a man known for lying about literally everything, has actually been able to secure such a huge sum in a relatively short amount of time.

“$1 billion sends an important message to Big Tech that censorship and political discrimination must end,” Trump said in a press release.

“America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech,” Trump continued.

Trump first announced back in October that he had started a company called Trump Media and Technology Group (TMTG), which planned to launch a social media platform called Truth Social by the first quarter of 2022. TMTG also plans to go public through a special purpose acquisition company, or SPAC.

The SPAC deal would allow TMTG to merge with a shell company called Digital World Acquisition Corp., which exists to shield Trump’s tech company from the normal kinds of financial disclosures needed for a traditional IPO.

After the announcement about Truth Social, Trump promised to have a beta-version of the social media platform up and running by November. But if you take a look at the calendar, you’ll notice it’s December 6. And there’s no evidence that a beta-version of the website has even launched yet.

Wall Street has largely been steering clear of Trump, according to CNBC, but it’s entirely possible that the former president has raised the money through wealthy private individuals. There’s no shortage of fascists among the ultra-rich, obviously.

Reuters reported early last week that Trump’s new company had been trying to raise money “by selling shares to hedge funds and family offices at several times the valuation it commanded in a deal with a blank-check acquisition firm in October,” citing two people supposedly “familiar with the matter.”

But Reuters notes that Democratic foes of Trump could rake him over the coals if recent statements in Washington are any indication:

************

Some hedge funds that backed the launch of Digital World, including Saba Capital Management and Lighthouse Investment Partners, have said they sold their shares to distance themselves from the Trump deal.

The deal also faces regulatory risk. U.S. Senator Elizabeth Warren asked Securities and Exchange Commission Chairman Gary Gensler last month to investigate the planned merger for potential violations of securities laws around disclosure. The SEC has declined to comment on whether it plans any action.

*************

Trump lied about countless things as president, but he lied even more while in private life as a businessman who was constantly shuffling numbers to make himself look rich. In fact, it’s likely no single American lost more money in the 1980s and 90s than Trump, according to the New York Times. It was all a shell game, and there’s absolutely no reason to believe Trump’s latest venture will exist on any more stable a financial footing.

As Spy magazine noted in 1991, “A mobster who knew Trump socially said of him once, ‘He’d lie to you about what time of day it is — just for the practice.’” Think of Trump’s latest social media venture as practice—practice that could make him a pretty penny.

http://giz...1-billion-according-1848164719

murder
Member
Mon Dec 06 08:29:46

"The former president might've raised just $5 and we'd have no way to check."

This is a very real possibility. This is the guy that invented several alter egos to con Forbes into listing him as a billionaire.

tumbleweed
the wanderer
Mon Dec 06 12:17:31
that guy gets it
Rugian
Member
Mon Dec 06 14:25:44
^supports openly opinionated and unobjective garbage

Explains why you watch CNN.
tumbleweed
the wanderer
Mon Dec 06 14:29:31
what part of that article isn't factual?
Paramount
Member
Mon Dec 06 14:29:33
” We need to find out whose stupid enough to give a failed casino owner money to launch a digital company.”


The King of Saudi and ISIS?
murder
Member
Mon Dec 06 15:34:10

Well THAT didn't take long.


------------------------------------

The Washington Post @washingtonpost

The publicly traded company that plans to merge with former president Donald Trump’s social media company is under investigation by two federal regulators, which have asked for stock trading information and communications.

11:25 AM · Dec 6, 2021

http://twitter.com/washingtonpost/status/1467893054669533189
murder
Member
Mon Dec 06 15:34:42

Apparently they've been under investigation from day one. lol :o)

tumbleweed
the wanderer
Mon Dec 06 16:13:05
thus why that article is pure fact even on the 'shady' part

here's a non-paywall article on that investigation:
http://for...rger-violated-securities-laws/

i know nothing of the topic, but SPACs alone sound shady, plus they aren't supposed to be colluding ahead of time which they are alleged to have done
Rugian
Member
Mon Dec 06 16:59:59
Looks like the Biden administration is again using state resources to persecute political opponents.

Shocking, but hardly surprising, given that Biden has previously sicced the FBI on parents protesting CRT and encouraged social media companies to censor conservative viewpoints.

Such a disgusting wannabe authoritarian regime we're living under.
murder
Member
Mon Dec 06 17:09:28

Or ... and try to stay with me here ... Trump has a very long history of shady and fraudulent business dealings.

Rugian
Member
Mon Dec 06 18:17:08
...you lost me.
tumbleweed
the wanderer
Mon Dec 06 18:24:59
he was backing up how that article that kinda sounds like opinion is just fact after fact
tumbleweed
the wanderer
Mon Dec 06 18:45:17
at least they've scored a man of high integrity & deep experience as the CEO: Devin Nunes


a reminder of what Nunes himself alleges his mom said about him (from his lawsuit):
"
In her endless barrage of tweets, Devin Nunes' Mom maliciously attacked every aspect of Nunes' character, honesty, integrity, ethics and fitness to perform his duties as a United States Congressman

Devin Nunes' Mom stated that Nunes had turned out worse than Jacob Wohl; falsely accused Nunes of being a racist, having "white supremist friends" and distributing "disturbing inflammatory racial propaganda"; falsely accused Nunes of putting up a "Fake News MAGA" sign outside a Texas Holocaust museum; falsely stated that Nunes would probably join the "Proud Boys, if it weren’t for that unfortunate 'no masturbating' rule"; disparagingly called him a "presidential fluffer and swamp rat";
...
"

& it continues w/ a lengthy list of jokes & insults by Devin Nunes' Mom... including: treasonous shitbag; part of Trump's taint team; voted 'most likely to commit treason' in high school; would be willing to give Trump a blowjob; has 'herp-face'

if you want to read all the insults, the full lawsuit here, above stuff starts bottom of p15
http://cdn.cnn.com/cnn/2019/images/03/19/nunes.lawsuit.pdf

("Devin Nunes' Mom" being some random twitter person, but you have to imagine his lawyer enjoyed writing that out :p)
murder
Member
Mon Dec 06 19:01:51

"...you lost me."

There are questions about the deal and Trump has a long history of shady dealings. It would be negligent for the government not to investigate.

nhill
Member
Mon Dec 06 21:54:55
> i know nothing of the topic, but SPACs alone sound shady, plus they aren't supposed to be colluding ahead of time which they are alleged to have done

What's shady about a SPAC? It lowers the barrier to entry for going public, as the shell company takes care of the listing and accounting. SPACs are a great way to go public for companies that don't have the expertise to navigate an IPO.

Investing in SPACs is another story. It rarely works out, as the SPAC valuations are pretty deep in diligence and disproportionately reward the pre-merger SPAC investors due to how they are structured.

Many reputable companies, such as MP Materials Corp, SoFi, etc. went public through a SPAC.
tumbleweed
the wanderer
Mon Dec 06 23:06:39
via Forbes article:

"By law, SPACs aren’t supposed to have such a merger planned at the time of their IPO, and are instead meant to merge with a private company only after they’ve begun trading on a stock exchange. Otherwise, as the Times notes, it would be too easy for private companies to use SPACs as “backdoor vehicles” to go public without the level of public disclosure and scrutiny they would usually be exposed to through a traditional listing. Since SPACs are meant to function as empty shell companies at the time of their IPO, such public disclosures are deemed unnecessary."


seems like breaking that law would be pretty easy... & thus attractive to shady frauds like Trump

the stock jumping $10 to $175 on announcement seems shady

Trump merely being involved suggests shady, with the only thing put forward so far being someone else's open-source code (& violating the terms of use for it, at that)
tumbleweed
the wanderer
Sat Dec 11 19:01:47
a twitter thread [you'll have to click link at bottom to see the graphics that go with it]:

"
1. Trump's "media company" is currently valued at $2 BILLION.

It has no product, no customers, and no revenue.

But it's much worse than that.

Follow along if interested.


2. The most detailed information we have about Trump's media company is from an investor presentation filed with the SEC.

I want to draw your attention to Page 22 of the presentation which is an overview of the "Infrastructure" of the company.

Pretty important!


3. I guess Trump did not expect anyone to actually READ this particular page

Because if you do, it makes absolutely no sense.

This is a social media and streaming company.

This page defines a "user" as "A sales representative who visits customers"

Huh?


4. Well if you look up all of this language, you can see that the definition of a "user" is just cut-and-pasted from open-source descriptions of enterprise software.

The description of a "User" comes from this page — a open-source framework for enterprise software


5. The entire page describing the "infrastructure" of Trump's media company is cut-and-pasted from other sites

In other words, not only does this company not have any technical infrastructure it could not be bothered to even write its own slide of what the infrastructure will be.
"

... [continues, plus an article link]

http://twitter.com/JuddLegum/status/1469693163262685187

so the fake company that is using only someone else's code is also plagiarizing someone else's text in its SEC filing :p

so fitting
tumbleweed
the wanderer
Sat Dec 11 19:09:28
well, actually SEC filling -and- "investor presentation"... so this garbage is what investors seeing too


Trump's whole Trump Tower business model is around tricking investors as well (as i've noted before as it's shockingly disgusting)... his name, quotes & picture plastered all over materials the potential investors see, when he has $0 put into the project. It's entirely to make investors think its backed by such a famous 'successful' guy when in reality he's just being paid to use his name. He gets millions even if the project completely fails & investors lose everything.
Habebe
Member
Sat Dec 11 19:48:01
Murder Member Mon Dec 06 17:09:28

Or ... and try to stay with me here ... Trump has a very long history of shady and fraudulent business dealings.

Rugian
Member Mon Dec 06 18:17:08
...you lost me.


------

I found this very funny.Now do who's on first!
nhill
Member
Sat Dec 11 19:49:04
"seems like breaking that law would be pretty easy... & thus attractive to shady frauds like Trump

the stock jumping $10 to $175 on announcement seems shady

Trump merely being involved suggests shady, with the only thing put forward so far being someone else's open-source code (& violating the terms of use for it, at that)"

Has nothing to do with a SPAC, just Trump being Trump.
Habebe
Member
Sat Dec 11 19:50:35
Murder, Also, Thats profiling, and its wrong.
Habebe
Member
Sat Dec 11 20:14:37
Maybe Trump regrouped on Mustafar and has been plotting revenge by trying to get like minded people to build out media platforms to counter the left's

It seems he has atleast been trying.
tumbleweed
the wanderer
Sat Dec 11 21:37:41
except he's a moron fraud who attracts only criminals to orbit him

plus he hates spending his own money so does everything on the cheap (or relies on deceiving investors)
Habebe
Member
Sat Dec 11 23:50:52
You say criminal, I say opportunists who think we'll outside the box.
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