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business1 year ago

Trump Media Eyes Bakkt Acquisition, Shares Skyrocket

Trump Media & Technology Group is reportedly in advanced talks to acquire cryptocurrency firm Bakkt in an all-share deal, though the valuation remains unclear. Bakkt, previously led by Trump supporter Kelly Loeffler, saw its shares surge over 162% on news of the potential acquisition. The deal would mark Trump's latest venture into cryptocurrency, aligning with his pro-crypto stance during his campaign. Both Bakkt and TMTG have faced financial challenges, with Bakkt struggling to turn profits and TMTG posting a $19 million net loss recently.

via New York Post |
#acquisition#bakkt#business
business1 year ago

Trump's Stock Plummets Amid Legal and Financial Turmoil

Shares in Donald Trump's social media platform, Truth Social, have plummeted to near their lowest value since going public, with the stock price dropping to $26.75. The decline follows a series of financial setbacks for Trump Media & Technology Group (TMTG), including a net loss of $327.6 million for Q1 2024 and Trump's recent legal troubles. Experts predict continued volatility in the stock's performance.

via Newsweek|
#business#donald-trump#financial-loss
business1 year ago

Trump Media Faces Financial Turmoil Amid Legal Woes and Declining User Base

Donald Trump's biographer, David Cay Johnston, warned investors that shares in Trump's social media platform, Truth Social, are "not at all valuable" and could be "wiped out." Despite a recent merger with Digital World Acquisition Corp., Truth Social's parent company, TMTG, reported significant financial losses and low revenue. Johnston and other financial experts advise investors to sell their shares to avoid further losses.

via Newsweek|
#business#donald-trump#investment
businesspolitics1 year ago

"Trump Media CEO Faces Backlash and Stock Volatility Amid Billionaire Donor's Firm Criticism"

The CEO of Donald Trump’s social media company, Trump Media & Technology Group (TMTG), was criticized by Citadel Securities, a firm owned by billionaire Republican donor Ken Griffin, as a "proverbial loser" attempting to shift blame for the company's stock market struggles. Devin Nunes, the CEO of TMTG, had accused large trading firms, including Citadel Securities, of potential market manipulation. TMTG retaliated, accusing Citadel of harming small investors. Nunes claimed that "naked" short-selling was behind the stock market turbulence, prompting a response from Citadel. TMTG's stock rallied 9.6% on Friday amidst the ongoing dispute.

via The Guardian|
#businesspolitics#citadel-securities#devin-nunes
technology1 year ago

"Trump Media's Truth Social Announces Live TV Streaming Platform Launch"

Trump Media & Technology Group (TMTG) has completed the research and development phase of its new live TV streaming platform and plans to introduce it in three phases, starting with the Truth Social app for Android, iOS, and Web. The streaming content will focus on news networks, religious channels, family-friendly content, and other content facing discrimination on other platforms. TMTG aims to provide a platform for creators who have been cancelled or suppressed. The company's content delivery network (CDN) is designed to operate independently of Big Tech and enhance Truth Social's free-speech mission.

via GlobeNewswire|
#content-delivery-network#free-speech#streaming-platform
business1 year ago

"Trump Media Stock Plummets as Company Registers Millions of New Shares for Sale"

Trump Media & Technology Group's stock price plummeted over 15% after filing to issue millions more shares, with the potential sale of 146.1 million shares, including 114.8 million owned by Trump himself. The company's shares have fallen 60% since its market debut on March 26. Meanwhile, former President Donald Trump, the presumptive 2024 GOP presidential nominee, appeared in a New York City courtroom as jury selection began in a trial against him centered on hush money payments to Stormy Daniels, making him the first former president ever to be criminally prosecuted.

via Fox Business|
#business#donald-trump#stock-market
businessfinance1 year ago

"Trump's Truth Social Stock Plummets, Investors Lose Billions"

Trump's Truth Social stock has plummeted to just above $32, less than half of its value two weeks ago, causing early investors to lose half their money while the company's executives profit. Trump's personal stake of 78.8 million shares has dropped, wiping out over a billion dollars of his net worth. Inner turmoil within Trump Media, including a lawsuit and an insider-trading scheme, has contributed to the stock's decline. Analysts have long advised investors to stay away from Trump's meme stock due to the chaos and the company's poor financial performance.

via Futurism|
#businessfinance#investment#stock-market
businessfinance1 year ago

"Trump's Truth Social Venture Sends Stock Plummeting, Wiping Out Billions"

The value of Donald Trump's company, Trump Media & Technology Group (TMTG), has declined by more than half since going public, with each share now worth $34.26, down from the opening price of $70. The decline has led to concerns and a petition calling for an investigation into potential securities fraud. Despite this, a TMTG spokesperson remains optimistic, citing the company's lack of debt and over $200 million in the bank, while Trump himself expressed confidence in the company's financial stability.

via Newsweek|
#businessfinance#donald-trump#securities-fraud
businesspolitics1 year ago

"Trouble Ahead: Trump Media's Stock and Truth Social's Trading Frenzy"

Donald Trump's media company, which owns Truth Social, has faced a significant drop in stock price following its merger with Digital World Acquisition Corp. Michael Cohen, Trump's former lawyer, warned of "serious trouble" for the company, citing its lack of profitability and reliance on emergency loans, including those from a Russian-American businessman under investigation for insider trading and money laundering. TMTG denies any wrongdoing and is pursuing legal action against The Guardian for its reporting.

via Newsweek|
#businesspolitics#donald-trump#michael-cohen
businessfinance1 year ago

"Trump Media's Stock Plummets Amid Controversy and Criticism"

Former president Donald Trump's Truth Social's stock price has plummeted, with shares of Trump Media & Technology Group (TMTG) falling nearly nine percent in a single day and almost 25 percent in the last five days. Despite major losses and a dubious financial outlook, Trump remains committed to using Truth Social. Analysts have long predicted this outcome, citing a lack of revenue growth and dubbing TMTG shares as "grossly overvalued." The company's financial troubles are compounded by a $23 million insider-trading scheme, allegations of reliance on emergency loans from a Russian-American businessman under criminal investigation, and a market capitalization that far exceeds its revenues. Investors are advised to steer clear of the company.

via Yahoo Finance|
#businessfinance#donald-trump#financial-outlook
businessfinance1 year ago

"Trump Media's Stock Plummets Amid Doubts About Truth Social's Future"

Former president Donald Trump's Truth Social's stock price has plummeted, with shares of Trump Media & Technology Group (TMTG) falling nearly nine percent in a single day and almost 25 percent in the last five days. Despite major losses and a dubious financial outlook, Trump remains committed to using Truth Social. Analysts have long predicted this outcome, citing a lack of revenue growth and dubbing TMTG shares as "grossly overvalued." The company's financial troubles are compounded by a $23 million insider-trading scheme, allegations of reliance on emergency loans from a Russian-American businessman under criminal investigation, and calls for a congressional investigation into the merger. With TMTG's market capitalization far exceeding its revenues, investors are advised to steer clear of the company.

via Futurism|
#businessfinance#donald-trump#financial-scandal
legalcrime1 year ago

"Guilty Pleas in Insider Trading Case Linked to Trump Media Merger"

Two men, Michael and Gerald Shvartsman, pleaded guilty to insider trading in securities related to the merger of Trump Media & Technology Group (TMTG) with a blank-check company. They illegally traded on inside information, making a total of $22 million in illegal profit. The company's shares have been volatile, and Trump's stake is currently worth about $4 billion. The Shvartsmans are scheduled to be sentenced on July 17, and the average prison sentence for federal fraud cases in the U.S. last year was around two years.

via NBC News|
#guiltyplea#insidertrading#legalcrime
legalcrime1 year ago

Insider Trading Guilty Pleas in Trump Media Merger

Two men, Michael and Gerald Shvartsman, pleaded guilty to insider trading in securities related to the merger of former U.S. President Donald Trump's media business. They illegally traded on inside information about Trump Media & Technology Group's plan to go public through a merger with a blank-check company, making a total of $22 million in illegal profit. The Shvartsmans are scheduled to be sentenced on July 17, and securities fraud carries a maximum sentence of 20 years in prison. Trump Media is also facing legal battles with co-founders and has disclosed significant financial losses in 2023.

via Reuters|
#guilty-plea#insider-trading#legalcrime
legalcrime1 year ago

"Guilty Plea: Investor in Trump Media Company Admits Insider Trading"

Gerald Shvartsman, an early investor in the company that took Trump Media public, pleaded guilty to insider trading charges related to TMTG's plan to go public. He and two others allegedly made $22 million in illegal profit by trading on inside information about TMTG's merger with a blank-check company. TMTG's stock has been volatile, and it recently disclosed a $58 million loss in 2023. Additionally, Trump Media is facing legal battles with co-founders accusing the company of improperly diluting their stake.

via AOL|
#donald-trump#insider-trading#legal-battles
businessfinance1 year ago

"Trump's Truth Social Stock Surges Amid Meme-Stock Mania"

Meme-stock mania has propelled Trump Media & Technology Group's value beyond that of several S&P 500 companies, with its market cap reaching over $13 billion. Donald Trump's net worth has surged by an estimated $4.7 billion this year to about $7.8 billion, largely due to his 58% stake in TMTG. Retail investors, reminiscent of the GameStop and AMC Entertainment frenzy, have flocked to TMTG, driving its stock price up nearly 80%. Despite the company's minimal revenue and significant losses, speculation and FOMO are likely driving the surge, as buyers of meme stocks tend to prioritize emotion and hype over fundamentals.

via Business Insider|
#businessfinance#donald-trump#meme-stock-mania