Excellent explanation of Howard Lutnick's kids' new "bitcoin acquisition SPAC" partnership with #Softbank and #Tether headed up by #JackMallers AKA "the crypto bro who cried on stage about El Salvador's bright new bitcoin future."
The venture is basically just another version of the #Microstrategy pyramid scheme, brought to you by the children of Trump's cabinet members.
https://x.com/OccamiCrypto/status/1915069879532806583
p.s. the CFO of this new venture was formerly head of UBS #Russia.
new Trump crime family crypto SPAC is called "Renatus Tactical Acquisition Corp I" and is registered in the Cayman Islands because "America First".
(by "Trump crime family" I don't mean like, Trump's kids. the people involved here are Devin Nunes (CEO of Truth Social) and some guys from the original DWAC SPAC that gave us #DJT.
also a reminder that #TruthSocial had already announced it would be using its capital to "invest" in #cryptocurrency a few months ago.
when people try to tell you that #DavidSacks and #Chamath are financial experts who should be trusted with the global financial system, remind them that #BenieMadoff’s investors lost less money than people who invested in Chamath’s SPACs.
Social media has been buzzing with news about Pastor Tobi Adegboyega, the head of the contentious SPAC Nation church. He has faced a setback in his battle against deportation from the UK, as an immigration tribunal has decided in favor of his removal...#spac #socialmedia #tea #scandal
…In simplified form, the process involves 2 basic parties. One is a private company that wants to go public. The other is a #ShellCompany that is already trading on the #StockMarket but has no operations — just a pile of cash that it can use to acquire a business. #SPAC shells are often called “#BlankCheck” companies because their investors have given them a certain amount of money but have no idea yet who the check will be made out to.
Celebrities & athletes were looking to join the frenzy, from Shaquille O’Neal to Martha Stewart. Even if their business plans were fundamentally stupid, even if mom-&-pop investors would later lose nearly all their money, the people who got in on a #SPAC at the beginning could make a pile.
Taking #Trump public may not have been possible w/o the rise of an obscure financial instrument, the special-purpose-acquisition company [#SPAC]. In 2020, the pandemic stock market was surging, & the perception among entrepreneurs was that SPACs let private companies get in on the action quicker & w/less #oversight than the traditional way of going public, the #IPO.
#FederalProsecutors secure #GuiltyVerdict in case of #Trumpworld #SPAC Board Member for alleged $22 million #InsiderTrading scheme . #HedgeFund racketeer #BruceGarelick found guilty of all five of the federal #conspiracy and #SecuritiesFraud charges against him for using his seat on the board of #DigitalWorld Acquisition Corporation to "betray trust" and ethical obligations and clue in others on upcoming profitable #merger with #DJT's #TruthSocial venture.
Incidentally shares of #TrumpMedia traded up more than 10% to $54.45 as of 3:30 p.m yesterday bringing the stock to a high not seen since late March.
https://www.law.com/dailybusinessreview/2024/05/09/ex-board-member-of-trump-media-spac-merger-partner-is-guilty-in-insider-trading-case/ #CrimeNews #SEC #SDNY
#Trump Media & Tech stock fell 18%, erasing hundreds of millions from its *market value* — & putting a dent in Trump’s majority stake, worth >$3B. Since a surge in its 1st days of trading as #TrumpMedia, which lifted the value of the co to ~$8B at one point, the company’s shares have dropped by >50%.
Trump Media was expected to register the potential sale of new shares after the completion of its merger w/ #DWAC, a #ShellCompany known as a #SPAC.
#Trump’s #SocialMedia company #TrumpMedia went public last week only after it had been kept afloat in 2022 by emergency #loans from a #trust managed by a #Russian-American businessman under scrutiny in a federal #InsiderTrading & #MoneyLaundering #criminal investigation.
Trump stands to gain billions… from the merger between TrumpMedia & Tech & the blank-check co [#SPAC] #DWAC, which took the parent company of #TruthSocial public.
#law #NationalSecurity
https://www.theguardian.com/us-news/2024/apr/03/trump-media-es-family-trust-2022-loans
The value of #DonaldTrump's stake in #TruthSocial owner #TrumpMedia plunged by $1 billion today as its share price got hit by a bit of a reality check.
Trump Media disclosed losing $58M in '23 on revenue of $4.1M.
#SocialMedia #DJT #SPAC
#TrumpIsALoser
https://www.cnn.com/2024/04/01/media/truth-social-trump-media-stock-losses/index.html
Truth Social Won't Bail #Trump Out
Yes, the company went public. No, it is not a financial success—or even a lifeboat.
Debuting on the charts w/a “DJT” ticker, #TrumpMedia saw a 55% surge in valuation right after markets opened.
Huge influx of cash, right? w/Trump holding ~79M shares, equating to 58% of available stock, the #SPAC debut balloons his #NetWorth by nearly $5B; there were ~136M shares outstanding post-merger.
#finance #law #socialmedia
https://slate.com/business/2024/03/truth-social-public-trump-finances-explained.html
Wert: 3 Milliarden $
#SPAC
Digital World Acquisition Corp
Special-purpose #acquisition company
"a publicly traded shell company, approved a deal to merge with the Trump’s media business in a Friday vote. That means #Trump #Media & #Technology Group, whose flagship product is social networking site Truth Social, will soon begin trading on the #Nasdaq stock market."
#Kommunikative #Ökonomische #Krise
https://invidious.protokolla.fi/watch?v=-9VA4szkcKM
https://www.dwacspac.com/
The vote Fri by investors in #DWA authorized the #SPAC, to merge w/ #TrumpMedia & #Tech Grp as part of a process that will avoid a more traditional #IPO.
#Trump will own ~60%, which at DWA’s current share price would be worth ~$3.3B. He & other investors could earn tens of millions more shares through an “earnout” provision tied to the stock’s performance, DWA said in an #SEC filing.
The merger will net TrumpMedia $300M that DWA initially raised from investors.
After #Trump was booted from the #birdsite following the #Jan6, 2021, #insurrection, 3 men played pivotal roles in building & promoting #TrumpMedia as an online challenger [
] against the “cancel culture” of #BigTech: #AndyLitinsky & #WesMoss, fmr “Apprentice” contestants who co-founded the company & launched Truth Social; & #PatrickOrlando, who as chief exec of #DWA, a #SPAC [#BlankCheck], offered Trump’s company a path to investor #cash.
