Lol
this post was submitted on 29 Feb 2024
300 points (98.7% liked)
politics
19072 readers
3804 users here now
Welcome to the discussion of US Politics!
Rules:
- Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.
Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.
Example:
- Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
- Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
- No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
- Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
- No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning
We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.
All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.
That's all the rules!
Civic Links
• Congressional Awards Program
• Library of Congress Legislative Resources
• U.S. House of Representatives
Partnered Communities:
• News
founded 1 year ago
MODERATORS
It's strange. You can see everyone getting fucked and chucked as soon as they hop into bed with right wing populists like Trump, yet there's still a queue outside the bedroom door.
I can only assume that they like being stiffed, and this is somehow their secret inner kink.
"The others are just a bunch of suckers, it would never happen to ME"
You know, I'm starting to think this Trump guy doesn't know how to accurately measure the value of assets.
Is there some sort of money banana we can use for reference?
We're going to need a lot of them, they're only worth $10
Check in the banana stand...
The story honestly delivers much better than the simple schadenfreude that the headline would imply.
TMTG was set to go public via a merger with a special purpose acquisition company (SPAC) called Digital World Acquisition. However, Litinsky and Moss are now alleging in their lawsuit that Trump sought to "drastically dilute" the shares of the company in an "11th hour, pre-merger corporate maneuvering" scheme.
Initially, Trump's stake was 78 million shares, valued at roughly $3.5 billion. UAV's stake in the company amounted to seven million shares valued at approximately $339 million. However, the lawsuit alleges Trump then engaged in a "dilution scheme" to increase the number of total shares to one billion, which they said had "no legitimate business purpose." UAV accused Trump of possibly scheming to distribute the additional shares among himself and his family, while significantly decreasing their stake in the company to less than 1%.
"[UAV was] promised 8.6 percent of this company and sadly its business partners are baselessly trying to renege," Litinsky and Moss' attorney, Christopher J. Clark — who has previously represented Hunter Biden, Elon Musk and Mark Cuban — told the Post.
"They feel like: We made Truth Social for you. You get 90 percent. But some people just aren’t happy with 90 percent."
It's like a perfect Russian-nesting-doll storm of greed, incompetence, and malice. In ordinary circumstances, I would say it's plausible that the whole thing is a ploy to delay the IPO, because no one would be greedy and illogical enough to fuck up the process of inflating their 90% stake by spending any attention on a craven and self-defeating attempt to claw the last 10% away from the people who are, as far as I know, still actually doing all the work.
But this is Trump. Craven and self-defeating is in him at a molecular level. I would guess that some lawyer of his has already been on the receiving end of a HUGE yelling fit about how unfair it is that someone would try to stop him taking the remaining 10% as is his God given right.
Yeah the article is fascinating. I'm really surprised that the company constitution didn't have anti-dilution built into it though. That's a child level error when getting into business with someone like Trump.
Still shocked they gave him 90% just for his name essentially. Also surprised at just how high it's valued.
They also claimed they were going to become a streaming platform that would replace Netflix and Disney+ and they would have 80 million users in their first year, pretty sure most of that valuation is imaginary. Didn’t they only make it to around 5 million users?
To be fair, he really needs that last $339 million
If Trump loses the election, I'm still hedging my bets, it's going to be glorious seeing all the rats flee or turn on each other. Clearly we're already seeing some realise the ship may be sinking.
I hope so, I'm worried the swamp will fester. A lot of money went around because of him.
He is also a black hole of Republican financing though, so many donations to Trump‘s legal defense means a lot fewer dollars to go to other Republican candidates. It isn’t easy to be in the shadow of Trump.
No honour among thieves.
Haha, Trump increased his shares to 1 Billion shares, from 78 million. Squeezig everyone else out.
Also, Truth Social values itself at $4Billion, LOL.
It seems nothing here smells right, from the valuation of the company to somehow Trump declaring he has 1 billions shares of the company.
How in the holy hell can that dumpster fire of a social media site be worth $4billion????
How in the holy hell can that dumpster fire of a social media site be worth $4billion????
Might be similar to selling books or shoes. It'll be bought to give way more money than otherwise would be allowed. A wealthy donor might not be allowed to send the money directly. So they buy loads of books/shoes/etc.
I mean... Trump has access to A LOT of idiots that would buy his turds. He could probably sell some overvalued shares to them.
IDK, but let me know when that IPO hits, because I'm ready to short like crazy!
The spac IPO took place a couple years ago.
You're talking about the de-spac, when the two companies merge and DW becomes public.
Stock split to make him feel important. I'm guessing, of course. Plus he probably thought this make the company more valuable.
Former President Donald Trump is now being accused in a lawsuit of intentionally devaluing the media company he co-owns with two associates who met him as contestants on his reality TV show "The Apprentice."
The case could complicate a long-delayed bid by Trump Media & Technology Group, owner of the social network Truth Social, to merge with a special purpose acquisition company called Digital World Acquisition and become a publicly traded company.
That merger deal, which could value Trump’s stake in the company at more than $3 billion, would offer the former president a financial lifeline at a time when he is facing more than $454 million in penalties from a civil fraud judgment this month in New York.
So. Bribery.
Cuz no way is truth social worth 3 billion.
only $464 million to go! (and...counting... he better start an Only Fans or something, get ahead of that interest.)
I mean, if you get into business with a renowned fraudster, him trying to commit fraud and steal from you seems pretty par for the course...
Exactly. Sucks to suck.
I didn't think the leopard would eat my face though.
We all got caught off guard, dont feel bad. No one could have seen this coming in a million zillion kajagabillion years. Even God was fooled, not our fault
Are you referring to the leopard that said it would eat your face? Yeah… shocking!