Home Blog Page 4

Trump’s Net Worth Takes Roller Coaster Ride

By
Paul Crespo
-
0
Image via Piaxabay

ANALYSIS – Trump lovers and haters are having quite the ride as Trump’s net worth seems to be on a rollercoaster.

The Wall Street debut of Trump Media & Technology Group (TMTG) – whose flagship product is the social media platform “Truth Social” – boosted Donald Trump’s stock on paper, but the value of his shares has since plummeted. (RELATED: Truth Social Co-Founders Sue Donald Trump)

Will Trump’s 2024 presidential campaign help boost his worth again?

As I recently wrote about, Trump’s net worth soared to at least $6.4 billion – up nearly $4 billion – last week after investors approved his social media company’s merger with Digital World. Tuesday, March 27, was its first day as an independently traded public company.

This briefly made the former president one of the 450 richest people in the world.

Even though Trump Media, which trades under the ticker DJT (Trump’s initials) is losing money and generating scant revenue, Wall Street had valued the company at as much as $11 billion based on the stock’s closing price Friday, according to Renaissance Capital.

By Monday afternoon that valuation tumbled to about $8.8 billion.

It closed at $48.66 per share, a 26.5% drop from its $66.22. The plunge came after Trump Media unveiled its 2023 results for the first time, revealing full-year revenues of $4.1 million on a net loss of $58.2 million.

Trump’s company has said it expects to continue losing money for a while, and at least one expert says it’s likely worth far less than the stock market suggests.

Trump, who owns 78.5 million shares in Trump Media, about 57% of all shares, saw his stake in the social media business fall in value by $1.4 billion. At Monday afternoon’s prices, that stake is now worth approximately about $3.8 billion. (RELATED: Wall Street Journal Rips Into Biden for Now-Infamous Tweet)

Trump’s nearly 79 million shares of Trump Media & Technology Group are now – by far – his largest asset, worth nearly twice as much as all his real estate, resort and cash holdings combined.

Meanwhile, CNN reported: “The problem for Trump Media is its main product — Truth Social — is shrinking.” It added “Monthly active US users on iOS and Android plunged in February to 494,000, down 51% year-over-year.”

“By comparison,” CNN noted, “X has 75 million monthly active US users. Even Threads has more than 10 times as many users as Truth Social.”

CNN continued:

While Trump Media made just $4.1 million in revenue in 2023, rival X (formerly known as Twitter) raked in more than 100 times that much — $665 million — in 2013, ahead of its initial public offering in November 2013. Twitter also generated just over $5 billion in revenue in the final year before it was taken private by Elon Musk.

In fact, Truth Social’s financials are comparable to that of The Messenger, the upstart digital news outlet that imploded earlier this year. Citing an investor deck, CNBC reported in January that The Messenger posted 2023 revenue of $3.8 million and a net loss of $43 million.

But this year may decide the future of Trump’s net worth, at least related to his media company. Matthew Kennedy, senior IPO strategist at Renaissance Capital said, according to CNN:

2024 is the make-or-break year for this company. For TMTG the thing that matters now is getting in front of the cash cannon that is the 2024 presidential election. And the company does have one notable advantage. Trump-backed super PACs have raised millions. Where do you think they’ll spend their digital ad buckets?

Opinions expressed by contributors do not necessarily reflect the views of Great America News Desk.

No Labels Ends 2024 Unity Ticket Plan

By
admin
-
0
Missvain, CC BY 4.0 via Wikimedia Commons

Despite voting to proceed with its bid to shake up the 2024 presidential election, the centrist group No Labels announced Thursday that it is scrapping its plans to field a third-party candidate this year.

“Americans remain more open to an independent presidential run, and hungrier for unifying national leadership, than ever before,” stated the organization. “But No Labels has always said we would only offer our ballot line to a ticket if we could identify candidates with a credible path to winning the White House. No such candidates emerged, so the responsible course of action is for us to stand down.” (RELATED: Popular Dem Strategist Blames ‘Preachy Females’ For Disappointing Polls)

Last month, 800 delegates from all 50 states convened for a private meeting to approve the organization’s increasingly desperate plan to push an independent ticket.

In a press release, No Labels National Convention Chair Mike Rawlings asserted that voters remained extremely dissatisfied with Joe Biden and Donald Trump, making a case for a third-party candidacy.

The group indicated that they were open to both Democrats and Republicans and would ideally serve as a “unity” option for anyone disillusioned by partisan politics.

However, on March 18, former Georgia Lt. Governor Geoff Duncan (R) announced his withdrawal from consideration to run on a third-party presidential ticket backed by No Labels. (RELATED: Former Republican Lieutenant Governor Tells CNN Trump Has Values Of ‘Axe Murderer’)

“It was an honor to be approached, and I am grateful to all those who are engaged in good-faith efforts to offer Americans a better choice than the Trump vs. Biden re-match,” Duncan said in a statement.

Former Maryland Gov. Larry Hogan (R) has chosen to run for the U.S. Senate as a Republican instead of launching a third-party bid for the White House. Additionally, former Republican presidential candidate Nikki Haley (S.C.), Sen. Joe Manchin (D-W.Va.), and former Utah Gov. Jon Huntsman (R) all made clear they were not interested in running.

Article Published With The Permission of American Liberty News

Former Trump Lawyer Responds To Disbarment Push

By
Madeleine Jackson
-
2
Gavel via Wikimedia Commons Image

Former President Trump’s ex-attorney John Eastman responded to a California judge’s effort to have him disbarred over his role in attempting to overturn the 2020 election saying he’s optimistic he will win his appeal.

Eastman said in an interview on conservative network Frank Speech on Thursday that “there’s a lot of water to go under the bridge yet” before the state Supreme Court hears his case.

“If the law was faithfully followed, this case should have never been brought in the first place,” he said. 

“We had a disagreement on the facts of the 2020 election. We had a disagreement on the constitutional interpretation on issues that have never been settled,” Eastman continued. “That has never been the basis of disciplinary action.”

State Bar Judge Yvette Roland found Eastman culpable in 10 of 11 charges against him.

“In view of the circumstances surrounding Eastman’s misconduct and balancing the aggravation and mitigation, the court recommends that Eastman be disbarred,” she wrote in a 128-page decision.

He also revealed he has been subpoenaed as part of a civil suit brought by a group of Capitol Police officers against Trump. The officers claim Trump is responsible for Jan. 6, and they hope to elicit financial penalties for the violence they suffered in the riots.

“I just got a subpoena served on us last week by the Capitol Police officers seeking everything, all of my communications with the president and anybody else,” he said. “They’ve completely blown through attorney-client privilege.”

While his case is under appeal, Eastman is suspended from practicing law in California. 

Report: Two Republican Congressmen Subpoenaed In Trump Probe

By
Madeleine Jackson
-
1
Gage Skidmore from Surprise, AZ, United States of America, CC BY-SA 2.0 via Wikimedia Commons

Two Republican Congressmen have been subpoenaed as part of a probe into a scheme that attempted to overturn the results of the 2020 presidential election in the state of Arizona.

According to a Politico report, the investigation by Arizona Attorney General Kris Mayes is similar in nature to those in other states Donald Trump lost, where the former president and his allies attempted to advance slates of pro-Trump electors for recognition in the Electoral College.

Reps. Andy Biggs and Paul Gosar have been ordered to testify before a grand jury, noting:

There is no indication that Arizona Attorney General Kris Mayes, who is leading the probe, is considering bringing criminal charges against either lawmaker. And it’s unclear whether Mayes has insisted on enforcing the subpoenas against the lawmakers, who may have legal bases to resist testifying.

But the subpoenas themselves — in conjunction with a series of other aggressive recent moves — show that Mayes, a Democrat, has cast a far wider net in her probe than previously understood.

Politico said it reviewed a letter dated Feb. 16 from Gosar to Speaker Mike Johnson (R-LA) apprising the speaker of the subpoena.

The pair of GOP congressmen mark the latest Trump allies to be subpoenaed in Mayes’ Investigation. Last month, she subpoenaed former Trump campaign aide Michael Roman.

Electors in Michigan and Nevada, where similar schemes were attempted, have already been indicted in those states.

Judge Rejects Trump Attempts To Toss Cases

By
Madeleine Jackson
-
0
Gage Skidmore Flickr

On Thursday, Judge Scott McAfee rejected Donald Trump’s attempt to toss the election interference charges under the First Amendment.

According to The Hill, Trump and some of his co-defendants had contended their charges must be tossed because their efforts to contest the 2020 election comprised constitutionally protected “core political speech.” 

“Even core political speech addressing matters of public concern is not impenetrable from prosecution if allegedly used to further criminal activity,” Judge Scott McAfee wrote in the 14-page ruling.

McAfee said only a jury can decide the question of whether the speech at issue was carried out with criminal intent. His ruling leaves open the possibility that Trump could still raise a First Amendment defense down the road, once the factual record is more developed. 

Fulton County District Attorney Fani Willis (D) last summer indicted Trump and more than a dozen of his allies on charges of entering a months-long criminal conspiracy to overturn Joe Biden’s 2020 victory in Georgia. Trump pleaded not guilty, and a trial date has not yet been set. 

Trump and his co-defendants still have various other pending motions seeking to toss their charges without a trial.

Those efforts include Trump’s presidential immunity defense, which is likely to be impacted by the Supreme Court’s ruling on Trump’s near-identical defense to his federal election interference indictment brought in Washington, D.C.

“President Trump and other defendants respectfully disagree with Judge McAfee’s order and will continue to evaluate their options regarding the First Amendment challenges,” Trump attorney Steve Sadow said in a statement, emphasizing how Trump could again raise some of his claims at a later time. 

In the separate classified documents case, Florida Judge Aileen Cannon also refused to throw out the charges against the former President.

The ruling from U.S. District Court Judge Aileen Cannon comes after special counsel Jack Smith urged her to promptly reject Trump’s claims that the Presidential Records Act (PRA) allowed him to deem the national security records his personal property.

“The Presidential Records Act does not provide a pre-trial basis to dismiss,” Cannon wrote in the three-page ruling.

While the ruling is seemingly a win for Smith, Cannon didn’t rule out Trump’s ability to raise the issue at trial

Peter Navarro Files Request With Supreme Court

By
Madeleine Jackson
-
0
Duncan Lock, Dflock, CC BY-SA 3.0 via Wikimedia Commons

Former Trump administration adviser Peter Navarro filed a request asking the Supreme Court to review his plea to get out of prison.

On Tuesday, Navarro’s lawyers asked Justice Neil Gorsuch to look over the request initially denied by Roberts. The Supreme Court allows parties to resubmit requests to individual justices if their emergency appeals are denied by a separate single justice.

“We respectfully request that our application for an order staying the execution of the district court’s order requiring Dr. Navarro submit to the custody of the Bureau of Prisons be renewed with the Honorable Associate Justice Gorsuch,” Navarro’s attorneys, Stan M. Brand and Stanley E. Woodward, Jr., said.

It’s the second time Navarro’s asked the nation’s highest court to set him free while he challenges his conviction. Chief Justice John Roberts shut down the first request last month, a day before Navarro went to prison on March 19. 

Navarro, 74, was convicted last year on two counts of contempt of Congress.

Surprising New Poll: Michelle Obama Matchup Against Trump

By
Amanda Head
-
0
FLOTUS at Fayetteville, N.C. -The Arts Center speech Official White House Photo by Joyce N. Boghosian

Well, this is unexpected…

Watch Amanda explain the situation below:

Opinions expressed by contributors do not necessarily reflect the views of Great America News Desk.

Report: Brothers Plead Guilty To Insider Trading Tied to Trump Media Company

    By
    Madeleine Jackson
    -
    0
    Arrest image via Pixabay

    Two brothers pleaded guilty in federal court Wednesday for their roles in an insider trading scheme.

    Florida venture capitalist Michael Shvartsman, 53, and his brother, Gerald, 46, each pleaded guilty to one count of securities fraud, which carries a maximum sentence of 20 years in prison. U.S. District Judge Lewis Liman set the brothers’ sentencing hearing for July 17.

    According to the Department of Justice, the brothers obtained confidential information about details of the deal, including the timeline of its announcement, and then bought millions of dollars’ worth of DWAC securities on the open market before the merger with Trump Media went public.

    The Hill reports:

    “Michael and Gerald Shvartsman admitted in court that they received confidential, inside information about an upcoming merger between DWAC and Trump Media and used that information to make profitable, but illegal, open-market trades,” U.S. Attorney Damian Williams said in a press release Wednesday from the Department of Justice.

    “Insider trading is cheating, plain and simple, and today’s convictions should remind anyone who may be tempted to corrupt the integrity of the stock market that it will earn them a ticket to prison,” Williams added.

    The Shvartsmans were arrested last June, along with a third individual, Bruce Garelick, who had worked at Michael Shvartsman’s Rocket One Capital venture firm. Garelick, who was placed on DWAC’s board of directors, is accused of providing critical information to the brothers about the forthcoming deal in 2021. Garelick is set to go to trial at the end of this month.

    Trump Social Media Company Sues Co-Founders Over ‘Reckless Decisions’

    By
    Madeleine Jackson
    -
    1
    Photo via Gage Skidmore Flickr

    This legal battle is just getting started.

    Former President Donald Trump hit two of its cofounders with a lawsuit, claiming they impeded the merger with “a series of reckless and wasteful decisions.”

    The lawsuit from Trump Media & Technology Group, the parent company of Truth Social, alleges that Wesley Moss and Andrew Litinsky “failed spectacularly” to set up a corporate leadership structure for the company and nearly derailed its plans to merge with a publicly traded firm.

    According to The Hill, The lawsuit also names as defendants United Atlantic Ventures (UAV) — an entity run by Moss and Litinsky — and Patrick Orlando, the former CEO of Digital World Acquisition Corp. (DWAC), whose merger with Trump Media was approved March 22, allowing the Truth Social parent company to hit the stock market March 26.

    Trump Media alleged that Moss and Litinsky harmed the company through its negotiations with Orlando, accusing them of spurring an SEC investigation in 2021 that caused the merger “to be put on ice” for more than 18 months.

    Moss and Litinsky had previously sued Trump Media in Delaware, claiming the company was illegally attempting to dilute their stake.

    The dueling lawsuits come amid a challenging start to Truth Social’s new chapter as a public company. Truth Social reported a net loss of $58 million in 2023, according to SEC disclosures filed Monday. Trump owns 57.3 percent of Trump Media through holding 78,750,000 shares of the company, according to Securities and Exchange Commission (SEC) records

    Lauren Boebert Undergoes Emergency Surgery

    By
    Madeleine Jackson
    -
    0
    Gage Skidmore from Surprise, AZ, United States of America, CC BY-SA 2.0 via Wikimedia Commons

    On Monday, Colorado Congresswoman Lauren Boebert was admitted to a hospital to undergo emergency surgery for a blood clot in her leg.

    According to The Hill, Boebert was experiencing “severe swelling in her upper left leg” and went to UCHealth Medical Center of the Rockies in Loveland, Colorado.

    “I want to thank Dr. Rebecca Bade and the entire team at UCHealth Medical Center of the Rockies for their great care and providing helpful insight on my recent diagnosis,” Boebert said in a statement. “I’m looking forward to making a full recovery and getting back to Congress to continue fighting for Colorado.”

    “After undergoing a CT Scan, doctors found an acute blood clot and diagnosed her with May-Thurner syndrome, which is a rare condition that disrupts blood flow,” her campaign confirmed to The Hill.

    Boebert’s doctors recommended surgery to remove the clot and insert a stent that will address her symptoms, which was “successfully completed” Tuesday morning.

    Bade said in the statement provided by Boebert’s campaign that patients who undergo this surgery are “able to live and work just as they have in the past after a brief recovery.”

    The Colorado Republican’s campaign statement also noted that women between the ages of 20 and 45 who have given birth are more likely to develop May-Thurner Syndrome. The exact cause is unknown, the statement said, but dehydration, travel and extended periods of sitting have been identified as factors that cause symptoms.

    1...345...150Page 4 of 150
    © Great America News Desk 2022