For days, Donald Trump’s fury over the requirement to secure hundreds of millions of dollars in bond money by Monday has been bubbling behind the scenes and through a steady stream of social media posts.
Friday’s public barrage on his Truth Social platform, which included multiple all-caps posts, highlighted his persistent anger with the judge who handed down the $464 million judgment, the New York attorney general who brought the civil fraud case and Trump’s insistence that it’s all designed to derail his presidential campaign.
The posts, including one sent just before 2 a.m. Friday, contained a mix of invective and claims devoid of fact or evidence. (There is no evidence that the White House has played any role in the case brought by New York Attorney General Letitia James, let alone ordered her to pursue her effort. Nor is there any evidence that Trump, as he claimed, has plans to use any of his own money for his presidential campaign.)
But also embedded in the posts was a reality that has pushed Trump’s company and personal finances to the brink with just two days remaining to land a solution.
Another potential pathway that Trump allies have discussed opened up Friday when investors approved a merger that made the former president’s media enterprise, Trump Media and Technology Group, a public company. Trump’s holdings in the new company would, on their face, net him billions in stock.
But the availability of that cash from the parent company of Truth Social would be subject to a six month “lockup” period that would hamstring Trump’s ability to sell any shares or use them as collateral. The billions Trump stands to gain exist only on paper – and would be subject to the price fluctuations of the stock when it starts to trade.
Seems orange man continues to sink into the quagmire of his own making. It warms my heart to see him sliding into bankruptcy.
A separate article said that the Truth Social board can vote to waive those six month lockup rules.
Edit: See this article: https://www.businessinsider.com/trump-could-sell-truth-social-stock-early-son-friends-board-2024-3
Edit 2: Good news - apparently even with a waiver, he can only sell 1% of outstanding shares every quarter:
Trump could try to obtain a waiver from that rule, but even then he wouldn’t be able to sell more than a small fraction of his stake at any given time — up to 1 percent of the outstanding shares every quarter. And if he eventually does unload a large quantity of stock, the ramifications could be significant, according to investors and others watching the deal. That’s because Trump himself is the heart of the venture, they say, and any sign that his interest is waning could chill investors.
https://www.politico.com/news/2024/03/22/trump-truth-social-money-financial-troubles-00148456
Edit 3: Another depressing thought: Trump probably will take those shares at present-day valuations and take out a loan or post bond with the shares as collateral. It’s his signature move to inflate his net worth - leverage everything, get cash, buy, and leverage again - so of course that’s got to be the answer.
If they do, wall street will short the fuck out of this stock, it will free fall.
Do you happen to have a link for that 'cause I’d be interested in reading it.
Yup, here you go (I think I saw it on a different article, but this one confronts it more directly): https://www.businessinsider.com/trump-could-sell-truth-social-stock-early-son-friends-board-2024-3
Edit: See original post, this article has even more detail and suggests he can’t sell more than 1% of outstanding shares each quarter: https://www.politico.com/news/2024/03/22/trump-truth-social-money-financial-troubles-00148456
Thanks. Looks like he’s still fucked so good news for us.
Re: Edit 3 - nope. No one will loan or bond against inflated assets.
Ok, except maybe SA or pootin
So what’s the best case math for slimeball?
1% of 60% of $3B (=18M?) every 3 months?Ed: the 3B is already figured at 60% so it’s 1% of 3.5B = $35M / quarter
Until the stock falls in the golden shitter
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Trump’s campaign apparatus trails Biden’s team significantly in fundraising, but those around Trump are confident that the gap will be closed. The former president, these people say, has been privately working the party’s biggest donors in a way they haven’t seen before.
“The money will be there,” one person told CNN. “He’s never been more focused or effective on that front than he is right now.”
Just posting this for posterity. I have a feeling it will be read with a thoroughly different meaning a year from now.
Nobody’s dumb enough to stump donations to an adjudicated grifter who’s facing a .5b judgment
He’s having to prime the common rubes again in email blasts for small donations, it’s plain to see how desperate Donny is
You might be underestimating how much appeal the Donald Trump 2024 package has to the right
investordonor:-
Ethically flexible to an historic degree
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In desperate financial straits
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at the apex of his Cult of Personality (if not in numbers then in fervor)
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on the cusp of consolidating power in what is already the most powerful office in the world
I can think of a few people who wouldn’t mind being owed a favor by Donny - especially at the current likely going rate for favors.
Yeah but it’s all or bust.
Like it’s $500m for a vague promise of a favor, or possibly nothing.
I’m not thinking about individuals, I’m thinking about foreign nations.
And maybe even some generous anonymous donations from an overseas admirer going by the mysterious nickname Mr Putout
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Nobody’s dumb enough
Oooohhhh, yeaaah, about that: have you been living under a rock? At this point, it doesn’t matter what the subject matter is, yes, people ARE dumb enough.
All these dumb headlines and controversies are all based on the imaginations of the American wealthy who hold all the power.
As long as they think Dump has any value or reason to be in politics … America will never get rid of him.
Any other politician that would have even come close to half of what has happened so far, would have been forgotten a long long time ago.
As long as they think Dump has any value or reason to be in politics …
It’s not just people that agree with them either.
The DNC and Hillary’s 2016 campaign were fucking stoked about trump and tried to find ways to help him shit on other Republicans.
Because they knew when the only other option is trump, they can run as shitty candidate as they want and still have a shot.
So far they’re 1/2, and I can’t believe they’re will to try it again. We’re wasting easy elections to get old out of touch “moderates” in office. We could just run a candidate that agrees with Dem voters and have a huge victory.
But that pisses off wealthy donors, and since it cost over a billion dollars for Biden to barely beat trump last time, Biden and the DNC want to keep do ors happy.
And they’re hoping voters won’t ask why we’re running a candidate that can’t beat trump for under a billion.
For Progressive and economic policies… I’ll take Biden over Obama.
That’s not to say, at all, that I think Biden has the economy figured out. But he didn’t bust up Occupy.
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We will see what happens on Monday. Will he put up or shut up?
Is there a specific time or does he have until 11:59?
Good question.
I would imagine it would need to be before the end of business, so probably 5PM EDT.
I’m guessing thats not a cutoff, that he can still potentially pay it after. They can just start taking other action to acquire the money, which won’t be next-day.
My knowledge is solely based on lemmy comments but…
There’s a deadline if he wants to appeal. If he provides the money 1 minute after the deadline he can’t appeal.
After the deadline they’ll start collection actions and he will always be able to pay to avoid them taking assets, no deadline.
Multi-thousandaire Trump’s shell game has been exposed. What a loser.
Sad!
CNN, your headline sucks.
