Strong short interest in Trump's public media company Truth Social suggests a gloomy view of its future.
Former President Donald Trump has clearly scored a financial win with his media startup, Trump Media & Technology Group. Once theBut many investors seem to think the Trump venture will flop. The Trump startup will go public via a merger with Digital World Acquisition Corp. that there will be a significant decline in the stock price in the short term,” Ihor Dusaniwsky, managing director at S3 Partners, said in an email.
Trump has to wait 6 months before selling any shares in the public company, according to the terms of the merger. But that would still allow him to sell shares by October. The company board could also waive that rule, which seems plausible given that it’s composed of Trump cronies plus his son, Donald Jr.
A third risk is that Trump, likely to be the Republican presidential candidate in 2024, loses in November to incumbent President Joe Biden. A second loss to Biden would leave little political future for the 77-year-old Trump, except as a kind of Republican Party boss emeritus. Instead of being the "in" place for Trump supporters to converse, Truth Social would become a remnant of the Trump movement.
Fox NewsEric Trump continued his family’s crusade against New York Attorney General Letitia James on Sunday, touting his father’s accomplishments—including, incredulously, the claim that the elder Trump was responsible for building New York’s skyline.“I’m a guy that grew up in New York, my father built the skyline of New York,” he told Fox News’s Maria Bartiromo on Sunday Morning Futures. “This is election interference.
Investors have approved a deal on Friday to make Truth Social owner Trump Media a publicly traded company. The green light from shareholders clears the final major hurdle for a long-delayed transaction that will generate a multi-billion dollar windfall for former President Donald Trump at a time when he’s facing immense financial and legal pressure.
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