Trump Media, launched after an insurrection, faces rebellion of its own
Quote:
After Trump was booted from Twitter following the Jan. 6, 2021, insurrection, three men played pivotal roles in building and promoting Trump Media as an online challenger against the “cancel culture” of Big Tech: Andy Litinsky and Wes Moss, former “Apprentice” contestants who co-founded the company and launched Truth Social; and Patrick Orlando, who as chief executive of Digital World, a special purpose acquisition company, or SPAC, offered Trump’s company a path to investor cash.
But all three are now leading a rebellion of their own, confronting and potentially imperiling a trophy of Trump’s post-presidential ambitions. Their lawsuits call into question how Trump Media’s shares will be distributed, and a legal victory could chip away at Trump’s equity during a time when he is facing a cash crunch.
|
I am surprised that the SEC allowed this merger to go forward especially after fining the company $18 million for financial improprieties (Russian money laundering). Or perhaps they thought, the MAGA cult will blame Biden for blocking Trump's payday. Its the MAGA cult who will be fleeced with this IPO, a company (Truth Social) with revenues of $3Million and losing Million$ valued at $1.7 Billion and then going public via an SPAC. And the vote is set for today with multiple lawsuits trying to block it.
As a footnote, some of these troubles was caused by Trump himself, he was twisting Patrick Orlando's arm to give a lot of his shares to Melania, for free of course.
https://www.washingtonpost.com/techn...rger-lawsuits/