"I'm really rich": Trump claims he doesn't even "need financing" as Truth Social deal falls apart

[riversedge]

well, lets see if trump puts in his own money. ....???

PS--my guess is NO.






“I’m really rich”: Trump claims he doesn’t even “need financing” as Truth Social deal falls apart


Igor Derysh - 1h ago



The blank-check company that planned to merge with former President Donald Trump's struggling Truth Social venture failed to secure enough shareholder support for a one-year extension to complete the deal, according to Reuters.

Trump launched the Trump Media & Technology Group, which owns Truth Social, with plans for a $1.3 billion cash infusion from Digital World Acquisition Corp., a special purpose acquisition company (SPAC). But the deal has been on hold indefinitely as Digital World faces scrutiny by the Securities and Exchange Commission and the Justice Department over whether the company illegally negotiated the deal with Trump before going public.

Digital World asked its investors to approve a one-year extension to complete the merger as a result of the investigations, which the company said in a filing "could materially delay, materially impede, or prevent the consummation of the business combination."

The company needs 65% of its shareholders to extend the deadline for the merger but by Monday "far fewer Digital World shareholders than those required had voted in favor," according to Reuters. Most of the company's shareholders are individual investors and it has been "challenging" getting them to vote through their brokers, Digital World CEO Patrick Orlando said last week, according to the report.

Related
"Trump never pays his bills": Truth Social reportedly stiffs contractor amid financial "disarray"

The vote threatens to kill the planned merger and Digital World executives are already scrambling for alternative options, according to the report. The company may try to postpone the vote deadline in an effort to garner more support from shareholders. Without further action, the SPAC is set to liquidate on Thursday and return the money it raised from investors a year earlier.

Trump's company was set to cash in on $293 million from the deal along with $1 billion in private investment. Trump's company in the meantime has taken on tens of millions in loans, according to the report.....................







https://www.msn.com/en-us/money/companies/i-m-really-rich-trump-claims-he-doesn-t-even-need-financing-as-truth-social-deal-falls-apart/ar-AA11wAbv?rc=1&ocid=winp1taskbar&cvid=6e300a5cd85e414dbf9328e17ddcf8ee
Former president Donald Trump speaks to supporters at a rally at the Mohegan Sun Arena on September 03, 2022 in Wilkes-Barre, Pennsylvania. Spencer Platt/Getty Images

[vlyons]

1. Oh hey! Let's throw some good money after bad!!!

Seems too many investors are a bit gun shy of doing business with TFG.

[Brainfodder]

2. He appears to just take from Peter to pay Paul, rinse and repeat?

Sometimes Peter is a bank, sometimes an Oligarch?

What could go wrong?

Favors, that is what!

[Thomas Hurt]

3. He can always hit up Jared for a loan...

[liberal N proud]

4. When someone has to tell you they are really rich

Don’t believe them

[Blue Owl]

5. He's all puffed up and full of himself

[sarcasmo]

6. A "billionaire" who begs for money.

[IcyPeas]

11. IKR? it boggles my mind that idiots will keep sending him money.

[Yo_Mama_Been_Loggin]

7. Release your taxes then so we can know how rich you really are

If he actually was as wealthy as he claims to be he wouldn't be reluctant to release the info.

[ProfessorGAC]

8. Moody's Would Beg To Differ

Neither their 2013 or 2018 Private Equity Creditworthiness reports concluded TFG's statement is true.

[LetMyPeopleVote]

9. Truth Social faces financial peril as worry about Trump's future grows

TFG's new media company is called Trump Media & Technology was supposed to have merged with a special purpose acquisition company by now. Following such merger, TFG's medial company would have had between $780 million and $1 billion in assets for TFG to play with. Both the SEC and the DOJ are investigating this transaction and now it looks like this transaction may never close or will only close after a substantial delay.

TFG did not put any real capital in TM&T and so it is not surprising that this company cannot pay its bills

Link to tweet

https://www.washingtonpost.com/technology/2022/08/27/trump-truth-social-mar-a-lago-fbi/?utm_campaign=wp_main&utm_medium=social&utm_source=twitter

Former president Donald Trump’s Truth Social website is facing financial challenges as its traffic remains puny and the company that is scheduled to acquire it expresses fear that his legal troubles could lead to a decline in his popularity.

Six months after its high-profile launch, the site — a clone of Twitter, which banned Trump after Jan. 6, 2021 — still has no guaranteed source of revenue and a questionable path to growth, according to Securities and Exchange Commission filings from Digital World Acquisition, the company planning to take Trump’s start-up, the Trump Media & Technology Group, public.

The company warned this week that its business could be damaged if Trump “becomes less popular or there are further controversies that damage his credibility.” The company has seen its stock price plunge nearly 75 percent since its March peak and reported in a filing last week that it had lost $6.5 million in the first half of the year......

There are signs that the company’s financial base has begun to erode. The Trump company stopped paying RightForge, a conservative web-hosting service, in March and now owes it more than $1 million, according to Fox Business, which first reported the dispute.

The company also has struggled with some basics of corporate operation. The U.S. Patent and Trademark Office this month denied its application to trademark “Truth Social,” citing the “likelihood of confusion” to other similarly named companies, including an app, “VERO — True Social,” first released in 2015.

The SPAC that was supposed to merge with TM&T seems to be worried about this deal.

In fact, Digital World’s filings have been consistently downbeat on the likelihood that Truth Social will be a success. Trump’s company “may never generate any operating revenues or ever achieve profitable operations,” it said in May, and if it is “unsuccessful in addressing [its] risks, its business will most likely fail.”

This deal may join a long list of other TFG business failures.

[Just A Box Of Rain]

10. There was that old story when Ivanka was a girl

and Trump pointed to a homeless guy and said something to the effect of, "You see that guy over there? He has a billion dollars more than I do."

Trump has seemingly always been in a hole. He's used various forms of fraud and legal protections like bankruptcies to keep giving himself the "appearance" of being rich.

But it all appears to be a Potemkin village that he's been able to project for such a shockling long time.

I expect his legal bills (assuming he pays any) are going to break him.