Trump Media sued by co-founders ahead of DWAC merger, potential setback for lucrative deal

[Pototan]

This discussion thread was locked as off-topic by Emile (a host of the Latest Breaking News forum).

Source: CNBC

KEY POINTS

*Former President Donald Trump was accused in a lawsuit of trying to "drastically dilute" the value of stock shares in his social media company.

*United Atlantic Ventures alleges that Trump Media & Technology Group engaged in "wrongful 11th hour ... maneuvering" to dilute UAV's minority stake in the media company.

*The Delaware Chancery Court lawsuit comes in advance of a planned merger of TMTG with a shell company called Digital World Acquisition Corp.

*The merger could deliver billions of dollars to Trump, a potential lifeline as he faces more than $500 million in civil judgments in New York.

Read more: https://www.cnbc.com/2024/02/29/trump-media-sued-over-dwac-merger-share-dilution.html

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Don't start spending that $4 Billion just yet, Donnie boy.

[Diraven]

1. All he had to do

Is just let this go through and he'll probably earn (completely unjustified) billions. But no, his instinct is always to cheat to try to get a few million more of he thinks he can get away with it.

[spooky3]

2. Am I the only one wondering how TS could possibly be worth billions? Nt

[Drum]

3. You definitely are not the only one!

👁️

[Angrybob2001]

6. stock price vs reality

The price of a stock is a partly an emotional reaction to short term events. The moon lander fell over last week and the stock price of the company dropped. Absolutely nothing changed about the company or their capabilities.

Most of the people and companies involved in the whole DWAC/truth social thing are grifters, though some are socially acceptable grifters. The news and feeds are pushed to pump up the price, eventually they will sell out and you'll see the price drop.

[tanyev]

4. Come on, is that really something a guy who just got fined over $450 million

for numerous acts of fraud and misrepresentation would do?

Why yes, that's exactly what he would do.

[Berlin Expat]

5. How this deal was even approved

by the SEC to begin with is shocking. It should've been fairly obvious that something deeply shady was going on behind the scenes and the SEC dropped the ball by allowing this to go forward. But I suppose the SEC is less interested in being proactive and more interested in getting suckers to lay their money down over at the big casino on Wall Street.

Now these shareholders from United Atlantic Ventures have snapped out of their slumber and come to the realization that this entire undertaking is little more than a pump-and-dump scheme.

[Emile]

7. After an alert to the hosts, locking.

This is a dupe to an earlier post.
https://www.democraticunderground.com/10143201921