Feds raid Mar a Lago - All things Trump

They let him off the hook. Again.

The New York appeals court ruling Monday staves off the prospect, for now, of New York Attorney General Letitia James seeking to seize the former president’s property to enforce the judgment against him.​

Donald Trump had been struggling to come up with the means to post the $464 million bond, a figure that is now cut to $175 million.​
  • Facepalm
Reactions: Zeedox
So there's this:

I don’t give investment advice. But I assure you that a company with $3.4 million in revenue and $49 million in losses over the past nine months is not worth $5 billion. Buy into shares of any company with those numbers and you are certain to be taken for a sucker.​
That Donald Trump will be the one doing the bamboozling means that investors in his public media company might as well be making a political donation to his campaign or contributing to a Trump legal defense fund instead. This scheme is unfolding in the plain light of day, and securities regulators are powerless to do anything about it.​
Trump Steaks ceased operations two months after it launched. I'm wondering what this stock is going to be worth two months from now.

I'm betting it'll be worth very little, as he'll no doubt sell a good bit off to pay his legal bills, and once people see the stock diving because he's unloading it, it'll be like rats from a sinking ship.

Unless, of course, the Saudis and Russians buy it all up for a favor to be named at a later date.
  • Like
Reactions: Zeedox
It's worse than I thought.

Former President Donald Trump's fledgling media business is losing its sheen among investors a week after going public, with a sharp reversal in the company's stock price lopping $4 billion off its value.​
The plunge in Trump Media & Technology Group's shares, which debuted on the Nasdaq Composite Index on March 25 under the ticker "DJT" (after the former president's initials), comes as it disclosed mounting losses in a regulatory filing. The company also noted that its accountant had issued a warning that its losses "raise substantial doubt about its ability to continue as a going concern."​
Shares of Trump Media & Technology Group, whose primary asset is the Truth Social platform, tumbled $13.30, or 21%, to $48.66 on Monday. That's below its opening price last Monday of $49.90 per share, and represents a 39% plunge from the stock's high of $79.38 on March 26.​
Still, the stock remains higher than before a deal that took Trump's media company public last week. The shares had previously traded under the name Digital World Acquisition Corp., a shell company designed to take Truth Social public. Even after Monday's dip, the stock has surged 178% this year.​
Trump, who owns 57% of the newly public company, has lost $2.5 billion — at least on paper — because of the stock slide. His stake is now worth $3.8 billion, down from $6.3 billion at the stock's peak last week.​
To be sure, Trump Media continues to maintain a heady market capitalization for a business that's in the red and that booked just $4.1 million in revenue last year. Even after Monday's stock plunge, the business is worth $6.7 billion, making it more valuable than companies like Bausch & Lomb, Alcoa Corp. or Harley-Davidson, all of which have annual revenue in the billions.​
Trump Media's soaring valuation has prompted comparisons with so-called "meme" stocks like GameStop, which typically attract individual investors based on social media buzz, rather than the tried-and-true yardsticks relied on by institutional investors, such as profitability and revenue growth.​
Yet Truth Social has positioned itself as an alternative to more established tech giants such as Meta's Facebook, which also endured losses in its early years.​
"GameStop was the meme stock of a lifetime, but Trump Media has put it to shame," Michael Pachter, an analyst at Wedbush Securities, told the Associated Press last week.​
Trump Media & Technology Group on Monday disclosed more details about its finances. The company booked $4.1 million in revenue last year, compared with $1.5 million in the year-earlier period. It also posted a loss of $58 million in 2023, compared with a profit of $50 million in the prior year.​
Additionally, it noted that its accountant flagged that the company's losses raise doubts about its ability to continue operating. Such a warning, however, reflects the company's current situation; the company could grow its user base, revenue and reverse its losses, putting it on a more stable path.​
It's yet another example, like Tesla, of companies "valued" at a rate a magnitude above what they're actually worth. Our entire economy is based off of complete bullshit like this. It is all a house of cards based on cult-like followings and nothing more. The truth is that Tesla, if properly valued, wouldn't be worth $40.00 per share and Trump Media would be worth less than 25 cents per share.

When they both go belly up, and they will, the idiots that invested in it will cry and play the victim. Know what? Fuck all of you idiots. You will get EXACTLY what you deserve.
  • Haha
Reactions: Zeedox
The true test comes though when he applies elsewhere.

The way the Bar works is that you get certified in the state you live in when you take the test.

Each state has its own Bar. So if I'm certified in Georgia, and a client in South Carolina wants to hire me, I have to apply to the South Carolina Bar to be able to take the case.

Typically, so long as you're in good standing with your home Bar association, that application is automatic.

But now we're going to find our if, say, someone like Florida or Alabama will go ahead and approve him to practice law even though his home Bar has disbarred him.

If they do, it will essentially render the entire system completely worthless.
  • Like
Reactions: Zeedox
But, of course!

Donald Trump has sued two co-founders of his newly public Trump Media & Technology Group Corp., claiming they set the company up improperly and shouldn’t get any stock in it.

In the latest legal skirmish over who gets how much of the hot but flailing meme stock, Trump alleges that Andy Litinsky and Wes Moss violated an agreement about the setup and don’t deserve their 8.6% stake, currently valued at $606 million.

  • Facepalm
Reactions: Gomez Adams
You can't make this shit up.

John Eastman is appealing his disbarment so that he can continue to practice law to make money to pay his legal fees he has about abusing his law license to overturn an election.

  • Haha
Reactions: Zeedox