this post was submitted on 23 Mar 2024
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214
Trump stares down first derailment of his campaign-to-courthouse strategy (www.cnn.com)
submitted 8 months ago by MicroWave@lemmy.world to c/news@lemmy.world
26 comments fedilink hide all child comments
 

For days, Donald Trump’s fury over the requirement to secure hundreds of millions of dollars in bond money by Monday has been bubbling behind the scenes and through a steady stream of social media posts.

Friday’s public barrage on his Truth Social platform, which included multiple all-caps posts, highlighted his persistent anger with the judge who handed down the $464 million judgment, the New York attorney general who brought the civil fraud case and Trump’s insistence that it’s all designed to derail his presidential campaign.

The posts, including one sent just before 2 a.m. Friday, contained a mix of invective and claims devoid of fact or evidence. (There is no evidence that the White House has played any role in the case brought by New York Attorney General Letitia James, let alone ordered her to pursue her effort. Nor is there any evidence that Trump, as he claimed, has plans to use any of his own money for his presidential campaign.)

But also embedded in the posts was a reality that has pushed Trump’s company and personal finances to the brink with just two days remaining to land a solution.

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[–] girlfreddy@lemmy.ca 58 points 8 months ago* (last edited 8 months ago) (2 children)

Another potential pathway that Trump allies have discussed opened up Friday when investors approved a merger that made the former president’s media enterprise, Trump Media and Technology Group, a public company. Trump’s holdings in the new company would, on their face, net him billions in stock.

But the availability of that cash from the parent company of Truth Social would be subject to a six month “lockup” period that would hamstring Trump’s ability to sell any shares or use them as collateral. The billions Trump stands to gain exist only on paper – and would be subject to the price fluctuations of the stock when it starts to trade.

Seems orange man continues to sink into the quagmire of his own making. It warms my heart to see him sliding into bankruptcy.

[–] ReallyActuallyFrankenstein@lemmynsfw.com 33 points 8 months ago* (last edited 8 months ago) (4 children)

A separate article said that the Truth Social board can vote to waive those six month lockup rules.

Edit: See this article: https://www.businessinsider.com/trump-could-sell-truth-social-stock-early-son-friends-board-2024-3

Edit 2: Good news - apparently even with a waiver, he can only sell 1% of outstanding shares every quarter:

Trump could try to obtain a waiver from that rule, but even then he wouldn’t be able to sell more than a small fraction of his stake at any given time — up to 1 percent of the outstanding shares every quarter. And if he eventually does unload a large quantity of stock, the ramifications could be significant, according to investors and others watching the deal. That’s because Trump himself is the heart of the venture, they say, and any sign that his interest is waning could chill investors.

https://www.politico.com/news/2024/03/22/trump-truth-social-money-financial-troubles-00148456

Edit 3: Another depressing thought: Trump probably will take those shares at present-day valuations and take out a loan or post bond with the shares as collateral. It's his signature move to inflate his net worth - leverage everything, get cash, buy, and leverage again - so of course that's got to be the answer.

[–] bradorsomething@ttrpg.network 15 points 8 months ago

If they do, wall street will short the fuck out of this stock, it will free fall.

[–] girlfreddy@lemmy.ca 7 points 8 months ago (1 children)

Do you happen to have a link for that 'cause I'd be interested in reading it.

[–] ReallyActuallyFrankenstein@lemmynsfw.com 12 points 8 months ago* (last edited 8 months ago) (1 children)

Yup, here you go (I think I saw it on a different article, but this one confronts it more directly): https://www.businessinsider.com/trump-could-sell-truth-social-stock-early-son-friends-board-2024-3

Edit: See original post, this article has even more detail and suggests he can't sell more than 1% of outstanding shares each quarter: https://www.politico.com/news/2024/03/22/trump-truth-social-money-financial-troubles-00148456

[–] girlfreddy@lemmy.ca 6 points 8 months ago

Thanks. Looks like he's still fucked so good news for us.

[–] Pretzilla@lemmy.world 4 points 8 months ago* (last edited 8 months ago)

So what's the best case math for slimeball? ~~1% of 60% of $3B (=18M?) every 3 months?~~

Ed: the 3B is already figured at 60% so it's 1% of 3.5B = $35M / quarter

Until the stock falls in the golden shitter

[–] Pretzilla@lemmy.world 4 points 8 months ago

Re: Edit 3 - nope. No one will loan or bond against inflated assets.

Ok, except maybe SA or pootin

[–] modifier@lemmy.ca 44 points 8 months ago (1 children)

Trump’s campaign apparatus trails Biden’s team significantly in fundraising, but those around Trump are confident that the gap will be closed. The former president, these people say, has been privately working the party’s biggest donors in a way they haven’t seen before.

“The money will be there,” one person told CNN. “He’s never been more focused or effective on that front than he is right now.”

Just posting this for posterity. I have a feeling it will be read with a thoroughly different meaning a year from now.

[–] Milk_Sheikh@lemm.ee 9 points 8 months ago (2 children)

Nobody’s dumb enough to stump donations to an adjudicated grifter who’s facing a .5b judgment

He’s having to prime the common rubes again in email blasts for small donations, it’s plain to see how desperate Donny is

[–] modifier@lemmy.ca 14 points 8 months ago (2 children)

You might be underestimating how much appeal the Donald Trump 2024 package has to the right ~~investor~~ donor:

  • Ethically flexible to an historic degree

  • In desperate financial straits

  • at the apex of his Cult of Personality (if not in numbers then in fervor)

  • on the cusp of consolidating power in what is already the most powerful office in the world

I can think of a few people who wouldn't mind being owed a favor by Donny - especially at the current likely going rate for favors.

[–] fine_sandy_bottom@discuss.tchncs.de 3 points 8 months ago (1 children)

Yeah but it's all or bust.

Like it's $500m for a vague promise of a favor, or possibly nothing.

[–] papertowels@lemmy.one 4 points 7 months ago

I'm not thinking about individuals, I'm thinking about foreign nations.

[–] sukhmel@programming.dev 2 points 7 months ago

And maybe even some generous anonymous donations from an overseas admirer going by the mysterious nickname Mr Putout

[–] phoenixz@lemmy.ca 7 points 8 months ago

Nobody's dumb enough

Oooohhhh, yeaaah, about that: have you been living under a rock? At this point, it doesn't matter what the subject matter is, yes, people ARE dumb enough.

[–] ininewcrow@lemmy.ca 24 points 8 months ago (2 children)

All these dumb headlines and controversies are all based on the imaginations of the American wealthy who hold all the power.

As long as they think Dump has any value or reason to be in politics .... America will never get rid of him.

Any other politician that would have even come close to half of what has happened so far, would have been forgotten a long long time ago.

[–] givesomefucks@lemmy.world 12 points 8 months ago (1 children)

As long as they think Dump has any value or reason to be in politics …

It's not just people that agree with them either.

The DNC and Hillary's 2016 campaign were fucking stoked about trump and tried to find ways to help him shit on other Republicans.

Because they knew when the only other option is trump, they can run as shitty candidate as they want and still have a shot.

So far they're 1/2, and I can't believe they're will to try it again. We're wasting easy elections to get old out of touch "moderates" in office. We could just run a candidate that agrees with Dem voters and have a huge victory.

But that pisses off wealthy donors, and since it cost over a billion dollars for Biden to barely beat trump last time, Biden and the DNC want to keep do ors happy.

And they're hoping voters won't ask why we're running a candidate that can't beat trump for under a billion.

[–] APassenger@lemmy.world 4 points 8 months ago

For Progressive and economic policies... I'll take Biden over Obama.

That's not to say, at all, that I think Biden has the economy figured out. But he didn't bust up Occupy.

[–] Treczoks@lemmy.world 22 points 8 months ago (1 children)

We will see what happens on Monday. Will he put up or shut up?

[–] Corkyskog@sh.itjust.works 7 points 8 months ago* (last edited 8 months ago) (2 children)

Is there a specific time or does he have until 11:59?

[–] Treczoks@lemmy.world 4 points 8 months ago

Good question.

[–] ShepherdPie@midwest.social 4 points 8 months ago (1 children)

I would imagine it would need to be before the end of business, so probably 5PM EDT.

[–] ripcord@lemmy.world 1 points 8 months ago (1 children)

I'm guessing thats not a cutoff, that he can still potentially pay it after. They can just start taking other action to acquire the money, which won't be next-day.

[–] fine_sandy_bottom@discuss.tchncs.de 3 points 8 months ago

My knowledge is solely based on lemmy comments but...

There's a deadline if he wants to appeal. If he provides the money 1 minute after the deadline he can't appeal.

After the deadline they'll start collection actions and he will always be able to pay to avoid them taking assets, no deadline.

[–] DogPeePoo@lemm.ee 15 points 8 months ago

Multi-thousandaire Trump’s shell game has been exposed. What a loser.

Sad!

[–] homesweethomeMrL@lemmy.world 7 points 8 months ago

CNN, your headline sucks.