Just when you thought the man had seen it all, from business ventures that soared to the heights of Trump Tower to political escapades that shook the very foundations of Capitol Hill, comes a twist that reads like a page from a high-stakes Wall Street thriller.
In a move that’s got everyone from the casual observer to the die-hard supporter on the edge of their seats, Trump’s latest venture, Truth Social, has hit what some might call the jackpot. Shareholders of the shell company that keeps the social media platform afloat have cast their votes, deciding to take the company public. And not just any kind of public – we’re talking NASDAQ under the ticker “DJT.” That’s right, Trump is about to potentially rake in somewhere between $3.5-$4 billion in net assets, according to a report by CBS News.
????BREAKING: Shareholders have just voted to make Trump Media & Technology Group, the parent company of Truth Social, a publicly traded company. This could net Trump a windfall of $4 billion. The President would need to seek a waiver to liquidate his stock before the end of a…
— Charlie Kirk (@charliekirk11) March 22, 2024
But let’s not start counting those billions just yet. Converting this windfall from paper to the bank won’t be as straightforward as one might hope. Trump is faced with the dilemma of needing to liquidate his stock before a six-month lockup period ends. Why, you ask? Well, there’s this small matter of a $454 million bond needed for his New York real estate judgment. It seems even billionaires can have cash flow problems.
Letitia James, New York’s Attorney General, is breathing down Trump’s neck, threatening to seize assets if he doesn’t cough up the cash by Monday. Trump’s lawyers are scrambling, but lenders seem to be playing hard to get. Despite possibly having $500 million lying around, Trump might need to double that to comfortably cover his obligations while the appeals court does its thing.
The irony? Truth Social, the brainchild born out of Trump’s banishment from X (formerly Twitter), is not just a platform for free speech; it’s turning into a moneymaker. With $3.7 million in revenue for the first quarter of 2023, despite running at a loss, there’s a glimmer of hope. Could this sale not only bail Trump out but also prove to be a lucrative venture attracting advertisers disenchanted with X?