Happy Trump

Chart of the Day: Trump Getting Rich – Truth Social

Right Wire Report


Former President Donald Trump’s new media enterprise – Trump Media & Technology Group – is already worth an implied $8.2 billion following last week’s buying frenzy following the announcement of its special purpose acquisition company (SPAC), Digital World Acquisition Corp. (ticker: DWAC). Take a look at the above first few days stock price of DWAC … it’s on a meteoric rise and could go higher.

Truth Social is a proposed social media platform to be launched by Trump Media & Technology Group (TMTG). It is planned to have a limited launch on Apple‘s App Store in November 2021, and a full public launch in 2022.

And according to Bloomberg, citing SEC filings, it appears that Trump will own more than 50% of the combined company. Assuming that the company’s initial enterprise value was $875 million (based on figures from press releases) was calculated at $10 per share offering price and the $293 million Digital World has in trust, owners of the SPAC will receive around 42% of the combined company, leaving 58% for Trump – a stake worth nearly $4.8 billion based on Friday’s close. For reference, Twitter is worth nearly $50 billion.

“At its current value, that would make him the richest he’s ever been, up from his estimated net worth now of $2.5 billion, according to the Bloomberg Billionaires Index,” according to the report.

The on-paper gains, should they hold, more than make up for the $500 million hits Trump took to his net worth since becoming President according to the report.

Of course, Bloomberg points out that Trump’s new venture faces significant headwinds.

There are many reasons to be skeptical of the valuation. It will be months before the new venture publicly releases its first product, a social-media platform called Truth Social. And there are already technical issues. On Thursday, the Truth Social page was hacked to make it appear that Trump shared a photo of a defecating pig. 

It’s also unclear how Trump plans to build a social-media platform on the scale of Twitter over the next few months, let alone a streaming service, which is the next phase of Trump Media’s plans, according to the press release announcing the company. That statement was light on numbers even by SPAC standards.

“We have no financials. We have no business plan. We don’t know how they got to the valuation. We have no information,” said Kristi Marvin, CEO of research firm SPAC Insider. “That’s the fundamental problem.”

Former President Donald Trump had been reported to have lost close to half of his wealth during his time serving as president. Trump perhaps is now the richest he’s ever been. 

See more #chartoftheday posts.


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 RWR original article syndication source.

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Written by Tom Williams

Born down on the farm in America's Midwest, my early life was spent climbing the ladder via a long career in information technology. Starting as a technician, and after earning a degree going to night school, I eventually found a place working at ATT Bell Laboratories as a software engineer.

Later moving into management and then a long stint in a major management consulting firm working with major banking, telecommunications, and retail companies. Working in various states in America, I also spent considerable time living and working in several European countries - currently expat in France. As a side career, I was heavily involved in real estate development and an avid futures trader. This experience can give one a unique view of the world.

The storm clouds of dark change are near. Today America is at a crossroads. Will it maintain its prowess as a national leader in the free modern advancing world, or will it backtrack in the abyss of the envy identity politics of tyrannical socialism, and the loss of individual freedoms. The 2020 election may have decided this. Join the Right Wire Report team and make a stand.

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