Home Liberal Wall Street Don Deals More Liar’s Poker (Counterpunch)

Wall Street Don Deals More Liar’s Poker (Counterpunch)


Wall Street Don Deals More Liar’s Poker – By Matthew Stevenson (Counterpunch) / April 19, 2024

When last we checked in on Trump’s new media company, which has the full name of Trump Media & Technology Group (TMTG) and trades on Nasdaq under the monogrammatic ticket symbol DJT, the shares had gone public at around $60 a share, spiked close to $80 (giving the company a $10 billion valuation), and then—to use a Wall Street cliché—“consolidated” closer to $40 a share.

Now, as Trump is mounting a “napping defense” in his New York City criminal trial, shares in Trump Media have fallen to $36 $29 $25 $22 a share, wiping out billions of dollars in DJT market capitalization.

In response, Trump Media decided to double down on its patriot games and this week declared its intention to register (in anticipation of selling) some 204 million in restricted shares, so that he’s in a position to get out of the company prior to its inevitable crash. (Going forward, Trump will own about 114,750,000 of the shares outstanding—about 60% of the voting stock.)

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