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(Axios)   Digital World, the SPAC taking Truth Social public, is really getting a lot of attention. At least from the grand jury   (axios.com) divider line
    More: Interesting, Grand jury, Donald Trump, board director of the blank check company, Twitter, federal grand jury, Truth Social, Corporation, Jury  
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1429 clicks; posted to Business » and Politics » on 28 Jun 2022 at 7:42 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



34 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-06-28 7:49:31 AM  
 
2022-06-28 7:49:58 AM  
logos.textgiraffe.comView Full Size
 
2022-06-28 7:52:11 AM  
"...will cooperate with - oversight that supports the SEC's important mission of protecting retail investors."

• Trump Org to lose scholarships
• banned from 3 years of bowl games
• forfeiture of previous championship

Fark user imageView Full Size
 
2022-06-28 7:58:09 AM  
I'm sorry, I just can't muster any sympathy, even for honest players, that try to do business with Donald Trump.
 
2022-06-28 7:59:28 AM  
It's a rather simple and obvious scam, but it might not actually be illegal depending on who the shareholders of the SPAC are.

1.  Create SPAC, which is essentially a public company with nothing but a big pile of money.
2.  Create rumor that SPAC will buy private entity - in this case Truth Social.
3.  Dumb money rushes in to buy shares of SPAC because they believe in genius businessman Donald Trump from their TV sets.
4.  Original shareholders of SPAC exchange their shares for real money.
5.  SPAC either fails to complete transaction or completes transaction and Truth Social makes no money.  Either way, the purpose of the SPAC was step 4.

What everyone wants to know is who were the original shareholders.  They made 10 times their original "investment".  Anyone who bought on the Truth Social rumor is now off 75%.
 
2022-06-28 8:00:31 AM  
Is there any question at all at this point that the whole thing was created as graft?
 
2022-06-28 8:01:24 AM  

jimjays: I'm sorry, I just can't muster any sympathy, even for honest players, that try to do business with Donald Trump.


I don't think "honest players" have done business with the Capo di Tutti Trumpi in twenty years.
I mean, at least not if they have a room temperature IQ and even the most basic ability to do due diligence.
 
2022-06-28 8:01:28 AM  

Rapmaster2000: It's a rather simple and obvious scam, but it might not actually be illegal depending on who the shareholders of the SPAC are.

1.  Create SPAC, which is essentially a public company with nothing but a big pile of money.
2.  Create rumor that SPAC will buy private entity - in this case Truth Social.
3.  Dumb money rushes in to buy shares of SPAC because they believe in genius businessman Donald Trump from their TV sets.
4.  Original shareholders of SPAC exchange their shares for real money.
5.  SPAC either fails to complete transaction or completes transaction and Truth Social makes no money.  Either way, the purpose of the SPAC was step 4.

What everyone wants to know is who were the original shareholders.  They made 10 times their original "investment".  Anyone who bought on the Truth Social rumor is now off 75%.


There's also a question as to whether it's illegal to create a rumor your SPAC will do X when it's not actually going to do that.
 
2022-06-28 8:04:06 AM  
Like my dating life it's mostly a pump and dump scheme.
 
2022-06-28 8:05:46 AM  

Ragin' Asian: Amazing investment. 😜


Don't tempt me in to buying Puts
 
2022-06-28 8:06:41 AM  

HerptheDerp: Ragin' Asian: Amazing investment. 😜

Don't tempt me in to buying Puts


If you buy anything from TFG, you're a putz.
 
2022-06-28 8:07:29 AM  
It must be weird to live your life constantly under criminal investigation where everyone you do business with suffers consequences while you shuffle between your palatial golf estates.
 
2022-06-28 8:14:09 AM  

JerkStore: Is there any question at all at this point that the whole thing was created as graft?


"Is there any question at all at this point that the whole thing was created as graft?"

Trumpworld: "username checks out!"
 
2022-06-28 8:15:44 AM  
I just love how Truth Social was sold as a media EMPIRE before it even got off the ground and then was helmeted by none the less Lord of Grapefruits Devin Nunes. And a bunch of hedge fund idiots but over 1B into it
/that's some spicy karmaballs
 
2022-06-28 8:15:56 AM  

Laobaojun: jimjays: I'm sorry, I just can't muster any sympathy, even for honest players, that try to do business with Donald Trump.

I don't think "honest players" have done business with the Capo di Tutti Trumpi in twenty years.
I mean, at least not if they have a room temperature IQ and even the most basic ability to do due diligence.


Very true -- after about 2001, I think, after yet another bankruptcy, etc, domestic lending institutions all backed off for good.
 
2022-06-28 8:19:34 AM  

Rapmaster2000: It's a rather simple and obvious scam, but it might not actually be illegal depending on who the shareholders of the SPAC are.

1.  Create SPAC, which is essentially a public company with nothing but a big pile of money.
2.  Create rumor that SPAC will buy private entity - in this case Truth Social.
3.  Dumb money rushes in to buy shares of SPAC because they believe in genius businessman Donald Trump from their TV sets.
4.  Original shareholders of SPAC exchange their shares for real money.
5.  SPAC either fails to complete transaction or completes transaction and Truth Social makes no money.  Either way, the purpose of the SPAC was step 4.

What everyone wants to know is who were the original shareholders.  They made 10 times their original "investment".  Anyone who bought on the Truth Social rumor is now off 75%.



It's almost the same as what we used to call a reverse IPO. It's a way to "go public" and become a publicly traded stock without going through the scrutiny usually involved in that process. A small company with stock does a reverse buyout of the new company while issuing new shares. While technically the stock looks like it's for a small little company, it now includes a much much larger enterprise.

It's always worth being skeptical of a company that deliberately avoids the scrutiny involved in going public.
 
2022-06-28 8:22:34 AM  

Laobaojun: jimjays: I'm sorry, I just can't muster any sympathy, even for honest players, that try to do business with Donald Trump.

I don't think "honest players" have done business with the Capo di Tutti Trumpi in twenty years.
I mean, at least not if they have a room temperature IQ and even the most basic ability to do due diligence.


I probably agree, I knew he was a scumbag 40 years ago or more. But I like to give benefit of the doubt and think some people are trying to give some sort of street justice and fleece him, if only on general principle.
 
2022-06-28 8:23:03 AM  
Wow, that still exists?  What has it been, like 3-4 months?  I think that's a record for Trump social media platforms.
 
2022-06-28 8:25:17 AM  

wademh: Rapmaster2000: It's a rather simple and obvious scam, but it might not actually be illegal depending on who the shareholders of the SPAC are.

1.  Create SPAC, which is essentially a public company with nothing but a big pile of money.
2.  Create rumor that SPAC will buy private entity - in this case Truth Social.
3.  Dumb money rushes in to buy shares of SPAC because they believe in genius businessman Donald Trump from their TV sets.
4.  Original shareholders of SPAC exchange their shares for real money.
5.  SPAC either fails to complete transaction or completes transaction and Truth Social makes no money.  Either way, the purpose of the SPAC was step 4.

What everyone wants to know is who were the original shareholders.  They made 10 times their original "investment".  Anyone who bought on the Truth Social rumor is now off 75%.


It's almost the same as what we used to call a reverse IPO. It's a way to "go public" and become a publicly traded stock without going through the scrutiny usually involved in that process. A small company with stock does a reverse buyout of the new company while issuing new shares. While technically the stock looks like it's for a small little company, it now includes a much much larger enterprise.

It's always worth being skeptical of a company that deliberately avoids the scrutiny involved in going public.


I once owned shares of the SPAC that brought American Apparel public.  There was a reason AA never went public on its own.
 
2022-06-28 8:26:38 AM  

Officer Barrelroll: It must be weird to live your life constantly under criminal investigation where everyone you do business with suffers consequences while you shuffle between your palatial golf estates.


He might not actually have done anything illegal.  It's these people who used his celebrity to try and make a profit off of suckers.
 
2022-06-28 8:27:20 AM  
Damn!  I saw a lot of great shows at SPAC.
 
2022-06-28 8:29:19 AM  
Trump is a master of centralizing profit and decentralizing loss.  He created a publicly-traded company in the '90s that sold stock and "bought" his casinos from him for $BIGNUM, then gradually crashed and burned.  As long as people are willing to fall for that same scam, he's willing to keep running it.

https://www.nytimes.com/2016/06/12/nyregion/donald-trump-atlantic-city.html
 
2022-06-28 8:30:28 AM  

Rapmaster2000: Officer Barrelroll: It must be weird to live your life constantly under criminal investigation where everyone you do business with suffers consequences while you shuffle between your palatial golf estates.

He might not actually have done anything illegal.  It's these people who used his celebrity to try and make a profit off of suckers.


Rich con men making a profit off suckers can be quite legal, you know.
 
2022-06-28 8:34:27 AM  
TMTG is focused on reclaiming the American people's right to free expression that doesn't involve criticism of Donald Trump or Vladimir Putin; or mention cows, grapefruit, or the January 6th Committee hearings, Every day, our team works tirelessly to sustain Truth Social's rapid growth, onboard new users, and add new features. We encourage - and will cooperate with - oversight that supports the SEC's important mission of protecting retail investors.
 
2022-06-28 8:41:56 AM  

wademh: [logos.textgiraffe.com image 289x200]


Suave?
 
2022-06-28 8:44:16 AM  
Bahaha they never developed an android version of the app? Really? One of the Russian programers couldn't crank one out in a week, it's a Twitter knockoff. Of course the whole thing was a scam, even "legit" tech companies like the actual Twitter are a house of cards not worth anything close to what they're valued at.
 
2022-06-28 8:44:43 AM  

Laobaojun: jimjays: I'm sorry, I just can't muster any sympathy, even for honest players, that try to do business with Donald Trump.

I don't think "honest players" have done business with the Capo di Tutti Trumpi in twenty years.
I mean, at least not if they have a room temperature IQ and even the most basic ability to do due diligence.


When I look back at the Trump Administration, I think of the Corleone Family from the Godfather.  Only with Fredo in charge.
 
2022-06-28 8:47:38 AM  
That was a scam? a guy who ran multiple companies from a mailbox in Orlando?

What? I'm shocked!

Jesus f*ckign Christ.
 
2022-06-28 9:07:31 AM  

Rapmaster2000: It's a rather simple and obvious scam, but it might not actually be illegal depending on who the shareholders of the SPAC are.

1.  Create SPAC, which is essentially a public company with nothing but a big pile of money.
2.  Create rumor that SPAC will buy private entity - in this case Truth Social.
3.  Dumb money rushes in to buy shares of SPAC because they believe in genius businessman Donald Trump from their TV sets.
4.  Original shareholders of SPAC exchange their shares for real money.
5.  SPAC either fails to complete transaction or completes transaction and Truth Social makes no money.  Either way, the purpose of the SPAC was step 4.

What everyone wants to know is who were the original shareholders.  They made 10 times their original "investment".  Anyone who bought on the Truth Social rumor is now off 75%.


Everyone knows that. A company called ARC Global investments headed by and almost entirely owned by a guy named Patrick Orlando (unfetchable URL: https://www.sec.gov/Archives/edgar/data/1849635/000110465921071982/tm2117087d1_s1.htm#a011 ). What may be more interesting is who got shares at the $10.00 price and what, if anything, they have subsequently done with their shares. SPAC-world is pretty small and tight at the IPO; initial buyers are essentially given free money.
 
2022-06-28 9:29:18 AM  

Manfred J. Hattan: What may be more interesting is who got shares at the $10.00 price and what, if anything, they have subsequently done with their shares.


That's what I meant when I used the term "original shareholders."
 
2022-06-28 9:47:38 AM  

HerptheDerp: Ragin' Asian: Amazing investment. 😜

Don't tempt me in to buying Puts


If you donated to the GOP you bought a putz.
 
2022-06-28 9:55:53 AM  

Rapmaster2000: Manfred J. Hattan: What may be more interesting is who got shares at the $10.00 price and what, if anything, they have subsequently done with their shares.

That's what I meant when I used the term "original shareholders."


You can find at least some of those folks too, in SEC filings: https://www.sec.gov/edgar/browse/?CIK=1849635&owner=exclude Someone with more time than me should definitely find the principals of those companies and at least google them with "Trump."  At least a couple look like the usual SPAC gang, others may not me.

Also, FWIIW, that Patrick Orlando chap made his bones a Deutsche Bank. He was on the emerging markets bond desk, so not Trump's banker but pretty much any time Deutsche Bank and Trump are in the same sentence someone should investigate.
 
2022-06-28 10:36:14 AM  

Manfred J. Hattan: pretty much any time Deutsche Bank and Trump are in the same sentence someone should investigate.


Deutsche Bank always means potential money laundering in my mind.  Adding Trump triples the odds.
 
2022-06-28 6:12:36 PM  

Sid Vicious' Corpse: Laobaojun: jimjays: I'm sorry, I just can't muster any sympathy, even for honest players, that try to do business with Donald Trump.

I don't think "honest players" have done business with the Capo di Tutti Trumpi in twenty years.
I mean, at least not if they have a room temperature IQ and even the most basic ability to do due diligence.

When I look back at the Trump Administration, I think of the Corleone Family from the Godfather.  Only with Fredo in charge.


And Ivanka as Consigliere- strike that; Consigliera.
 
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