Two somewhat related reports via Taegan Goddard.
Rolling Stone (“Trump Is Now Fundraising Off His Inability to Pay Fraud Bond“):
ONCE UPON A time, long before he set his sights on the White House, Donald Trump leveraged his massive real estate empire into a braggadocious reality TV show called The Apprentice. The show’s bombastic theme song sang “money, money, money, money,” at viewers over shots of Trump’s New York properties, private planes, and helicopters. Now, two decades after the show first premiered, the former president is begging his followers to fork over cash in order to preserve the assets on which he built his throne.
“KEEP YOUR FILTHY HANDS OFF TRUMP TOWER!” Trump’s campaign screamed in a text message sent out Wednesday morning to potential donors. “Insane radical Democrat AG Letitia James wants to SEIZE my properties in New York. THIS INCLUDES THE ICONIC TRUMP TOWER!” Trump added in a memo linked in the text message.
“Before the day is over, I’m calling on ONE MILLION Pro-Trump patriots to chip in and say: STOP THE WITCH HUNT AGAINST PRESIDENT TRUMP!” the donation page read.
On Monday, the former president’s attorneys revealed that they had been unable to secure a bond backer to guarantee the nearly half a billion dollars he would need to submit an appeal on a massive New York civil fraud ruling against him and his company. Last month, Trump was ordered to pay $355 million in damages to the state of New York and barred “from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years,” after being found liable for defrauding investors and the state through his real estate holdings.
Trump is livid — ot only because he was rejected by 30 different underwriters, but because unless he comes up with the money by Monday, the state could begin seizing his assets to collect payment.
“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” New York Attorney General Letitia James told ABC News last month.
WSJ (“Trump Is in Line for a $3.5 Billion Windfall From Stake in Truth Social“):
Donald Trump’s supporters are pushing to hand him a nearly $3.5 billion windfall by driving up the value of his also-ran social-media platform, which is on the cusp of getting approval to list on the stock market.
Trump’s winning lottery ticket would come from Truth Social, the social-media platform he launched in 2021. After a twisted path that included tens of millions of dollars in losses and insider-trading convictions, the shell company taking Truth Social public became the market’s latest meme stock. Trump’s supporters banded together to push up the stock, valuing Truth Social to a staggering $6 billion.
Truth Social could go public as soon as next week, but the deal still needs to be approved by shareholders. Even if that happens, Trump must hold his shares for six months.
Truth Social was created by Trump when he was bounced from the major social-media platforms. Since the presidential candidate was reinstated by Facebook and X, formerly known as Twitter, Truth Social has instead become a potential huge paycheck.
Truth Social’s parent is set to go public by combining with a special-purpose acquisition company, or SPAC. Its shareholders, nearly all Trump supporters, are expected to approve the merger Friday morning. Trump’s company could replace the shell company in the stock market as soon as Monday. The new ticker would be DJT, Trump’s initials.
If the deal goes through, Trump’s $3.5 billion windfall could ease his financial pressure and boost his political campaign.
Given that Trump needs to post $454 million in less than a week, I’m skeptical he’ll be able to fundraise it in time. One imagines his enthusiasts are getting tapped out by this point. Indeed, he reportedly only took in $39.3 million in all of February and his campaign only has $74.4 million cash on hand.
A massive windfall from Truth Social would certainly help him out considerably but not in time. Further, I’m skeptical that the fake valuation will come to fruition. Who are these people willing to invest that kind of money to buy a near-worthless social media outfit?
