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‘Absurd & Dangerous’: Truth Social Made Donald Trump Billions Today

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Donald Trump last week told a court he could not secure a $454 million bond, but today he is now reportedly “more than $5 billion richer,” and saw his net worth “more than double” in the space of just hours, all thanks to the parent company of his Truth Social social media platform that went public Monday and began trading Tuesday morning.

(These numbers are fluid and not reflective of the stock’s closing number on Tuesday.)

“Former President Donald J. Trump’s social media company soared in its first day of trading on the Nasdaq on Tuesday,” The New York Times reported, just before market close, “giving the company an estimated market value of more than $8 billion, larger than established corporations like Mattel, Alaska Airlines and Western Union.”

“The biggest beneficiary of the market action has been Mr. Trump, who owns about 60 percent of Trump Media, making him the largest shareholder. His stake in the company — the parent of Truth Social, the online platform that is Mr. Trump’s main megaphone for reaching supporters and attacking critics — is worth about $5 billion on paper.”

Some are calling for an investigation by the Securities and Exchange Commission (SEC), and labeling the arrangement “absurd” and “dangerous.”

Truth Social is now owned by Trump Media, formerly a shell company named Digital World Acquisition Corp. On Monday the stock closed at $49.95. On Tuesday under its new DJT symbol shares skyrocketed, at times up nearly 60%, before closing up just 16%, at $57.99, according to Google.

Shares “have spiked about 300% so far this year,” CNN reported. “That includes a 35% surge Monday after the deal closed. Shares popped again at the start of trading Tuesday — investors’ first opportunity to trade the stock after the merger, under the new DJT ticker.”

“The skyrocketing share price comes despite the fact that Trump Media is burning through cash; piling up losses; and its main product, Truth Social, is losing users.”

READ MORE: Gag Order: Trump Criminal Case Judge Lays Down the Law

“Trump Media generated just $3.4 million of revenue through the first nine months of last year, according to filings. The company lost $49 million over that span,” CNN adds. “And yet the market is valuing Trump Media at approximately $13 billion.”

What does that mean?

“For context, Reddit was only valued at $6.4 billion at its IPO last week — even though it generated 160 times more revenue than Trump Media. (Reddit hauled in $804 million in revenue in 2023, compared with Trump Media’s annualized revenue of about $5 million.)”

Just before noon, Forbes reported, “Donald Trump is more than $5 billion richer today after shares of Trump Media & Technology Group, which operates the Truth Social platform, began trading on the Nasdaq. Forbes now estimates that Trump—who was worth an estimated $2.3 billion before shareholders voted last week to approve the long-delayed plan to take TMTG public—now has a net worth of $7.3 billion, as of 11:30 a.m. Eastern. That makes the former president one of the 400 richest people in the world, according to Forbes’ real-time tracker.”

Professor of Public Policy at UC Berkeley, former Secretary of Labor Robert Reich, is calling this “absurd.”

“We’ve reached an absurd & dangerous point where most of Trump’s net worth will tied up in a publicly traded media company, ‘DJT.’ What foreign countries and funds will take shares in DJT, and what kind of leverage will that grant them? The media must report more on this threat!”

Reich dug deeper.

“Follow the money, folks. The biggest institutional investor in the Truth Social SPAC is Susquehanna Int’l Group. It was co-founded by GOP billionaire Jeffrey Yass, who is also a major investor in the parent of TikTok. Trump recently did a 180 on banning TikTok. Wonder why?”

READ MORE: Trump Says He Thinks He’s ‘Allowed’ to Accept Foreign Money to Pay Fines

U.S. Senator Brian Schatz (D-HI) is calling for an “explanation.”

“If it is true that Donald Trump’s net worth just increased by more than a billion dollars the public deserves to know why. This is likely the biggest financial windfall for a politician in world history, so it requires a detailed and transparent explanation.”

Former FBI General Counsel Andrew Weissmann, a professor of law and a frequent MSNBC legal commentator served up a short response, invoking the U.S. Securities and Exchange Commission.

Attorney Robert J. DeNault posted a warning: “I know it’s little solace to anyone, but whatever scheme is going on to inflate the value of Truth Social to $71 a share right now is subject to a lot of fraud and securities laws that Trump’s other businesses largely escape oversight on. This is a public company.”

 

Image via Shutterstock

 

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CNN Smacks Down Trump Rant Courthouse So ‘Heavily Guarded’ MAGA Cannot Attend His Trial

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Donald Trump’s Friday morning claim Manhattan’s Criminal Courts Building is “heavily guarded” so his supporters cannot attend his trial was torched by a top CNN anchor. The ex-president, facing 34 felony charges in New York, had been urging his followers to show up and protest on the courthouse steps, but few have.

“I’m at the heavily guarded Courthouse. Security is that of Fort Knox, all so that MAGA will not be able to attend this trial, presided over by a highly conflicted pawn of the Democrat Party. It is a sight to behold! Getting ready to do my Courthouse presser. Two minutes!” Trump wrote Friday morning on his Truth Social account.

CNN’s Kaitlan Collins supplied a different view.

“Again, the courthouse is open the public. The park outside, where a handful of his supporters have gathered on trials days, is easily accessible,” she wrote minutes after his post.

READ MORE: ‘Assassination of Political Rivals as an Official Act’: AOC Warns Take Trump ‘Seriously’

Trump has tried to rile up his followers to come out and make a strong showing.

On Monday Trump urged his supporters to “rally behind MAGA” and “go out and peacefully protest” at courthouses across the country, while complaining that “people who truly LOVE our Country, and want to MAKE AMERICA GREAT AGAIN, are not allowed to ‘Peacefully Protest,’ and are rudely and systematically shut down and ushered off to far away ‘holding areas,’ essentially denying them their Constitutional Rights.”

On Wednesday Trump claimed, “The Courthouse area in Lower Manhattan is in a COMPLETE LOCKDOWN mode, not for reasons of safety, but because they don’t want any of the thousands of MAGA supporters to be present. If they did the same thing at Columbia, and other locations, there would be no problem with the protesters!”

After detailing several of his false claims about security measures prohibiting his followers from being able to show their support and protest, CNN published a fact-check on Wednesday:

“Trump’s claims are all false. The police have not turned away ‘thousands of people’ from the courthouse during his trial; only a handful of Trump supporters have shown up to demonstrate near the building,” CNN reported.

“And while there are various security measures in place in the area, including some street closures enforced by police officers and barricades, it’s not true that ‘for blocks you can’t get near this courthouse.’ In reality, the designated protest zone for the trial is at a park directly across the street from the courthouse – and, in addition, people are permitted to drive right up to the front of the courthouse and walk into the building, which remains open to the public. If people show up early enough in the morning, they can even get into the trial courtroom itself or the overflow room that shows near-live video of the proceedings.”

READ MORE: Justices’ Views on Trump Immunity Stun Experts: ‘Watching the Constitution Be Rewritten’

 

 

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‘Assassination of Political Rivals as an Official Act’: AOC Warns Take Trump ‘Seriously’

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Democratic U.S. Rep. Alexandria Ocasio-Cortez is responding to Thursday’s U.S. Supreme Court hearing on Donald Trump’s claim he has “absolute immunity” from criminal prosecution because he was a U.S. president, and she delivered a strong warning in response.

Trump’s attorney argued before the nation’s highest court that the ex-president could have ordered the assassination of a political rival and not face criminal prosecution unless he was first impeached by the House of Representatives and then convicted by the Senate.

But even then, Trump attorney John Sauer argued, if assassinating his political rival were done as an “official act,” he would be automatically immune from all prosecution.

Justice Sonia Sotomayor, presenting the hypothetical, expressed, “there are some things that are so fundamentally evil that they have to be protected against.”

RELATED: Justices’ Views on Trump Immunity Stun Experts: ‘Watching the Constitution Be Rewritten’

“If the president decides that his rival is a corrupt person, and he orders the military, or orders someone to assassinate him, is that within his official acts for which he can get immunity?” she asked.

“It would depend on the hypothetical, but we can see that could well be an official act,” Trump attorney Sauer quickly replied.

Sauer later claimed that if a president ordered the U.S. military to wage a coup, he could also be immune from prosecution, again, if it were an “official act.”

The Atlantic’s Tom Nichols, a retired U.S. Naval War College professor and an expert on Russia, nuclear weapons, and national security affairs, was quick to poke a large hole in that hypothetical.

“If the president suspends the Senate, you can’t prosecute him because it’s not an official act until the Senate impeaches …. Uh oh,” he declared.

RELATED: Justices Slam Trump Lawyer: ‘Why Is It the President Would Not Be Required to Follow the Law?’

U.S. Rep. Alexandria Ocasio-Cortez blasted the Trump team.

“The assassination of political rivals as an official act,” the New York Democrat wrote.

“Understand what the Trump team is arguing for here. Take it seriously and at face value,” she said, issuing a warning: “This is not a game.”

Marc Elias, who has been an attorney to top Democrats and the Democratic National Committee, remarked, “I am in shock that a lawyer stood in the U.S Supreme Court and said that a president could assassinate his political opponent and it would be immune as ‘an official act.’ I am in despair that several Justices seemed to think this answer made perfect sense.”

CNN legal analyst Norm Eisen, a former U.S. Ambassador and White House Special Counsel for Ethics and Government Reform under President Barack Obama, boiled it down: “Trump is seeking dictatorial powers.”

Watch the video above or at this link.

READ MORE: ‘They Will Have Thugs?’: Lara Trump’s Claim RNC Will ‘Physically Handle the Ballots’ Stuns

 

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Justices’ Views on Trump Immunity Stun Experts: ‘Watching the Constitution Be Rewritten’

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Legal experts appeared somewhat pleased during the first half of the Supreme Court’s historic hearing on Donald Trump’s claim he has “absolute immunity” from criminal prosecution because he was the President of the United States, as the justice appeared unwilling to accept that claim, but were stunned later when the right-wing justices questioned the U.S. Dept. of Justice’s attorney. Many experts are suggesting the ex-president may have won at least a part of the day, and some are expressing concern about the future of American democracy.

“Former President Trump seems likely to win at least a partial victory from the Supreme Court in his effort to avoid prosecution for his role in Jan. 6,” Axios reports. “A definitive ruling against Trump — a clear rejection of his theory of immunity that would allow his Jan. 6 trial to promptly resume — seemed to be the least likely outcome.”

The most likely outcome “might be for the high court to punt, perhaps kicking the case back to lower courts for more nuanced hearings. That would still be a victory for Trump, who has sought first and foremost to delay a trial in the Jan. 6 case until after Inauguration Day in 2025.”

Slate’s Mark Joseph Stern, who covers the courts and the law, noted: “This did NOT go very well [for Special Counsel] Jack Smith’s team. Thomas, Alito, and Kavanaugh think Trump’s Jan. 6 prosecution is unconstitutional. Maybe Gorsuch too. Roberts is skeptical of the charges. Barrett is more amenable to Smith but still wants some immunity.”

READ MORE: ‘To Do God Knows What’: Local Elections Official Reads Lara Trump the Riot Act

Civil rights attorney and Tufts University professor Matthew Segal, responding to Stern’s remarks, commented: “If this is true, and if Trump becomes president again, there is likely no limit to the harm he’d be willing to cause — to the country, and to specific individuals — under the aegis of this immunity.”

Noted foreign policy, national security and political affairs analyst and commentator David Rothkopf observed: “Feels like the court is leaning toward creating new immunity protections for a president. It’s amazing. We’re watching the Constitution be rewritten in front of our eyes in real time.”

“Frog in boiling water alert,” warned Ian Bassin, a former Associate White House Counsel under President Barack Obama. “Who could have imagined 8 years ago that in the Trump era the Supreme Court would be considering whether a president should be above the law for assassinating opponents or ordering a military coup and that *at least* four justices might agree.”

NYU professor of law Melissa Murray responded to Bassin: “We are normalizing authoritarianism.”

Trump’s attorney, John Sauer, argued before the Supreme Court justices that if Trump had a political rival assassinated, he could only be prosecuted if he had first been impeach by the U.S. House of Representatives then convicted by the U.S. Senate.

During oral arguments Thursday, MSNBC host Chris Hayes commented on social media, “Something that drives me a little insane, I’ll admit, is that Trump’s OWN LAWYERS at his impeachment told the Senators to vote not to convict him BECAUSE he could be prosecuted if it came to that. Now they’re arguing that the only way he could be prosecuted is if they convicted.”

READ MORE: Biden Campaign Hammers Trump Over Infamous COVID Comment

Attorney and former FBI agent Asha Rangappa warned, “It’s worth highlighting that Trump’s lawyers are setting up another argument for a second Trump presidency: Criminal laws don’t apply to the President unless they specifically say so…this lays the groundwork for saying (in the future) he can’t be impeached for conduct he can’t be prosecuted for.”

But NYU and Harvard professor of law Ryan Goodman shared a different perspective.

“Due to Trump attorney’s concessions in Supreme Court oral argument, there’s now a very clear path for DOJ’s case to go forward. It’d be a travesty for Justices to delay matters further. Justice Amy Coney Barrett got Trump attorney to concede core allegations are private acts.”

NYU professor of history Ruth Ben-Ghiat, an expert scholar on authoritarians, fascism, and democracy concluded, “Folks, whatever the Court does, having this case heard and the idea of having immunity for a military coup taken seriously by being debated is a big victory in the information war that MAGA and allies wage alongside legal battles. Authoritarians specialize in normalizing extreme ideas and and involves giving them a respected platform.”

The Nation’s justice correspondent Elie Mystal offered up a prediction: “Court doesn’t come back till May 9th which will be a decision day. But I think they won’t decide *this* case until July 3rd for max delay. And that decision will be 5-4 to remand the case back to DC, for additional delay.”

Watch the video above or at this link.

READ MORE: ‘Doesn’t Care if Pregnant Women Live or Die’: Alito Slammed Over Emergency Abortion Remarks

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