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Trump Media stock erases all gains since it began trading as DJT shares fall again
(www.nbcnews.com)
this post was submitted on 10 Apr 2024
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Did Trump already sell his shares?
If he did, then I'm pretty sure he broke the law. Again. I don't think he was allowed to do that or use the shares to secure a loan.
And when exactly has that ever stopped him? And what was the penalty when he did what he wasn’t allowed? Wellllllllll………
Yep. Just pointing this out so we can dial up the pressure ahead of time. Continuous pressure has finally gotten Biden to start talking about a ceasefire in Gaza, so pressure does work, even if it takes an unacceptably long time.
Ah, I thought he was gonna use his shares to pay off his fines, but maybe he made money another way with the IPO?
People were publicly pointing out that the money made from that IPO was theoretical and unrealized gains that couldn't be sold off for 6 months per SEC rules specifically because it was assumed that he would probably try. If it's found that that's what happened, we need to pressure the SEC to make the punishment more than just the cost of doing business. I'm tired of seeing businesses and billionaires getting fined only a couple million for stealing a couple billion.
I just looked it up. He has a 6 months lock-in period. CNN article
Btw. this was not an IPO, but a reverse-merger using a SPAC. That way the company going public doesn't have to adhere to the SEC's strict IPO regulations.
Good catch, I misspoke.
Any wrongdoing is just gonna be another slap on the wrist, again. Turns out in America, billionaires hoard second chances, too; even the fake ones.
He can’t do anything with them for 6 months. So this is just a gravy of shadenfreude.
his family is the board of the company and can waive the restrictions on selling at will
Not according to the SEC.
He can with a board approval. First he has to get rid of those pesky founders.🙄
He can sell early with a board vote approval. Unsurprisingly, he filed a suit to strip the founders of their shares two weeks ago.
It’s delicious