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☆ Jared Kushner's post-White House deal-making included badly timed bet on Amazon aggregator
▼ + stars: | 2024-06-14 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +16 min

Kushner started Affinity in 2021, shortly after leaving his advisory role in the White House alongside his wife, Ivanka Trump. Neumann, who was ultimately ousted from WeWork by top SoftBank execs, introduced Kushner to Unybrands early the following year. Affinity's investment in Unybrands, which hasn't previously been reported, was one of the private equity firm's earliest deals. Following a continued slide, the company laid off roughly 10% of its staff in November 2022, according to people familiar with the matter. The House Oversight Committee launched an investigation into the investment in 2022, looking into whether Kushner's financial interests influenced Trump's foreign policy.

Persons: Jared Kushner, Alex Brandon, Kushner, Weeks, Ivanka Trump, Trump, Saudi Crown Prince Mohammed bin Salman, Jamal Khashoggi, WeWork, Adam Neumann, Neumann, Unybrands, hasn't, —, Catterton, Jason Somerville, Somerville, it's, didn't, headcount, Donald Trump, Gary Cohn, Crown Prince, Mohammed bin Salman, Jonathan Ernst, Crown Prince Mohammed bin Salman, Carolyn Maloney, Ron Wyden, Kushner didn't, Ulrich Kratz, Goldman Sachs, Kratz, Kushner's, Ian Brekke, Asad Naqvi, Bret Pearlman, Roger McNamee, Max Fink, Neumann's, Brekke, Naqvi, Pearlman, Fink, Shahar Azran, Eugen Miropolski, Robyn Laguette, Mark Goldfinger, Joe Biden, Lex, Jeff Bezos, Sam Altman, Ye, I've Organizations: U.S . Capitol, Capitol, Reuters, Affinity Partners, Companies, White House, Affinity, Saudi Crown, Unybrands, WeWork, CNBC, Amazon, BlackRock, Khosla Ventures, GW Partners, Saudi Arabia's Public Investment Fund, United Arab, Saudi Arabia's, Crown, Ritz Carlton Hotel, Saudi, Republicans, Crayhill Capital Management, Barclays, Goldman, Kushner, Investments II, Blackstone, Partners, Financial Services, CNBC it's, Israeli American Council, IAC, Getty, Kanye Locations: Washington, Amazon's, South Florida, Miami, Silicon Valley, Saudi, Saudi Arabia, Unybrands, United Arab Emirates, Qatar, Riyadh, Yemen, American, Austin , Texas, Gulf, Israel

☆ Trump Media director accused of 'hacking' files in attempted corporate 'coup': lawsuit
▼ + stars: | 2024-04-10 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +4 min

That blank-check company last month completed a merger to take Trump Media & Technology Group Corp. public, allowing it to trade on the Nasdaq. Those co-founders have sued Trump Media in Delaware Chancery Court over their stake in the company. Trump Media did not immediately respond to CNBC's requests for comment on the lawsuit. Trump Media in an April 1 regulatory filing reported that ARC II owns 6.9%, or about 9.5 million shares, of the post-merger company. To access the account, which "stores the lifeblood" of both investment firms, Swider allegedly enlisted Cano, Orlando's former assistant.

Persons: Donald Trump, Stefani Reynolds, Donald Trump's, Eric Swider, Patrick Orlando, Swider, Orlando, Alexander Cano, DWAC's, he's, Cano, Orlando's, Brendan Mcdermid Organizations: AFP, Getty Images Investment, Benessere Investment Group, ARC Global Investments, Digital, Swider, Trump Media & Technology Group Corp, Nasdaq, Trump, DWAC, Securities and Exchange Commission, Trump Media, Wired, Orlando, collude, ARC II, ARC, Benessere, Truth Social, Trump Media & Technology Group Locations: Washington ,, South Florida, Orlando, Florida, Delaware Chancery, New York City, U.S

☆ Trump Media payday: What Truth Social executives got paid in stock and compensation
▼ + stars: | 2024-04-08 | by ( Dan Mangan | ) www.cnbc.com time to read: +12 min

Those thresholds for the share price are well below where Trump Media stock was trading on Monday, when it closed at $37.17, down more than 8%. The filing disclosed that Trump Media awarded company stock to Nunes, chief financial officer Phillip Juhan, and chief operating officer Andrew Northwall. The three top executives, like Trump himself, are currently barred from selling any of their common stock in Trump Media for the next six months. CNBC asked a spokeswoman for Trump Media why promissory notes were used to grant stock to the executives. Legal battlesBesides Trump, the biggest shareholders in Trump Media are two corporate entities.

Persons: Dado Ruvic, Donald Trump, Devin Nunes, Trump, Kevin Murphy, Murphy, Nunes, Phillip Juhan, Andrew Northwall, Juhan, Northwall, DWAC, we've, Tom Williams, Kash Patel, Patel, Dan Scavino, Scavino, Department of Defense Kash Patel, Justin Sullivan, Sandro De Moraes, Vladimir Novachki, Scott Glabe, Novachki, Glabe, De Moraes, Eric Swider, beneficially, Renatus, Swider, Andy Litinsky, Wes Moss, Moss, Patrick Orlando, Mike Pont Organizations: Trump Media, Trump . Trump Media, Nasdaq, Corp, Trump, University of Southern, Securities and Exchange Commission, DWAC, SEC, CNBC, Partners, Northwall, Juhan, Trump Media's, U.S, Capitol, CQ, Inc, Getty, Equity, Messrs, Republican, Hudson Digital, Trump White House, Staff, Department of Defense, Digital, Renatus, ARC Global, United Atlantic Ventures, Twitter, Facebook, NBC, FilmMagic Locations: Juhan, California, Minden, Minden , Nevada, Orlando, New York City

☆ Trump-related stocks surge after indictment
▼ + stars: | 2023-03-31 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

It’s not clear why investors sent shares of those companies soaring Friday, although the stocks tend to swing wildly — surging and plummeting — when Trump makes news. And Rumble (RMBL), a conservative video platform that partners with Trump’s Truth Social app, also rose 3%. DWAC announced plans in October 2021 to acquire Trump Media & Technology Group, owner of the Truth Social app. That money is intended to fund the merger with Truth Social owner TMTG. A liquidation would have also threatened the additional $1 billion the Trump media company has raised.

☆ Trump Media deal partner says shareholders approve delay of merger with Truth Social parent
▼ + stars: | 2022-11-22 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

DWAC needed 65% of its shareholders to approve an extension of the deadline to merge with Trump Media until September 2023. If a merger were to take place, it would give hundreds of millions of dollars in funding to Trump Media. Internal documents have shown that Trump Media also considered mergers and partnerships with other right-wing-friendly platforms, including Rumble and Parler. Over the weekend, Elon Musk, the new owner of Twitter, reinstated Trump on the social media platform. The special purpose acquisition vehicle has also been dealing with the fallout from a Trump Media executive's whistleblower complaint to federal regulators.

☆ Trump Media deal partner DWAC adjourns shareholder meeting for sixth time as it seeks votes to delay merger
▼ + stars: | 2022-11-03 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. Digital World Acquisition Corp ., the shell company set to take Trump Media and Technology Group and its Truth Social platform public, adjourned a shareholder vote on the planned merger for a sixth time Thursday as its Dec. 8 liquidation date nears. DWAC needs 65% of its shareholders to approve an extension of the Trump Media merger to September 2023, a year beyond its original deadline. At least $138 million of the $1 billion that would go to Trump Media has been pulled by these investors. The former president, however, has indicated he will be staying exclusively on Truth Social.

CNN —A former executive at Donald Trump’s media company claims the former President retaliated against a board member who refused to give Melania Trump shares of the company, according to a report from The Washington Post. Wilkerson told the Post that Litinsky believes his ouster was retribution for his failure to cede his shares to Melania Trump. Wilkerson told the Post that Trump refused to put any of his own money into the company despite demanding to own 90% of its shares. A liquidation would have also threatened the additional $1 billion the Trump media company has raised. Digital World shares fell 8% on Monday to $16.11, leaving them down nearly 70% so far this year.

☆ Digital World Acquisition Corp prepares merger-delay vote as Trump Media exec warns company will fail
▼ + stars: | 2022-10-10 | by ( Jack Stebbins | ) www.cnbc.com time to read: +4 min

The former US President announced his intention to create a new social media platform after he was banned from Facebook and Twitter last year. The company is also dealing with the fallout from a Trump Media executive's whistleblower complaint to federal regulators. A senior vice president at Trump Media, William Wilkerson, filed a whistleblower complaint alleging securities violations in August. Trump Media recently announced that the company was exploring legal action against the SEC for delaying the deal. "If they don't come with the financing I'll have it private," Trump said to supporters in an early-October rally in Michigan.

☆ Digital World CEO urges Donald Trump to push shareholders to vote on merger delay
▼ + stars: | 2022-09-30 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

Patrick Orlando, the CEO of the shell company set to take Trump Media and Technology Group public, on Friday urged Donald Trump and Trump Media CEO Devin Nunes to promote an upcoming vote to extend the merger deadline for the two companies. "@realDonaldTrump @DevinNunes let's get the vote awareness up," the Digital World Acquisition Corp . chief wrote in a Truth Social post that attached information about the shareholder vote. DWAC stockholders will vote on Oct. 10 to approve an extension to the merger deadline. These are far from the only issues facing DWAC and Trump Media. Trump Media has said it was exploring legal proceedings against the SEC, saying the regulator has delayed the merger.

☆ Trump-linked SPAC changes address to UPS store as investments pulled
▼ + stars: | 2022-09-26 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

The social media app will be developed by Trump Media and Technology Group (TMTG). Digital World Acquisition Corp., the blank-check company looking to take Trump Media and Technology Group public, has changed its listed address to a UPS store in Miami. The change from a Miami office building to a UPS address came with DWAC's regulatory filing on Friday disclosing its financing losses. The contractual obligation for those investors to contribute to former President Donald Trump's media company after the deal had expired last Tuesday, allowing them to pull their funding. One of the former private investors told CNBC that it pulled financing from DWAC because of the many legal obstacles facing the company.

☆ Trump-linked SPAC faces new pressure from investors as merger hangs in the balance
▼ + stars: | 2022-09-20 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

The social media app will be developed by Trump Media and Technology Group (TMTG). If it falls apart, it would mean a lot less money for Trump Media, even if it did end up going public through a merger with DWAC. The negotiation is an attempt to shift risk to DWAC and Trump Media, which owns Truth Social. Representatives for DWAC and Trump Media didn't immediately respond to a request for comment. Trump founded Trump Media and Technology Group and its platform Truth Social after he was banned from Twitter following the Jan. 6, 2021, Capitol riot.

☆ Trump-linked SPAC lacks votes to delay merger, adjourns shareholder meeting until October
▼ + stars: | 2022-09-08 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

This illustration photo shows Donald Trump's new social media app Truth Social, glitching on a smartphone in Los Angeles, February 21, 2022. Digital World Acquisition Corp ., the SPAC aiming to take former President Donald Trump's media company public, adjourned its shareholder meeting until Oct. 10 to allow voting to continue on delaying the merger. DWAC had already twice adjourned the meeting earlier in the day after previously adjourning it Tuesday. Trump Media owns Truth Social, which was founded by the former president after he was banned from Twitter following the Jan. 6, 2021, Capitol riot. Digital World had previously warned that the vote's failure could result in the SPAC's liquidation.

☆ Trump SPAC deal at risk as merger deadline approaches
▼ + stars: | 2022-09-07 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

Digital World Acquisition Corp. has a Thursday deadline to merge with Trump Media and Technology Group, the owner of Truth Social. The companies have failed to complete the merger, and federal investigations surrounding the deal and Trump have piled up. The failure of the DWAC merger could burn retail investors who tried their hand in SPAC investing because of the president. The company is facing federal probes into possible securities violations by DWAC and Trump Media and Technology Group. Representatives from DWAC and Trump Media did not immediately respond to requests for comment Wednesday.

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