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☆ DJT: Trump receives 36 million shares of Trump Media worth $1.8 billion as earnout bonus
▼ + stars: | 2024-04-30 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +1 min

Republican presidential candidate and former U.S. President Donald Trump gestures as he arrives to Trump tower during the day of his trial over charges that he falsified business records to conceal money paid to silence porn star Stormy Daniels in 2016, in New York City, U.S. , April 19, 2024. Former President Donald Trump received 36 million more shares of Trump Media Technology Group on Friday, according to a newly filed disclosure Tuesday with the Securities and Exchange Commission. The shares were part of a contractual "earnout bonus" that Trump's eponymous media company agreed to shortly before it went public in March. At Tuesday's closing price of $49.93, Trump's newly awarded shares were worth around $1.8 billion, although he is prohibited from selling them until a six-month lockup period expires. The additional shares bring Trump's total in the newly public company to 114,750,000.

Persons: Donald Trump, Stormy Daniels, Trump's Organizations: Trump Media Technology Group, Securities and Exchange Commission, Trump, Nasdaq Locations: Trump, New York City, U.S

☆ Bill Gates Is Still Pulling Strings at Microsoft, Overseeing AI Ideas
▼ + stars: | 2024-04-29 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +13 min

In fact, Business Insider has learned, Gates has been quietly orchestrating much of Microsoft's AI revolution from behind the scenes. The company, Nadella promised, would "continue to benefit from Bill's ongoing technical passion and advice to drive our products and services forward." According to two executives, Gates' memo treated as gospel, sparking Microsoft's push to take the lead in the AI arms race. Now, it seemed, OpenAI might offer Microsoft a way to help forge the AI future that Gates had long envisioned. According to two executives, Gates' words were treated as gospel, helping spark Microsoft's push to take the lead in the AI arms race.

Persons: Bill Gates, Satya Nadella, Gates, Siri, They're, Clippy, Copilot, That's, Sam Altman, — Gates, Satya, Nadella, Steve Ballmer, Peter Thiel bashed, Bill, Melinda, Jeffrey Epstein, Nadella's, Rather, OpenAI, Kevin Scott, Scott, Altman, you'll, OpenAI's, Bing —, Bing, Steve, Sam, Kayla Wood, Frank Shaw, Shaw, —, Charles Lamanna, Jaime Teevan, Jeff Teper, Charlie Bell —, He's, Forbes, Mustafa Suleyman, DeepMind, Bill G, Suleyman, aren't, hadn't, there's, Ashley Stewart Organizations: Microsoft, Agents, Business, Google, Wired, Street Journal, Rover, Steve Jobs, OpenAI, Amazon Web Services Locations: Tay, Gates, Clippy, Washington, Redmond , Washington, Seattle

☆ Google hits a new milestone: $2 trillion
▼ + stars: | 2024-04-27 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

Alphabet, Google's parent company, achieved a $2 trillion market cap milestone. This company briefly hit the threshold previously but never sustained a full day of trading. Despite its recent success Alphabet hasn't had an easy path to the $2 trillion mark. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGoogle's parent company, Alphabet, hit a new milestone on Friday: a $2 trillion market cap.

Persons: — Organizations: Service, Google, Nvidia, Apple, Microsoft, Bloomberg, Business

☆ The man who audited Trump's social media company misspelled his own name in 14 different ways: FT
▼ + stars: | 2024-04-25 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Read previewThe accountant hired to audit former President Donald Trump's social media company seemed to have a lot of trouble spelling his name, the Financial Times reported on Wednesday. But others, like Blake F Borgers and Ben F Vonesh, were entirely different names. Representatives for BF Borgers and Trump Media & Technology Group did not immediately respond to a request for comment from BI sent outside regular business hours. In November, Borgers' firm was also removed from the American Institute of Certified Public Accountants' peer review program. Trump Media shares had initially soared when it went public, only to crash by nearly 40% in a matter of weeks.

Persons: —, Donald Trump's, Ben F Borgers, Ben F Brogers, Ben F orgers, Blake F Borgers, Ben F Vonesh, Borgers, Brown, WithumSmith, Trump, Forbes, Jean Carroll, he's, Stormy Daniels Organizations: Service, Financial Times, Public Company, Business, BF Borgers, Trump Media & Technology Group, BI, Bloomberg, American Institute of Certified Public Accountants, Trump, Trump Media, New Locations: New York, Manhattan, Mar

☆ 'Ozempic face' could create a huge market for fillers. One newly-public company wants to cash in.
▼ + stars: | 2024-04-25 | by ( Geoff Weiss | Julia Pugachevsky | ) www.businessinsider.com time to read: +1 min

Its CEO told Bloomberg that weight-loss drugs could boost its fillers business. Ozempic face is a result of aging and rapid weight loss, one cosmetic dermatologist said. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe CEO of Swiss pharmaceutical giant Galderma thinks the popularity of weight-loss drugs like Ozempic could boost its facial fillers business. That's because Ozempic can result in a sunken-in look in some patients' faces, Galderma CEO Flemming Ornskov told Bloomberg — an effect he said fillers can help counteract.

Persons: —, Flemming Ornskov, Flemming Organizations: Swiss pharma, Bloomberg, Service, Business Locations: Swiss

☆ Tesla's earnings report was worse than expected, but Elon Musk has a plan
▼ + stars: | 2024-04-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Tesla's earnings report and what comes next for the EV maker. The big storyTesla's turnaround planJADE GAO/AFP via Getty Images; Chelsea Jia Feng; BIBad news: Tesla's earnings report was worse than expected. AdvertisementPerhaps that's why Musk spent so much of the earnings call discussing autonomy and the progress made with Tesla's Full Self-Driving software . Musk told analysts on the earnings call that Tesla is the majority of his work . If investors vote against the package at Tesla's annual meeting in June, who knows where Musk — and his AI ambitions — will end up .

Persons: —, Chelsea Jia Feng, Elon Musk, Tesla, Musk, hasn't, Insider's Linette Lopez, Matt Anderson, Tyler Le, JPMorgan's Marko Kolanovic, Kolanovic, Cathie, Stocks, Goldman Sachs, Gerard Julien, Elon Musk's, Carl Godfrey, Joe Biden, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Getty Images, Tesla, Getty, EV, Musk's, Intel, Micron Technology, Microsoft, BI America, Amazon, Boeing, Meta, IBM, US Locations: Delaware, Outflows, United States, China, Idaho, New York, London

☆ In Silicon Valley, You Can Be Worth Billions and It’s Not Enough
▼ + stars: | 2024-04-23 | by ( David Streitfeld | ) www.nytimes.com time to read: +1 min

The entrepreneur made one of the most celebrated investments in the history of Silicon Valley — the initial $100,000 that bankrolled a search engine called Google in 1998 — while on the way to work one morning. Twenty one years later, Mr. Bechtolsheim may have seized a different kind of opportunity. The history of Silicon Valley is full of big bets and abrupt downfalls, but rarely has anyone traded his reputation for seemingly so little reward. For Mr. Bechtolsheim, $415,726 was equivalent to a quarter rolling behind the couch. Last month, Mr. Bechtolsheim, 68, settled the insider trading charges without admitting wrongdoing.

Persons: Andreas Bechtolsheim doesn’t, Bechtolsheim Organizations: Google, Securities and Exchange Commission, Bloomberg Locations: Silicon

☆ How a climate tech founder is growing his advisory board, including Larry Summers
▼ + stars: | 2024-04-20 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

But meeting that lofty challenge is increasingly not just a function of Kemper's gained expertise in renewables and clean technology from stints at the UN and financing clean energy projects in developing countries before founding Palmetto, he told us recently. Building the proper sounding board is critical for any leader, especially as challenges and opportunities for business are emerging quicker than ever. For Kemper, his approach has been to build a network around him where "the world is kind of one degree away." Kemper said Summers' expertise will be crucial as the company looks to navigate the continually murky waters of economic policy moving forward. Decarbonization is not only vital for environmental sustainability but also for stabilizing global long-term economic growth," Summers said in a statement.

Persons: Chris Kemper, Kemper, Kemper's, You've, Neil Chatterjee, Nirav Tolia, Monica Williams, Larry Summers, Bill Clinton's, President Obama, Summers, Larry, there's Organizations: Palmetto, UN, U.S . Federal Energy Regulatory, Equity, National Economic Council, President, World Bank

☆ Nordstrom family tries again to take department store private, forms special committee
▼ + stars: | 2024-04-18 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

A sign marks the location of a Nordstrom store in a shopping mall on March 20, 2024 in Chicago, Illinois. The Nordstrom family is once again considering taking the department store private and has formed a special committee to evaluate bids, it announced on Thursday. CEO Erik Nordstrom and president Pete Nordstrom recently told the company's board of directors that it's interested in pursuing a take private deal for the 123-year-old department store, Nordstrom said in a news release. In 2017, private-equity firm Leonard Green & Partners came close to taking the company private but the deal ultimately fell apart. The announcement comes as department stores face an uncertain future and grapple with declining sales.

Persons: Nordstrom, Erik Nordstrom, Pete Nordstrom, it's, Leonard Green Organizations: Leonard Green & Partners, Reuters Locations: Chicago , Illinois

☆ This little-known stock is one of the few making new highs. The charts signal it can keep going
▼ + stars: | 2024-04-17 | by ( Frank Cappelleri | ) www.cnbc.com time to read: +3 min

On Tuesday, 267 S & P 500 stocks made new 20-day lows. Only one S & P 500 component made a new 20-day high. As is clear, the stock has broken out of one bullish pattern (blue) and is trying to trigger another one (green). Lastly, VLTO's former parent company, DHR, has underperformed both the S & P 500 and the industrials sector since it topped in 2021. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: it's, VLTO, It's, Frank Cappelleri

☆ An accounting firm hired to vet Truth Social's financials quit after less than a year because it no longer wanted to be linked to Trump: FT
▼ + stars: | 2024-04-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewThe accounting firm that was first hired to audit former President Donald Trump's social media company quit just months after it was appointed, the Financial Times reported on Monday. WithumSmith+Brown was appointed to vet Trump Media & Technology Group's financials soon after it was founded in early 2021. In January 2022, Trump Media instead turned to a smaller accounting firm to conduct the audit, BF Borgers, which has less than stellar record with regulators. The company's shares initially skyrocketed when it went public in March, only for prices to plunge just a week later. That isn't great for Trump, whose net worth is tied to his holdings in Trump Media.

Persons: —, Donald Trump's, WithumSmith, Brown, Trump Media & Technology Group's financials, Trump, Borgers, BF Borgers, Forbes, Jean Carroll, Stormy Daniels Organizations: Service, Financial Times, Trump Media & Technology, Business, Trump Media, Public Company, BF Borgers, Bloomberg, American Institute of Certified Public Accountants, Trump, Trump Media's, Prosecutors, WithumSmith, Trump Media & Technology Group, Business Insider Locations: freefall, Manhattan

☆ An accounting firm hired to vet Truth Social's financials quit after less than a year because they no longer wanted to be linked to Trump: FT
▼ + stars: | 2024-04-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

☆ Some Trump stock investors have already lost half their money
▼ + stars: | 2024-04-12 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Shares of Trump Media & Technology Group are in free fall. Trump Media is now trading below $31. Trump owns a dominant stake of 78.8 million shares in the company, which generates little revenue and is losing users. At the closing high for Trump Media’s stock price, the former president’s stake was valued at $5.2 billion. Trump Media disclosed losing $58 million in 2023 on very light revenue of just $4.1 million.

Persons: Donald Trump’s, Trump, ”, Shannon Devine, Capital’s Matthew Kennedy, Billionaire Barry Diller, ” Shannon Devine, it’s Organizations: New, New York CNN, Trump Media & Technology Group, Trump Media, Nasdaq, Trump, Big Tech, ” Trump Media, CNN, Expedia, People Magazine, IAC, CNBC Locations: New York

☆ DocuSign CEO: We're excited about our journey as an independent public company
▼ + stars: | 2024-04-11 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

DocuSign CEO: We're excited about our journey as an independent public companyDocuSign CEO Allan Thygesen joins 'Mad Money' host Jim Cramer to talk AI utilization, quarterly earnings, recent stock performance and more.

Persons: Allan Thygesen, Jim Cramer

☆ 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

☆ The stock market is shrinking and Jamie Dimon is worried
▼ + stars: | 2024-04-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Jamie Dimon, one of the world’s most influential business leaders, is worried. The PE boom: The shrinking public market has private equity to blame — funds that pool money from investors to acquire or invest in companies. When a PE fund buys a public company, it takes that company private. The number of private companies in the US backed by PE firms has grown from 1,900 to 11,200 over the last two decades, according to JPMorgan data. Dimon’s company, of course, makes a huge amount of money from taking companies public, so he’s not exactly an impartial observer.

Persons: Jamie Dimon, ”, Matthew Kennedy, Dimon, “, it’s, Russell, Lewis, Glass Lewis, Wells, aren’t, Matt Egan, Donald Trump’s, That’s, Reddit, —, Read, Biden, Joe Biden’s, Sam Fossum, Anna Cooban, ” Biden Organizations: CNN Business, Bell, New York CNN, JPMorgan Chase, JPMorgan, Renaissance, PE, ” Companies, Companies, Harvard Law, Corporate, Institutional, Services, Deutsche Börse, Peloton Capital, CNN, ISS, Social, Trump Media & Technology Group, Trump, Trump Media, Twitter, White, Taiwan Semiconductor Manufacturing Company Locations: New York, United States, America, German, Arizona, ”

☆ 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

☆ Sachem Head’s Andy Stafman joins Twilio’s board. Here’s how he may help grow margins
▼ + stars: | 2024-04-06 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

More recently, after nominating a majority director slate, Sachem Head settled for three board seats at US Foods. Taking board seats signifies both commitment and contribution, and this philosophy and style is really paying off for Sachem Head. After 2021, the revenue growth started slowing: It's 8.5% today, and it's estimated to be 5% to 10% in the coming years. As much as a growth market rewards hyper-growth stocks, it punishes those companies when revenue growth slows. On March 30, Sachem Head received a board seat for Andy J. Stafman, partner at Sachem Head, and agreed to withdraw its notice of shareholder proposals and nomination of candidates for election to the board at the 2024 annual meeting.

Persons: Scott Ferguson, Sachem, Ferguson, Olin —, Twilio, Twilio's, Jeff Lawson, Khozema, denigrate Lawson, Sinch, Andy J, Stafman, Anson, Sagar Gupta, Thomas Wyatt, Ken Squire Organizations: Pershing, Olin, US Foods, Sachem, Communications, Gartner, IDC, Twilio . Legion Partners, Anson Funds, Legion Partners, 13D Locations: Twilio

☆ Loads of analysts just hiked price targets for these 6 stocks — giving one 82% upside
▼ + stars: | 2024-04-05 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Analysts have become more bullish on six stocks from around the world this week, raising their price targets. The price target changes come ahead of the next earnings season covering the first quarter of this year. CNBC Pro screened for global stocks that have received price target upgrades from five or more analysts in the past seven days and have a potential upside of over 25%. MacroGenics Investment banks raised their price target for the biopharmaceutical firm MacroGenics this week, giving the stock upside potential of 83% over the next 12 months. Tuerkcan — one of the most cautious analysts on the stock — has a price target of $22, pointing to upside of 22% for the stock.

Persons: MacroGenics —, Silvan Tuerkcan, Peter Heckmann, DA Davidson, Jared Issacman's, Dan Dolev Organizations: Formula One, Hyundai Motor, CNBC Pro, Leerlink Partners, FactSet, Investment, DA, Visa, MasterCard, U.S, Mizuho Securities, Mar Locations: Korean, Rockville , Maryland, MacroGenics, York

☆ Trump Media stock sinks to post-merger low
▼ + stars: | 2024-04-05 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

CNN —Shares of Truth Social owner Trump Media & Technology Group tumbled 12% on Friday, sinking to their lowest level since the company went public last week. Despite this week’s losses, Trump Media shares have still spiked by more than 130% so far this year. Trump Media recently disclosed losing $58 million last year on very light revenue of just $4.1 million. Barry Diller, the billionaire chairman of Expedia and People Magazine owner IAC, told CNBC on Thursday that Trump Media is a “scam” and people buying the stock are “dopes.”“I mean, it’s ridiculous,” Diller said on CNBC. “The company has no revenue.”A Trump Media spokesperson denounced critics of the company.

Persons: Donald Trump’s, Barry Diller, ”, ” Diller, Trump, ” Shannon Devine Organizations: CNN, Social, Trump Media & Technology Group, Trump Media, Nasdaq, Trump Media’s, Wall Street, Expedia, People Magazine, IAC, CNBC Locations: ”

☆ Here are Thursday's biggest analyst calls: Nvidia, Tesla, Super Micro, Meta, Wynn, Reddit, Coinbase, GM & more
▼ + stars: | 2024-04-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +10 min

Mizuho reiterates Nvidia as a top pick Mizuho says Nvidia is still a top idea at the firm. Morgan Stanley initiates Mural Oncology at overweight Morgan said in its initiation of the biotech company that it sees a long "cash runway" lasting through 2025. Morgan Stanley downgrades Block to underweight from equal weight Morgan Stanley sees growth headwinds for the payment tech company. Morgan Stanley upgrades Zeta to overweight from equal weight Morgan Stanley said the marketing technology company has an underappreciated valuation. " Morgan Stanley reiterates Tesla at overweight Morgan Stanley lowered its price target to $310 per share from $320. "

Persons: Bernstein, Reddit, underperform Bernstein, Raymond James, Raymond James downgrades Bumble, Barclays downgrades Ferrari, it's, Mizuho, Goldman Sachs, Goldman, Morgan Stanley, Morgan, Wolfe, underperform Wolfe, Piper Sandler, Piper, Synopsys, Morgan Stanley downgrades Block, Dave, Buster's, Jefferies, Zeta, Oppenheimer, Ball, Wayfair, Wynn, bullish, Tesla, Goldman Sachs downgrades Hertz Organizations: Citi, Barclays, Ferrari, Nvidia, JPMorgan, Avis, UBS downgrades Bank of America, UBS, Apple, AstraZeneca JPMorgan, AstraZeneca, Amazon, AWS, Meta, General Motors, GMC, Chevrolet, Buick, GM, DFS, Mizuho, Eversource Energy Locations: Avis, MURA, Charlotte, Wayfair, Capital, Macau

☆ Struggling electric vehicle company Canoo spent twice as much on its CEO's private jet as it pulled in last year
▼ + stars: | 2024-04-04 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Canoo spent $1.7 million on CEO Tony Aquila's private jet bills, twice its 2023 revenue. Investors often scrutinize private jet spending, especially when a company is in trouble. AdvertisementElectric vehicle company Canoo spent twice as much on its CEO's private jet trips as it brought in last year. Canoo, which has never turned a profit as a public company, paid $1.7 million in "aircraft reimbursements" for its CEO last year. This story is available exclusively to Business Insider subscribers.

Persons: Canoo, Tony, — Organizations: Service, Business

☆ Trump Media is 'a scam' and people buying its stock are 'dopes,' Barry Diller says
▼ + stars: | 2024-04-04 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Trump Media is "a scam," and people buying its high-flying stock are "dopes," IAC and Expedia Chairman Barry Diller said Thursday in a scathing takedown of the social media company whose majority shareholder is former President Donald Trump. "I mean, it's ridiculous," Diller said on CNBC's "Squawk Box" when asked about Trump Media. When Trump Media began trading last week with the ticker DJT, its share price rocketed up about 50% to close to $80 before settling down. As of Thursday morning, Trump Media shares were selling for nearly $47. Trump Media on Monday reported it had net losses of $58 million in 2023.

Persons: Barry Diller, Donald Trump, Diller, Trump Organizations: Trump Media, IAC, CNBC

☆ Trump Media sues its co-founders, accuses them of 'severe mismanagement'
▼ + stars: | 2024-04-02 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

The media company that Donald Trump recently took public is suing its co-founders, accusing them of failing "spectacularly" to get the company off the ground and then trying to "thwart the deal." In February, Moss and Litinsky sued Trump Media in Delaware Chancery Court over their stake in the company. They made "wasteful decisions" that caused "significant damage" to Trump Media and a decline in DWAC's stock price, the company claims. Trump Media calls the claim that UAV is owed stock "baseless," and says the services agreement Trump signed with UAV in 2021 is no longer valid. Lawyers for Trump Media did not immediately respond to CNBC's request for comment on the lawsuit.

Persons: Donald Trump, Wesley Moss, Andrew Litinsky, Trump, Moss, Litinsky, Patrick Orlando, Eric Trump Organizations: Trump Media & Technology Group, United Atlantic Ventures, Trump, Trump Media, Corp, Nasdaq, Orlando's, Securities and Exchange Commission, Bloomberg, Lawyers Locations: Sarasota County , Florida, Delaware Chancery, Florida

☆ How the businessman who blew up MoviePass tried to create a 'TikTok killer' and cost investors millions
▼ + stars: | 2024-04-01 | by ( Ashley Rodriguez | Jason Guerrasio | ) www.businessinsider.com time to read: +22 min

At Vinco, Farnsworth employed several of the same tactics that he had at MoviePass and at his earlier ventures. "Ted took these press releases and really treated them like they were works of art for him," Matt Argall, a former advisor to Farnsworth, told BI. Hudson Bay has not been served the lawsuit as of the publication of this story. "Hudson Bay's investment in Vinco Ventures was a standard, fixed price convertible loan of which millions remain unpaid," Hudson Bay told BI in a statement. "If served, Hudson Bay will seek to have these baseless, factually flawed and frivolous claims, which have been repeatedly dismissed in other proceedings against other parties, dismissed expeditiously."

Persons: MoviePass, Ted Farnsworth, Maria Bartiromo, he'd, Farnsworth, Jaeson Ma, Ted Farnsworth playbook, Ted, Barnum, John Fichthorn, I've, Shadwrick Vick, Rudy, Vick, Roderick Vanderbilt, who's, hocking, La Toya Jackson, Helios, Matheson, Brian Quinn, Farnsworth's, Michael Hartstein, Vinco, Matt Argall, Mitch Lowe, Reuters Farnsworth, David, Goliath, TikTok, We're, Argall, Elton John, Jamie McCarthy, Lomotif, Lil Nas X, Snoop Dogg, Grimes, Zash, Allan Stern, Get2it, Stern, Robert N, Scola Jr, Scola, he's, —, Lowe, Getty, Dave Kotinsky, Stringer Vinco, expeditiously, Farnsworth —, Vanderbilt, Jesse Law, Katherine Long Organizations: Fox Business, Hollywood, Business, Zash Global Media, Entertainment, Vinco Ventures, Fox, Hudson Bay, BI, Helios, Matheson, Matheson Analytics, Boston College Law School, Palladium Capital Group, Vinco, BHP Capital, Armistice, CVI Investments, National Enquirer, Reuters, AMC Theatres, AMC, Gemini Valuation, Hudson, Eightco Holdings, Elton John AIDS Foundation, 91st, EDC, Tampa Marriott, SEC, Publishing, National Examiner, Globe, The New York Times, Southern, Southern District of, Bloomberg, Bay, Vanderbilt, Federal Bureau of Investigation Locations: Hudson, Vinco, Zash, Hudson Bay, China, Syracuse , New York, Lomotif, Syracuse, West Hollywood , California, Vegas, Tampa, Argall, Boston, India, The, Miami, MoviePass, Southern District, Southern District of Florida, New York

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