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☆ Ripple CEO predicts crypto market will double in size to $5 trillion by the end of 2024
▼ + stars: | 2024-04-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Mike Blake | ReutersThe CEO of blockchain startup Ripple sees the combined market capitalization of the cryptocurrency market topping $5 trillion this year. If the market were to double, that would imply a new total crypto market cap of $5.2 trillion. Bitcoin accounts for about 49% of the entire crypto market, with a market capitalization of $1.3 trillion as of April 1. This year being an election year, crypto hopefuls are optimistic that the next administration will be more accommodating to the crypto industry with its policy focus. Garlinghouse isnt the only crypto bull predicting outsized gains for the crypto market this year.

Persons: Brad Garlinghouse, Mike Blake, Ripple's Brad Garlinghouse, I've, Garlinghouse, Gary Gensler, Ripple, Marshall Beard, there's, Beard, Anthony Pompliano Organizations: Milken, Global Conference, CNBC, U.S . Securities, Exchange Commission, SEC Locations: Beverly Hills , California, U.S, United States, London

☆ 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

☆ If you invest in digital assets like bitcoin, do this on your taxes
▼ + stars: | 2024-04-08 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

And — no surprise — you’re also obligated to pay tax on any income or gains you received from your crypto assets last year. If you sold crypto in 2023: You need to calculate whether you had a capital gain or loss. If, instead, you made money on the sale or exchange of your crypto last year, you realized a capital gain. And you may need to report a capital gain or loss on the transaction. You will have to report a $10,000 capital gain too ($20,000-$10,000).

Persons: you’re, Miles Fuller, Fuller, ” Fuller, it’s, bitcoin, That’s, cryptocurrency, ”, What’s Organizations: New, New York CNN, IRS, Securities and Exchange Commission, SEC Locations: New York, bitcoin

☆ Terraform Labs and founder Do Kwon found liable in U.S. civil fraud trial
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +2 min

A police officer escorts Terraform Labs co-founder Do Kwon after he served a sentence for document forgery in Podgorica, Montenegro, March 23, 2024. A jury in Manhattan found Singapore-based Terraform Labs and its founder Do Kwon liable on civil fraud charges on Friday, agreeing with the U.S. Securities and Exchange Commission that they misled investors before their stablecoin's 2022 collapse shocked cryptocurrency markets. The regulator is seeking civil financial penalties and orders barring Kwon and Terraform from the securities industry. Kwon, who was arrested in Montenegro in March 2023, did not attend the trial, which began March 25. Kwon designed TerraUSD and Luna, a more traditional token that fluctuated in value but was closely linked to TerraUSD.

Persons: Kwon, Terraform's blockchain, Laura Meehan, Meehan, Louis Pellegrino, Luna Organizations: Terraform Labs, Labs, U.S . Securities, Exchange Commission, SEC Locations: Podgorica, Montenegro, Manhattan, Singapore, South Korea

☆ Terraform Labs and founder Do Kwon found liable in US civil fraud trial
▼ + stars: | 2024-04-05 | by ( ) edition.cnn.com time to read: +4 min

Kwon designed TerraUSD and Luna, a more traditional token that fluctuated in value but was closely linked to TerraUSD. The SEC is seeking civil financial penalties and orders barring Kwon and Terraform from the securities industry. Kwon falsely attributed the recovery to the reliability of TerraUSD’s algorithms, according to the regulator. Earlier in the case, Terraform argued that securities laws did not apply to the cryptocurrencies it developed. After a final judgment in the case, Terraform will be able to challenge that ruling on appeal.

Persons: Kwon, Terraform’s blockchain, Luna, Jed Rakoff, Terraform, Gurbir Grewal, ” Grewal, ”, Laura Meehan, ” Meehan, Terraform’s, Louis Pellegrino, ” Pellegrino, Rakoff Organizations: Labs, US Securities and Exchange Commission, SEC, SEC Division Locations: Manhattan, Singapore, Montenegro, United States, South Korea

☆ Ripple to launch U.S. dollar stablecoin, taking on a $150 billion market dominated by Tether, Circle
▼ + stars: | 2024-04-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Jakub Porzycki | Nurphoto | Getty ImagesCrypto startup Ripple is the latest major player to jump into the $150 billion stablecoin market with the launch of a digital currency pegged to the U.S. dollar. The move would pit Ripple against stablecoin giants like Tether, which is behind the largest stablecoin UDST, and USDC issuer Circle. Payments giant PayPal , meanwhile, launched its own U.S. dollar stablecoin called PayPal USD, a stablecoin backed by U.S. dollars and dollar equivalents that is issued by crypto firm Paxos. watch nowTether is the market leader for stablecoins with a market capitalization of $106.3 billion, according to CoinGecko data. "In fact, the number one request we get from the XRP community is to launch a USD-backed stablecoin on the XRP Ledger."

Persons: Jakub Porzycki, Brad Garlinghouse, he's, Garlinghouse, Tether's, USDT, USDC, MoneyGram Organizations: U.S, SEC, Nurphoto, Getty, U.S ., PayPal, CNBC, Bank, FinCEN, Santander, U.S . Securities, Exchange Commission, Southern, of Locations: U.S, Europe, Asia, New York, Ireland, Singapore, of New York

☆ SEC Chair Gary Gensler signals that disclosure will be a key issue in the year ahead
▼ + stars: | 2024-04-02 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The event allows the SEC to get its main messages across, and this year a key issue is "disclosure." Besides Gensler, all the SEC division heads and senior staff will be speaking. and then monitors Corporate America (investment advisers, investment companies, broker-dealers, etc.) This is all governed by the Investment Company Act of 1940 and the Investment Advisers Act of 1940. There's a division of investment management that monitors all the investment companies (that includes mutual funds, money market funds, closed-end funds, and ETFs) and investment advisers.

Persons: Gary Gensler, Drew Angerer, Gensler, There's, We'll Organizations: . Securities, Exchange, Capitol, SEC, Securities and Exchange Commission, Practicing Law Institute, Gensler, Securities, Investment, America, Corporate America, Mutual Locations: Washington ,, United States, There's, U.S

☆ 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

☆ Opinion: Conservatives game the system to drag Supreme Court further into culture war
▼ + stars: | 2024-04-01 | by ( Steve Vladeck | ) edition.cnn.com time to read: +8 min

He is the author of the “One First” Supreme Court newsletter. Both cases were filed in federal district courts in which the plaintiffs could literally hand-pick the specific federal judge who would be assigned to hear the dispute. Indeed, the Supreme Court granted emergency relief in both the social media and mifepristone cases. But the Supreme Court is another matter. For once, the Supreme Court is the victim of right-wing litigation behavior, not the culprit.

Persons: Steve Vladeck, Stephen I, Biden, they’ve, Terry Doughty, Donald Trump, Matthew Kacsmaryk, Trump, —, Neil Gorsuch, Gorsuch Organizations: CNN, University of Texas School of Law, Monroe Division, Court, Western, Western District of, Amarillo Division, Northern, Northern District of, Appeals, Fifth, Fifth Circuit, Democratic, Ninth Circuit, Consumer Financial Protection Bureau, Securities, Exchange, Conference, United, Northern District of Texas, Judicial, Federal, FDA Locations: Murthy v . Missouri, Monroe, Western District, Western District of Louisiana, Amarillo, Northern District, Northern District of Texas, Orleans, Texas, Austin, West Coast, United States

☆ Trump's potential Truth Social earnout is an avenue for outside interests if he becomes president, experts say
▼ + stars: | 2024-04-01 | by ( Brian Schwartz | ) www.cnbc.com time to read: +5 min

The Truth Social app is being displayed on a smartphone with Truth Social visible in the background. Donald Trump's scheduled earnout through the parent company of Truth Social presents opportunities for outside interests if he were to defeat Joe Biden and become president again, according to experts. "When President Trump returns to the White House, he will continue to follow ethics guidelines," Steven Cheung, Trump's spokesperson, said in an email. The new Trump media stock has been on a wild swing since it began trading. To the extent users prefer a platform that is not associated with President Trump, TMTG's ability to attract users may decrease," the Trump Media and Technology Group wrote in a filing.

Persons: Donald Trump's, Joe Biden, Trump, Virginia Canter, Canter, Biden, Steven Cheung, He's, Kedric Payne, Payne, Peter Schiff, President Trump Organizations: Truth, Trump Media, Technology, Securities and Exchange Commission, Trump, White, Nasdaq, CNBC, Technology Group Locations: Washington ,, U.S

☆ Trump Media shares fall sharply after company reports net loss of $58 million in 2023
▼ + stars: | 2024-04-01 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

The share price of Trump Media fell sharply Monday morning after the social media app company closely tied to former president Donald Trump reported a net loss of $58.2 million on revenue of just $4.1 million in 2023. Trump Media & Technology Group shares trading down by more than 14.5% as of 11 a.m. The filing shows that in 2022, Trump Media had a net profit of $50.5 million and total revenue of only $1.47 million. As of Monday, Trump Media said these "identified material weaknesses continue to exist." Trump owns 57.3% of Trump Media shares, a stake valued at more than $4 billion.

Persons: Donald Trump, —, TMTG, Trump Organizations: Trump Media, Trump Media & Technology Group, Securities and Exchange Commission, Nasdaq, Trump Locations: Washington ,

☆ Google's DeepMind CEO says the massive funds flowing into AI bring with it loads of hype and a fair share of grifting
▼ + stars: | 2024-04-01 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

The funding bonanza over AI could add lots of hype and "maybe some grifting," says Demis Hassabis. "In a way, AI's not hyped enough but in some senses it's too hyped," the Google DeepMind chief said. "In a way, AI's not hyped enough but in some senses it's too hyped," Hassabis the Financial Times in a story published Sunday. The fervor amongst investors for AI, Hassabis told the Financial Times, reminded him of "other hyped-up areas" like crypto. "Some of that has now spilled over into AI, which I think is a bit unfortunate," Hassabis told the outlet.

Persons: Demis Hassabis, AI's, —, Hassabis, Fred Havemeyer, Havemeyer, We've, Gary Gensler, Gensler Organizations: Google, Investors, Service, Financial Times, Financial, Amazon, CNBC, Securities and Exchange Commission, SEC, Business Insider

☆ Crypto investors are bracing for a busy quarter with the Bitcoin halving, ether ETF updates and potential rate cuts
▼ + stars: | 2024-03-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

The most important driver in second quarter for bitcoin and crypto, however, could be the Federal Reserve decision on interest rate cuts. Traders are now pricing in a roughly 61% chance of a first Fed rate cut taking place in June, according to the CME FedWatch Tool . Demand has increased from 40,000 bitcoin at the start of the year to 213,000 bitcoin currently, largely driven by ETF buying ahead of the late April Bitcoin halving, according to CryptoQuant. However, the SEC's decision on whether or not to allow spot ether ETFs to trade, due in May, will "very likely" be market moving, he added. "If it's not priced in today, then it very likely will be a market moving event if it happens," he said.

Persons: Bitcoin, Zach Pandl, Pandl, –, bitcoin, Julio Moreno, Chris Kuiper, — CNBC's Ganesh Rao Organizations: Securities and Exchange Commission, Federal, Metrics, Fidelity Digital Assets, CNBC, Fidelity, SEC Locations: U.S, BlackRock

☆ Best Buy offers to screen LGBTQ nonprofit donations after conservative pressure, filing shows
▼ + stars: | 2024-03-29 | by ( Matt Lavietes | Brooke Sopelsa | ) www.cnbc.com time to read: +9 min

"Best Buy has partnerships with and contributes to organizations and activists that promote the practice of gender transition surgeries on minors and evangelize gender theory to minors. Why are Best Buy shareholders funding the proliferation of an ideology seeking to mutilate the reproductive organs of children before they finish puberty?" "This contentious and vast disagreement between radical gender theory activists and the general public has nothing to do with Best Buy selling electronics." "Were Best Buy to agree to such a compromise with us, we will not make a splash about it." In an email on Friday, GLAAD, one of the LGBTQ nonprofits mentioned in the SEC filing, expressed its displeasure with Best Buy.

Persons: hasn't, Carly Charlson, NCPPR, —, Ethan Peck, Peck, Marina Rizzo, Rizzo, we're, Bud Light, Bud Light's, influencer Dylan Mulvaney, Sarah Kate Ellis Organizations: Securities and Exchange Commission, SEC, National Center for Public Policy Research, Best, HRC, NCPPR's Free Enterprise Institute, SAGE, GLAAD, Rights, PRIDE, NBC, Anheuser, Busch Inbev Locations: States

☆ Stocks making the biggest moves premarket: Walgreens Boots Alliance, Estee Lauder, RH and more
▼ + stars: | 2024-03-28 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Walgreens Boots Alliance — Shares dipped 1.6% after the company's fiscal second quarter report was released. Walgreens generated $37.05 billion in revenue for the quarter, topping the LSEG forecast of $35.86 billon. Estee Lauder — Shares rose more than 3% after a Bank of America upgrade to buy from neutral. Management is guiding for full-year revenue growth to fall between 8% to 10%, while analysts polled by FactSet had forecasted 6.4%. Vornado Realty Trust — Shares gained 1.2% after Morgan Stanley upgraded the office building REIT to equal weight from underweight.

Persons: Estee Lauder, Vikram Gandhi, RH, FactSet, Morgan Stanley, Vornado, —, Jesse Pound, Sarah Min, Michelle Fox Organizations: Walgreens, Bank of America, Allstate, HSBC, Management, Apollo Global Management, Securities and Exchange Commission, U.S, Attorney's, Vornado Realty Locations: New York, West Coast

☆ Stocks making the biggest moves midday: GameStop, Merck, Carnival, Cintas and more
▼ + stars: | 2024-03-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

GameStop — GameStop shed nearly 15% after the video game retailer reported lower fourth-quarter revenue from a year ago. Merck — Merck jumped 4% after the U.S. Food and Drug Administration on Tuesday approved its drug to treat a life-threatening lung condition. However, Carnival reported an adjusted loss per share of 14 cents, better than the 18 cent loss analysts had expected. Cintas raised its full-year earnings and revenue guidance. Reddit — The social media stock slumped 13%.

Persons: Merck — Merck, Cintas, Reddit, Morgan Stanley, Wells, Concentrix, Coinbase, Donald Trump's, nCino, —, Alex Harring, Hakyung Kim, Michelle Fox, Tanaya Macheel, Jesse Pound, Brian Evans, Sarah Min Organizations: GameStop, Merck, U.S . Food, Drug Administration, LSEG, New York Stock Exchange, Marvell Technology, Citi, Deutsche Bank, General, —, Electric, U.S . Securities, Exchange, SEC, Moderna, Trump Media & Technology, Truth Social Locations: U.S, Wells Fargo

☆ Penthouse to prison: Sam Bankman-Fried's journey from crypto king to convicted conman
▼ + stars: | 2024-03-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

Bankman-Fried, the founder and former CEO of failed crypto exchange FTX, will head on Thursday to a federal court in downtown Manhattan, where U.S. District Judge Lewis Kaplan will deliver his sentencing. After a month of personally dabbling in the market, Bankman-Fried launched Alameda Research, named after the California county that housed his first office. The so-called crypto winter of 2022 wiped out hedge funds and lenders across the crypto universe. May of 2022 brought the crash of stablecoin Luna, creating a domino effect that sent crypto prices plunging, devastating other lenders. On Nov. 2, 2022, crypto trade site CoinDesk publicized details of Alameda's balance sheet, which showed $14.6 billion in assets.

Persons: Samuel Bankman, MacKenzie Sigalos, Sam Bankman, Fried, Damian Williams, District Judge Lewis Kaplan, they'd, FTX, Amr Alfiky, Jane Street, Goldman Sachs, stablecoin Luna, Solana, Changpeng Zhao, Binance, Zhao, Jane Rosenberg, he'd, Cromwell, John J, Ray, confidants, — CNBC's Rohan Goswami Organizations: CNBC, Metropolitan Detention, U.S, District, Prosecutors, Reuters, Jane, Alameda Research, Formula, Democratic, Voyager, Alameda, FTX, Industry, Investors, Enron, Securities and Exchange Commission, Stanford University Locations: San Francisco, he's, Brooklyn, Manhattan, U.S, New York City, South Korea, Alameda, California, Miami, Washington, Solana, FTX, New York, Palo Alto , California

☆ Companies Are Luring Investors by Exaggerating What Their AI Can Do
▼ + stars: | 2024-03-27 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

The Securities and Exchange Commission's chair, Gary Gensler, recently warned about "AI washing," or companies giving off a false impression that they're using AI so they can amp up investors. And while some companies are simply exaggerating the tech they do legitimately use, others have taken it a step further. Most companies aren't being accused of breaking the law with their AI chatter, but they're definitely posturing around it. An analysis from Goldman Sachs found that 36% of S&P 500 companies mentioned AI in their fourth-quarter earnings calls, a record high. Even the Big Tech companies that are really moving and shaking in AI are on shifty ground at times.

Persons: Gary Gensler, Delphia, Goldman Sachs, Scott Kessler, Elon Musk, Adolf Hitler, it's, ChatGPT, Daron Acemoglu, Sam Altman, Ed Zitron, he's, It's, overselling, Angelo Zino, Microsoft's, Zino, Acemoglu, Emily Stewart Organizations: Securities, Exchange, SEC, Woodstock, Third, MIT, Prosperity, Nvidia, AMD, Broadcom, CFRA Research, Big Tech, Tech, Microsoft, Business Locations: San Jose , California

☆ The Age of AI BS: Companies Are Exaggerating What Their Tech Can Do
▼ + stars: | 2024-03-27 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

The Securities and Exchange Commission scored a major win in its lawsuit against Coinbase on Wednesday, as a judge ruled that its claim that the cryptocurrency exchange engaged in unregistered sales of securities could be heard by a jury at trial. Coinbase shares fell around 2% on news of the ruling in Manhattan federal court rejecting its bid to dismiss the SEC's complaint. The regulator first filed suit against Coinbase in June, alleging the company was acting as an unregistered broker and exchange. "The Court finds that the SEC adequately alleges that Coinbase, through its Staking Program, engaged in the unregistered offer and sale of securities," Failla wrote. In June, SEC Chair Gary Gensler said that trading platforms like Coinbase "call themselves exchanges" but were "commingling a number of functions."

Persons: Coinbase, Katherine Polk Failla, Failla, Paul Grewal, Grewal, Gary Gensler, Gensler Organizations: The Securities, Exchange Commission, Coinbase, SEC, New York Stock Exchange, CNBC Locations: Manhattan, U.S

☆ Cramer says Trump should ask permission to sell stock in Truth Social parent early
▼ + stars: | 2024-03-26 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +2 min

"If I were President Trump … I would go in and say to the board, 'People want stock. Trump Media completed its merger with the shell company Digital World Acquisition Corp. on Monday, officially making Trump's social media firm a publicly traded entity more than two years after the deal was first announced. Cramer suggested Tuesday he believes other shareholders of Trump Media would not take issue with the former president Trump was able to sell some of his stock. Trump Media did not immediately respond to a request for comment on Cramer's remarks. Trump Media, which operates the social media site Truth Social, reported a net loss of roughly $49 million over the first three quarters of 2023, according to a securities filing .

Persons: CNBC's Jim Cramer, Donald Trump, Trump …, Cramer, Trump, Donald Trump , Jr, — Organizations: Trump Media & Technology Group, Trump Media, Department of Justice, Securities and Exchange Commission, Trump, U.S

☆ Ripple Labs accuses the SEC of trying to 'punish and intimidate' by seeking $2 billion in penalties from XRP developer
▼ + stars: | 2024-03-26 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

The SEC is seeking fines and penalties worth $2 billion from Ripple Labs, its legal chief said. Stuart Alderoty said the SEC wanted to "punish and intimidate Ripple" and the wider crypto sector. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US's top financial watchdog is seeking penalties worth billions of dollars from Ripple Labs, the company behind the XRP cryptocurrency, its chief legal officer said. Stuart Alderoty wrote on X that the Securities and Exchange Commission asked US District Judge Analisa Torres to fine Ripple $2 billion.

Persons: Stuart Alderoty, XRP, —, Analisa Torres Organizations: SEC, Ripple Labs, Service, Securities and Exchange Commission, Business

☆ Truth Social owner Trump Media will begin trading under DJT ticker Tuesday
▼ + stars: | 2024-03-25 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Former President Donald Trump's newly merged social media company will begin trading under the stock ticker symbol DJT on Tuesday, the firm said in a new regulatory filing. The company, which owns the Truth Social app platform, will be called Trump Media & Technology Group Corp., and will trade on the NASDAQ market. TMTG is the result of a combination of Trump's company and the shell company Digital World Acquisition Corp.A majority of DWAC shareholders on Friday voted to approve the merger with TMTG. DWAC's share price soared up to 25% higher on Monday's news, recovering losses it saw Friday after the merger was approved. Former DWAC CEO Eric Swider will become a director of Trump Media.

Persons: Donald Trump's, Trump, Devin Nunes, DWAC, Nunes, Eric Swider Organizations: Trump Media & Technology Group Corp, NASDAQ, TMTG, U.S . Securities, Exchange Commission, Trump Media, Big Tech

☆ Trump’s Multibillion-Dollar Social Media Company Will Start Trading on Tuesday
▼ + stars: | 2024-03-25 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Former President Donald J. Trump’s social media company officially became a public company on Monday morning, and in the process the former president’s net worth has jumped by billions of dollars. A lawyer for Trump Media & Technology Group filed papers on Monday with the Delaware Division of Corporations, which said the company’s merger with a cash-rich shell company had formally closed. On Friday, shareholders of Digital World Acquisition Corp. approved the long-delayed merger with Trump Media by an overwhelming majority. Trump Media announced in a regulatory filing with the Securities and Exchange Commission that shares of the company would begin trading on the Nasdaq on Tuesday, under the stock symbol “DJT.”After the announcement, that stock jumped 24 percent to $45.60 a share. Trump Media is now valued at more than $5 billion — even though its flagship Truth Social digital platform took in just $3.3 million in revenue during the first nine months of 2023.

Persons: Donald J, ” Organizations: Trump Media & Technology Group, Delaware Division, Corporations, Digital, Trump Media, Securities and Exchange Commission, Nasdaq

Cadre Holdings CEO Warren Kanders sold $50.3 million worth of stock. Ares Management CEO Michael Arougheti sold $32.7 million worth of stock. Cadence Design Systems CEO Anirudh Devgan sold $14.7 million worth of stock. AppLovin CFO Herald Chen sold about $9.5 million worth of stock. Cleanspark CEO Zachary Bradford sold nearly $9 million worth of stock.

Persons: Michael Dell, Verity Data, Mark Zuckerberg, Chan Zuckerberg, Zuckerberg, Priscilla Chan, Warren Kanders, Kanders, Jayshree Ullal, Michael Arougheti, Sytse Sijbrandij, Sijbrandij, Anirudh Devgan, Aneel Zaman, Herald Chen, Zachary Bradford Organizations: Dell Technologies, Dell, DELL, Securities and Exchange Commission, Chan Zuckerberg Initiative, Facebook, Cadre, VerityData, Arista Networks, Ares Management, Cadence Design, Herald Locations: 10b5

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