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☆ Trump’s stock tumbles again after Truth Social announces it’s getting into streaming
▼ + stars: | 2024-04-16 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —Investors in Trump Media & Technology Group’s stock are throwing in the towel. Driving the stock lower Tuesday: The company’s premier product, Truth Social, announced a major expansion into streaming, a notoriously cost-intensive business in which media behemoths like Disney have struggled to turn a profit. Although the company is still worth billions of dollars, it is struggling to make money and desperate for cash. A home for ‘suppressed’ contentThe streaming initiative didn’t give investors any reason to get enthused about the company. Truth Social said it spent the past six months testing its web, iPhone and iPad apps for live TV streaming, and it hopes to launch a content delivery network to stand up streaming apps for phones and tablets — and eventually smart TVs.

Persons: Donald Trump, “, ”, Devin Nunes, they’ll, Elon Musk’s, Musk, Trump Organizations: New, New York CNN — Investors, Trump Media & Technology, Disney, Trump Media, Truth, Republican Locations: New York, California

☆ Trump stock tanks after issuing tens of millions new shares
▼ + stars: | 2024-04-15 | by ( David Goldman | Krystal Hur | ) edition.cnn.com time to read: +4 min

New York CNN —Trump Media & Technology Group’s stock is tumbling again after the company announced a massive new influx of shares. The stock had rocketed higher in recent months in anticipation of merging a blank-check acquisition company with Trump’s media business. Anyone who bought Trump Media at the closing high of $66.22 on March 27 has now lost more than half of their money. Why Trump Media stock is so volatileThere are a number of reasons behind the stock’s eye-popping swings. Unless he were to purchase stock in the new public offering, Trump would own just under half of the company’s publicly traded stock after it issues more shares.

Persons: New York CNN —, Donald Trump, Matthew Tuttle, ”, Tuttle, “, … You’ve, Trump, Donald J Organizations: New, New York CNN, New York CNN — Trump Media & Technology, Tuttle Capital Management, Trump, ”, Trump Media, Wall Locations: New York, “

☆ Stocks making the biggest moves midday: Tesla, Goldman Sachs, Salesforce and more
▼ + stars: | 2024-04-15 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Goldman posted earnings of $11.58 per share on revenue of $14.21 billion for the period, while analysts surveyed by LSEG had called for earnings of $8.56 per share on revenue of $12.92 billion. Analyst Erik Woodring forecast only 3% annual revenue growth through fiscal 2027, which is below consensus. Morgan Stanley initiated coverage of the social media platform at equal weight, saying shares are already trading at fair value. Deutsche Bank called Reddit a buy, while Raymond James said the social media stock is a strong buy. Trump Media & Technology Group — Shares of Trump Media plunged more than 15% after the company filed to issue up to 21.5 million shares.

Persons: Elon Musk, Tesla, Goldman Sachs, Wall, Goldman, LSEG, Morgan Stanley, Erik Woodring, Salesforce, Raymond James, Coupang, Resideo, Charles Schwab —, Schwab, Yun Li, Lisa Kailai Han, Sarah Min, Michelle Fox Organizations: Logitech —, Dow, Street Journal, Informatica, Reddit, Wall, JPMorgan, Deutsche Bank, Medical Properties, Trump Media & Technology, Trump Media, Citi, Resideo Technologies Locations: Stifel, Utah, South Korea

☆ Mark Cuban says he's proud to pay $288 million in taxes this year, unlike a certain former president
▼ + stars: | 2024-04-15 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Mark Cuban says he'll be paying $288 million in taxes to the IRS. The billionaire says he's "proud to pay my taxes every single year," unlike one ex-president. AdvertisementBillionaire Mark Cuban says he's happy to pay his fair share of taxes — unlike one former president. "This country has done so much for me, I'm proud to pay my taxes every single year. Tag a former president that you know doesn’t https://t.co/jxuICxOIAr — Mark Cuban (@mcuban) April 14, 2024This isn't the first time Cuban has taken a swipe at Trump.

Persons: Mark Cuban, he'll, he's, —, Donald Trump, — Mark Cuban, Cuban, Axios, Joe Biden, Trump, didn't, E, Jean Carroll, Carroll, Forbes Organizations: Service, Trump, BI, New York Times, The Times, New, Trump Media & Technology Group, Bloomberg, Trump Media's Locations: Cuban, New York

☆ Marjorie Taylor Greene won’t say what happened to her Trump Media stock
▼ + stars: | 2024-04-12 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

Asked by CNBC and NBC News, Greene wouldn't say what happened to her stock in Digital World Acquisition Corp., which, through a merger with Trump Media and Technology Group, recently started publicly trading as DJT. Trump Media is the parent company of the former president's social media app, Truth Social. A spokesman for Bucshon confirmed to CNBC and NBC News that the Indiana lawmaker still owns stock in the now-merged media company despite the dipping stock price. But Greene would not say what's happened to her stock since her original purchase and her public disclosures have not shown that she sold DWAC or Trump media stock, according to documents archived by LegiStorm, raising questions among ethics lawyers about what happened to Greene's stock. Greene also would not say when asked by NBC News on Wednesday what happened to her Trump Media stock.

Persons: Marjorie Taylor Greene, Donald Trump, doesn't, Greene wouldn't, Greene, Larry Bucshon, Trump, Bucshon, DWAC, Chris Josephs, Josephs, Nick Dyer Organizations: Nasdaq, CNBC, NBC News, Trump Media, Technology Group, Social, DWAC, Indiana, Trump Locations: Rome , Georgia, DWAC

☆ Trump tries to boost support for Truth Social as his media stock tanks
▼ + stars: | 2024-04-12 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Donald Trump on Friday urged his followers to support his social media app Truth Social, as its parent company's stock continues to sink lower. "If people who believe in putting America First and want to Make America Great Again, support TRUTH," Trump wrote. Despite the fall in share price and the company's lack of revenue, Trump Media still boasted a market capitalization of more than $4.2 billion. Trump owns more than 57% of the company's stock, though he is barred from selling his stake until a six-month lockout period expires. Trump, the presumptive Republican presidential nominee, defended Truth Social from its critics earlier in April.

Persons: Donald Trump, Trump, Devin Nunes, Nunes Organizations: Trump, America, Trump Media & Technology Group, Nasdaq, Trump Media, Trump Media's, Republican, Fox

☆ 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

☆ Trump is about to face trial on criminal hush money charges. Here's what to know
▼ + stars: | 2024-04-11 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +9 min

Former U.S. President Donald Trump speaks from the hallway outside a courtroom where he is attending a hearing in his criminal case on charges stemming from hush money paid to a porn star, in New York City on March 25, 2024. Michael Cohen, former attorney for Donald Trump, arrives to the New York Courthouse on March 13, 2023. In 2018, Cohen pleaded guilty to campaign finance charges related to hush money payments made to two women before the 2016 election. Trump has voluntarily attended numerous hearings in the hush money case and his other criminal cases, generating waves of mainstream media attention that his regular campaign events no longer muster. Former U.S. President Donald Trump sits with his lawyer Susan Necheles in the courtroom at a hearing in his criminal case on charges stemming from hush money paid to a porn star, in New York City on March 25, 2024.

Persons: Donald Trump, Brendan Mcdermid, Reuters Donald Trump, Trump, Stormy Daniels, Attorney Alvin Bragg, Jane Rosenberg, Reuters Trump, Michael Cohen, Eduardo Munoz, Trump's, Cohen, Daniels, Bragg, Karen McDougal, David Pecker, Juan Merchan, Will Trump, Eric Trump, Angela Weiss, Judge Merchan, —, Norm Eisen, Eisen, Reuters Cohen, McDougal, Bradley Smith, Susan Necheles, Reuters Trump's Organizations: U.S, Reuters, Manhattan, Attorney, New, DA, Reuters Central, Trump, Trump Organization, National Enquirer, American Media Inc, Former U.S, Manhattan Criminal, Eric Trump Via Reuters, Trump Media & Technology Group, Manhattan Federal, AFP, Getty, Democrats, Court, NBC, Federal, Commission Locations: New York City, New York, Manhattan, Lago, Palm Beach , Florida

☆ 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

☆ Why Trump Media & Technology Group’s stock price is so volatile
▼ + stars: | 2024-04-09 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

You might miss a massive move in Trump Media & Technology Group’s stock price. Trump Media is so turbulent that it makes bitcoin’s volatility look tame. There are many reasons why Trump Media shares have been so volatile, including the fact that the company is inextricably linked to the former president. This dynamic makes it easier for investors to place bullish bets, sending Trump Media shares surging. But that has been trickier with Trump Media, allowing its stock to spike in its early days.

Persons: Donald Trump, it’s Trump, ”, Matthew Tuttle, Michael Ohlrogge, Matthew Kennedy, Kennedy, “, it’s, Bob Sloan, Tuttle, Charles Schwab, ” Tuttle, Ohlrogge, Trump, Renaissance’s Kennedy, Jonathan Macey, ” Macey Organizations: New, New York CNN, Trump Media & Technology, Trump Media, Trump, Tuttle Capital Management, Trump Media’s, NYU School of Law, Similarweb, Renaissance, Facebook, Meta, “ Traders, Companies, S3 Partners, CNN, NYU, MBT, Yale Law School Locations: New York

☆ 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, ”

☆ Donald Trump crashes out of the Bloomberg rich list due to his meme stock nosediving
▼ + stars: | 2024-04-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

TMTG stock has plunged 53% from its intraday peak two weeks ago, slashing Trump's net worth. AdvertisementDonald Trump has crashed out of the ranks of the world's 500 wealthiest people after the value of his meme stock nosedived. The former president has fallen off the Bloomberg Billionaires Index as his net worth has dropped below the $5.8 billion required to make the cut. AdvertisementTMTG shares hit an intraday high of $79 on March 26, valuing Trump's stake at close to $6.3 billion. That's still more than 1,200 times the $4.1 million of revenue it earned last year, which fueled a net loss of $58 million for Truth Social's parent company.

Persons: Donald Trump, —, Forbes, Trump, George Soros, Mark Cuban, Giorgio Armani, Reed Hastings, Bernie Marcus, Ralph Lauren, TMTG Organizations: Service, Bloomberg, Trump Media & Technology, TMTG, Paramount, Etsy, Hasbro, American Airlines Locations: Monday's

☆ Trump’s net worth has tumbled by $2 billion since Truth Social stock peaked last month
▼ + stars: | 2024-04-08 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —Shares of Trump Media & Technology Group continue to rapidly fall back to Earth. Trump owns a dominant stake of 78.8 million shares in Trump Media, which launched in 2021. Last week, Trump Media disclosed losing $58 million last year on very light revenue of just $4.1 million. After its first day of trading, Trump Media was valued at as much as $11 billion. Despite the recent losses, shares of Trump Media and the blank check company it merged with have more than doubled this year.

Persons: Donald Trump’s, That’s, Reddit, – Organizations: New, New York CNN, Trump Media & Technology Group, Trump, Trump Media, Twitter Locations: New 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: ”

☆ Some of Trump’s Biggest Political Backers Also Threw Trump Media a Lifeline
▼ + stars: | 2024-04-05 | by ( Matthew Goldstein | Sharon Lafraniere | ) www.nytimes.com time to read: +1 min

Marty Davis, the wealthy Minnesota head of a kitchen countertop manufacturing company, is a steadfast supporter of former President Donald J. Trump. He contributed hundreds of thousands of dollars to help elect Mr. Trump in 2020, and encouraged him to fight to overturn the 2020 election results. Mr. Davis gave Trump Media & Technology Group a $5 million loan, according to documents reviewed by The New York Times. His loan was part of $40 million Trump Media raised from more than a dozen private investors, some of whom have helped finance efforts to elect Mr. Trump and are now likely shareholders of his social media company. It’s not uncommon for start-ups to seek out wealthy investors for financing, but the stock holdings raise questions about the potential for conflicts of interest and undue influence over Mr. Trump should he return to the White House.

Persons: Marty Davis, Donald J, Trump, Davis Organizations: Trump Media & Technology, The New York Times, Trump Media Locations: Minnesota

☆ Trump Media cofounders were limited to coach flights and lodging under $150 a night while establishing the former president's media empire
▼ + stars: | 2024-04-04 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

According to their contract, Trump Media & Technology Group's cofounders, Andrew Litinsky and Wes Moss, were limited to cheap flights and hotels as they were entrusted to take Trump's media empire public. The expenses outlined in the contract are a far cry from the typical lavishness executives, let alone social media cofounders, are afforded. As Business Insider's senior correspondent Emily Stewart noted, Trump Media makes close to nothing. The company's financial statements reveal that Trump Media made $4.1 million last year and lost $58 million. A spokesperson for Trump Media declined to comment.

Persons: —, Donald Trump's, cofounders, Andrew Litinsky, Wes Moss, Moss, Litinsky, Moss weren't, Emily Stewart Organizations: Service, Trump Media & Technology, Business, United Atlantic Ventures, Trump, Trump Media, Litinsky Locations: Moss, Litinsky

☆ Trump defends Truth Social as media company's skeptics grow, stock price whipsaws
▼ + stars: | 2024-04-04 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +4 min

Donald Trump on Thursday defended his social media platform Truth Social as a growing chorus of critics — and short sellers — view its parent company as a meme stock with a vastly overinflated share price. Trump Media has become by far the most expensive stock in the U.S. to sell short, according to data firm S3 Partners. Trump Media said it might eventually change its mind and report that data, but it also "may never collect, monitor, or report any or certain key operating metrics." Trump said his roughly 7 million followers on Truth Social is "very good for a startup, and growing fast." Truth Social saw roughly 5 million visits in February, according to an estimate by research firm Similarweb reported by the Associated Press.

Persons: Donald Trump, —, doesn't, Trump, Devin Nunes, DJT, Elon Musk Organizations: Trump, Radical Left Democrats, Trump Media & Technology Group, Trump Media, Partners, Nasdaq, Capitol, Associated Press, Facebook Locations: U.S

☆ 3 things rattling markets this week
▼ + stars: | 2024-04-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The S&P 500 tumbled the first two trading days of the new quarter and is down 0.8% for the week after paring back some of its losses on Wednesday. Some Fed officials revealed at the central bank’s policy meeting last month that they see fewer rate cuts than the three they forecast last December for 2024. Traders see a 63% expectation that the Fed cuts rates in June, a drop from more than 70% a week earlier, according to the CME FedWatch Tool. “With Middle East tensions on the rise, OPEC+ supply side measures have pushed crude oil volatility down,” BofA strategists wrote in a Wednesday report. “Adding to a complex backdrop, we now estimate that improving economic growth expectations have helped push global oil markets into a deficit.”The price of gold has also climbed this week.

Persons: New York CNN — Stocks, “, ”, Brent Schutte, Jerome Powell, •, Loretta Mester, Raphael Bostic, Brent, Michael Shvartsman, Gerald Shvartsman, Donald Trump’s, Matt Egan, “ Michael, ” Damian Williams, Bruce Garelick, ” Williams, ” Read, Joe Biden, Sean Lyngaas, China Nicholas Burns, Antony Blinken, Read Organizations: CNN Business, Bell, New York CNN —, Treasury, FactSet, Northwestern Mutual Wealth Management, Hawkish, San Francisco Fed, Stanford University, Wednesday, • Cleveland Fed, Atlanta Fed, CNBC, Traders, Organization of, Petroleum, West Texas, Brent, Bank of America, Trump Media, Trump Media & Technology Group, DWAC, Southern, of, Acquisition Corporation, “, Microsoft, US, Department of Homeland Security, CNN Locations: New York, OPEC, Florida, of New York, Washington, China

☆ Trump to be deposed in dispute with media company co-founders
▼ + stars: | 2024-04-04 | by ( ) www.cnbc.com time to read: +2 min

Republican presidential candidate Donald Trump is scheduled to be deposed later this month by lawyers for co-founders of his social media company as part of a dispute over ownership in Trump Media & Technology Group which went public last week. They said in 2021 they were pledged 8.6% of pre-merger Trump Media stock for helping to launch the company. Trump Media sued Litinsky and Moss in Florida on March 24, and is seeking to strip them of their stock, which it said they failed to earn due to mismanagement. Trump owned 90% of the social media company prior to its merger last month with a blank check firm that took the company public. In midday trade on Thursday, Trump Media was down 4.2% at $46.70, valuing the company at more than $6 billion.

Persons: Donald Trump, Christopher Clark, Andy Litinsky, Wes Moss, Litinsky, Sam Glasscock, Trump Organizations: Trump Media & Technology Group, Delaware's, Chancery, Trump Media, Trump, United Atlantic Ventures Locations: New York, Moss, Florida, Delaware, Washington, Georgia

☆ Barry Diller says Trump Media is 'a scam' and people buying shares are 'dopes'
▼ + stars: | 2024-04-04 | by ( Camilo Fonseca | ) www.businessinsider.com time to read: +1 min

Barry Diller thinks that shareholders of Truth Social's owner have been scammed. The IAC chairman pointed to Trump Media's low revenue and said he doubts Truth Social will grow. Shares for Trump Media and Technology Group initially surged after going public, but have since tumbled. AdvertisementBarry Diller has a message for Trump Media shareholders: "I think they're dopes." But that moment in the sun was short-lived, and shares of the former president's social media platform have since come crashing down to earth.

Persons: Barry Diller, — Organizations: Truth, IAC, Trump, Trump Media, Technology Group, Service, Business

☆ Two investors in Trump Media insider trading case plead guilty
▼ + stars: | 2024-04-03 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

The two brothers were arrested in June and charged with illegally trading on nonpublic knowledge of a shell company’s secret plan to buy Trump Media & Technology Group, the parent company of struggling social network Truth Social. Shares of the shell company, Digital World Acquisition Corporation, spiked after the blank-check company publicly announced an agreement to merge with Trump Media. Trump owns 78.8 million shares in Trump Media, a stake valued at about $4.1 billion. The defendants passed the secret information about the impending Trump Media deal to friends on. There was no allegation in the indictment that Trump himself had any involvement in the alleged insider trading scheme.

Persons: Michael Shvartsman, Gerald Shvartsman, Donald Trump’s, “ Michael, ” Damian Williams, Bruce Garelick, ” Williams, ”, Trump, Michael Shvartsman’s, Gerald Shvartsman’e, CNN’s Kara Scannell Organizations: New, New York CNN, Trump Media & Technology Group, DWAC, Trump Media, Southern, of, Acquisition Corporation, “, Truth, Trump, Digital Locations: New York, Florida, of New York, Las Vegas

☆ 2 Brothers in Trump Media Insider-Trading Scheme Plead Guilty
▼ + stars: | 2024-04-03 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Two brothers from Miami pleaded guilty on Wednesday in federal court in Manhattan for their role in a nearly $23 million insider-trading scheme surrounding the 2021 announcement that former President Donald J. Trump’s social media company planned to merge with a cash-rich shell company. Michael and Gerald Shvartsman, who had pleaded not guilty to securities fraud charges last summer, were set to go on trial later this month. But the brothers decided this week to forgo a trial, instead entering their guilty pleas before Judge Lewis J. Liman of U.S. District Court for the Southern District of New York. Each man pleaded guilty to one count of securities fraud. Michael Shvartsman, who ran a venture investment firm called Rocket One, used some of the proceeds from the scheme to buy a $14 million luxury yacht that he named Provocateur.

Persons: Donald J, Michael, Gerald Shvartsman, Judge Lewis J, Liman, Michael Shvartsman Organizations: Southern, of, Trump Media & Technology Group, Acquisition Corporation Locations: Miami, Manhattan, U.S, of New York

☆ Traders Are Betting Millions That Trump Media Will Tumble
▼ + stars: | 2024-04-03 | by ( Joe Rennison | ) www.nytimes.com time to read: +1 min

Before former President Donald J. Trump’s social media company made its stock market debut, many investors were lining up to bet on its collapse. After the company’s share price plunged following an initial surge, the appetite to bet against the stock has grown even more ravenous. Trump Media is the most “shorted” special purpose acquisition vehicle in the country, according to the financial data company S3 Partners. Short-sellers bet that the price of a stock will fall. The demand to short Trump Media, the parent company of the social media platform Truth Social, is so great that stock lenders can charge enormous fees, making it hard for short-sellers to turn a profit unless the shares fall significantly.

Persons: Donald J Organizations: Trump Media & Technology Group, Trump Media, Partners

☆ Trump Media investors accused of insider trading plead guilty to fraud
▼ + stars: | 2024-04-03 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Two brothers were accused of insider trading ahead of Trump Media's public offering. Michael and Gerald Shvartsman each pleaded guilty to one count of securities fraud. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTwo brothers accused of participating in an insider trading scheme ahead of the public offering of former President Donald Trump's Truth Social media platform pleaded guilty Wednesday to one count of securities fraud apiece. Trump Media is Truth Social's parent company.

Persons: Michael, Gerald Shvartsman, —, Donald Trump's, Florida's Michael Organizations: Trump, Service, Trump Media & Technology Group, Trump Media, Business

☆ Shvartsman brothers plead guilty to insider trading on Trump Media merger plans
▼ + stars: | 2024-04-03 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

"I've made a terrible mistake," Gerald Shvartsman, 46, told Judge Lewis Liman in Manhattan federal court as he pleaded guilty, according to the Associated Press. Michael Shvartsman, 53, and Gerald Shvartsman, who owns a furniture manufacturing company, are scheduled to be sentenced on July 17. Sentencing guidelines recommend that Gerald Shvartsman, who netted about $4.6 million in illegal trading profits, receive a prison term of between 33 and 41 months. Alan Futerfas, a lawyer for Michael Shvartsman, declined to comment on the guilty plea. A lawyer for Gerald Shvartsman did not immediately respond to a request for comment.

Persons: Donald Trump's, Michael Shvartsman, Gerald Shvartsman, DWAC, I've, Judge Lewis Liman, Bruce Garelick, Michael Shvartsman's, Liman, Damian Williams, Alan Futerfas Organizations: Trump Media & Technology Group, Trump Media, Associated Press, Rocket, Manhattan U.S Locations: Florida, New York, Manhattan, Michael Shvartsman's Miami

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