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Business Donald Trump GOP Social Media

MTG Bought $50K Worth Of Stock In Trump’s New Social Media Site – And Quickly Lost A Fortune

Like so many in the Republican Party, Rep. Marjorie Taylor Greene (R-GA) believes failed, one-term, twice-impeached former President Donald Trump is infallible.

But blindly following the ex-president has just hit Greene right in the wallet, with an investment she made in the ex-president’s new social media platform, Truth Social, costing her several thousand dollars, according to CNBC:

Rep. Marjorie Taylor Greene has invested up to $50,000 in the SPAC stock linked to former President Donald Trump’s planned social media platform.

According to a public disclosure, the Georgia Republican purchased a stake in Digital World Acquisition Corp., or DWAC, on Friday. The stake is worth at least $15,000 but no more than $50,000.

But based on DWAC’s price fluctuations and when Greene said she made her investment, on Friday, it’s almost certain she has lost money on the trade.

On Friday, DWAC opened at $118.80 a share and dipped as low as $67.96 a share. It ended Wednesday’s session at $64.89 a share. That means, at best, Greene has lost about 4.5% on her investment.

Imagine you bought a stock at almost $119 a share and then watched as it sank to approximately $65. How quickly would be be ready to dump the investment before you lost even more money?

Considering that Trump’s new venture also faces scrutiny from various federal regulatory agencies and financial institutions, it’s not even certain that Truth Social will ever get off the ground. Of course, if it doesn’t, Trump will still probably profit.

Truth Social is set to officially launch sometime in early 2022, but the wild ride the stock is on could delay or destroy those plans.

 

Categories
Business Donald Trump Money

Trump Is Desperate For ‘A Lot Of Cash’ As Several Banks Prepare To Seize His Assets

Donald Trump is on the verge of losing everything he owns, as banks are calling in his massive loans and threatening him with seizure of his assets (i.e. properties and bank accounts) unless he starts paying back what he owes them, which is estimated to be anywhere from $420 million to $1 billion.

Dean Enrich, financial investigative reporter for the New York Times, said recently on MSNBC that Trump is desperately trying to find way to make “a lot of cash quickly” to keep the wolves at bay:

“There are both civil and criminal and congressional investigations that are still seeking after years of trying to get Trump’s financial records from Deutsche Bank and, you know, it’s anyone’s guess what that is going to show. We know at Deutsche Bank, though, there were employers who raised money laundering concerns in both the Trump and [Jared] Kushner accounts. We still don’t have the full story about what happened there.”

MSNBC host Alex Witt asked Enrich:

“I trust you will get to the bottom of that, Let me ask you, though, is this just the beginning? How many more banks or financial institutions have relationships with Donald Trump and what’s the impact on his finances of this?”

Enrich responded:

“I think it’s a very serious financial impact for him. He has hundreds of millions of dollars of debt coming due in the next few years, most of it to Deutsche Bank, but not all of it. And normally, a borrower would go to the lender and say, ‘can we refinance the loan, extend it a few years?’ That’s not going to be an option for Trump with most of these loans.”

 

Things are so bad, Enrich added, that Trump is on the precipice of financial default, and that would be catastrophic because some of his largest lenders plan to go after his assets and grab them to compensate for lack of repayment:

“He’s going to need to come up with a lot of cash quickly or he’s going to be at risk of defaulting. In the case of Deutsche Bank, if he defaults, the bank has recourse to his personal assets. They could go to court to seize his property or the money he has in various banking accounts. So he’s going to need to come up with cash very quickly and his businesses right now are struggling, so it’s very unclear to me where he might be able to get that money.”

How will Trump raise hundreds of millions of dollars in a short amount of time? His name and brand are so toxic thanks to his deeds over the past four years that no one wants to do business with him. He, his family, and his company are also facing numerous legal threats in multiple jurisdictions.

Karma is starting to take one hell of a bite out of the Donald.

 

Categories
Business Crime

New York AG Has The Option Of Imposing ‘Corporate Death’ On The Trump Organization

Letitia James is the Attorney General for the state of New York, and that makes her one of the most powerful prosecutors in the country, especially since she’s making it clear that she intends to “use every area of the law” as she investigates the president, his family, and his business, as NBC News has reported:

“New York law allows the attorney general to seek restitution and damages — and, in extreme cases, dissolution — if a business is found to have engaged in persistent fraud. There’s also the Martin Act, a 1921 statute designed to protect investors.

“Past attorneys general have used the Martin Act, considered to be the U.S.’s toughest such state statute in this realm, to expand their powers in the financial crimes sector. The law empowers the attorney general to subpoena witnesses and documents for information pertaining to possible fraud.”

 


As many crimes as the Trump Organization is suspected of having committed (Trump University was just the tip of the iceberg, experts say), AG James could use a legal sledgehammer as she goes about bringing charges against the president’s company, which just so happens to be run by his two eldest sons, Don Jr. and Eric. And that could prove especially catastrophic for the Trump business empire. The power wielded by James under the laws of New York could even be used for a “judgment of corporate death” if she chooses to seek the total dismantling Trump’s holdings in real estate and other businesses.

 


The New York AG has already signaled the direction she plans to pursue, at least initially, having subpoenaed banks that do business with Trump as a way of seeing inside the Trump Organization and Trump’s bank accounts.

Something James told MSNBC host Ari Melber should be of special concern to the president and anyone with connections to the Trump Organization:

“Most of (Trump’s) business activities are performed in New York, he engages in business in New York, he operates in New York and it’s really critically important that New Yorkers as taxpayers — it’s really critically important that we understand and know whether or not he devalued his corporations and he received some tax benefits thereof, that he engaged in false claims against New Yorkers.”

 


Letitia James is going after Trump on numerous fronts. But it’s her investigation of the Trump Organization that could well pose the greatest legal danger to him.

 

Categories
Business Donald Trump

The Trump Organization Is Hemorrhaging Money: Report

Donald Trump’s company, the Trump Organization, is hemorrhaging money, especially at its golf resorts, according to a report from Forbes:

“The Trump Organization, which has … declared losses of roughly $90 million at its European golf resorts, according to an analysis of records from Ireland and the United Kingdom. Since the president opened his Aberdeen course in 2012, he has lost $15.5 million. Business has been even worse at Turnberry, which Trump bought in 2014 for $65 million. Despite investing an additional $75 million or so to fix up the property from 2014 to 2018, the place piled up losses of $58 million, according to an analysis of financial reports. The 2019 figures, first reported by the Scotsman, bring Turnberry’s total losses to $61 million since 2014.”

All of Trump’s golf resorts — which were once a major source of revenue for the company — have seen dramatic declines since Trump took office:

For example, at the 643-room Trump National Doral in Miami, Forbes notes:

“Revenues dropped to $87.5 million in 2016, and profits slid to $12.4 million. After election night, the resort lost 100,000 booked room nights, according to someone familiar with the business. Revenue plummeted to $75.4 million in 2017, and profits sank to $4.3 million.”

This latest bad financial news comes on top of the losses suffered by Trump’s hotels during the ongoing coronavirus pandemic, which has also negatively impacted the Trump Organization’s bottom line, as was first reported earlier this year:

“Seventeen of Trump’s clubs and hotels have closed. The remainder of Trump properties are operating at a fraction of their normal capacity: hotels running with restaurants closed, golf clubs operating with clubhouses shut down, and golfers warned not to share carts or touch the flagsticks.”

Simply put, not only is Donald Trump and his company facing serious legal problems in the very near future, there’s a very real possibility that the Trump Organization could be on the verge of bankruptcy.

Looks like karma is starting to catch up with the ex-president in a major way.

 

Categories
Business Donald Trump

Top Travel Agency Will No Longer Book Clients At Trump’s Hotels

The top luxury travel agency, Virtuoso, says it will no longer consider Trump Hotels to be a “preferred partner,” a blow to the Trump Organization which is already reeling from the effects of the COVID-19 pandemic and the failed, one-term former president’s role in the January 6 riots at the U.S. Capitol which left five dead, including a Capitol police officer.

According to Luxury Launches:

“This bears awful news for the ten hotels that operate under the Trump brand. Virtuoso is the travel industry’s most prominent and undisputed player, with a far-reaching global network of more than 1,100 agencies involving 22,000 advisers in over 50 countries. Virtuoso works on the motto ‘the best of the best.’ This quiet elimination of all 10 Trump-branded hotels and resorts from its list of preferred partners will lead to severely hamper Trump’s hotel management and licensing business, which is already down $24 million since 2019, as well as his golf resorts in Miami and Europe, which are down another $120 million.”

Why exactly did Virtuoso drop Trump Hotels from their list of partners? According to Misty Belles, the managing director of global public relations for Virtuoso:

“We consider many variables when reviewing both existing and new network participation. Out of respect for all involved parties, and as a general policy, we do not share comments regarding our nonrenewal and exit decisions.”

This latest news comes as recent reports have suggested that Trump Organization could be on the verge of complete financial collapse, due partly to a downturn in the travel and hospitality sector and also as a result to bad management (the company is run by Trump, along with his three eldest children, Don Jr., Ivanka, and Eric, all of whom are among the most inept business owners on the face of the planet.

Additionally, the former president is also facing major legal threats from multiple jurisdictions, among them Georgia, the District of Columbia, and New York,

It’s beginning to look like Donald Trump may soon be broke and incarcerated. No one is more deserving of that fate than him.