Tag: Business

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Business Donald Trump The Trump Organization

Forbes Flattens The Former Guy After He ‘Demands’ They Apologize For Their Reporting

Though he loudly proclaims himself to be a “great businessman” who has made a fortune in the real estate business, that’s far from the truth, as we learned recently when Forbes magazine dropped failed former president Donald Trump from their ranking of the richest people in the United States.

As the magazine explained, the Trump Organization has taken some major reversals in recent years, and that’s mainly the result of moronic business decisions made by the Donald:

His net worth is down more than $600 million from a year ago. The biggest reason: Truth Social, his social-media business. Trump once envisioned a significant percentage of the country logging onto the platform. But that never happened. Roughly 6.5 million have signed up so far, about 1% of the total on X (né Twitter). Trump’s 90% stake in Truth Social’s parent company has plummeted in value from an estimated $730 million to less than $100 million.

Even though the article removing Trump from the richest Americans list was published weeks ago, Donnie lashed out on Truth Social two days ago, posting an unhinged screed:

“I hereby demand a full apology from the failing Forbes Magazine, and their third-rate psycho writer, Dan Alexander, for the many false and libelous articles they have written about me, and for the cooperation they have given to the Racist and Incompetent A.G. of New York State, Peekaboo James.

“[Forbes] is owned by the Communist Chinese Government, and China will do anything to stop MAGA. Forbes, a Globalist ‘Rag,’ is a propaganda play against TRUMP.”

Boo hoo! You want some cheese with that whine, Dotard?

That led Forbes senior editor Dan Alexander to respond to the disgraced ex-president on Twitter.

“Hey Donald Trump, if you want to point out a single false fact in any of the articles I’ve published about you—or in the book I wrote about you—feel free. In the meantime, I’m going to keep reporting—and carefully fact-checking every word I publish.”

Trump has yet to reply to Alexander, probably because he knows he has no facts to refute what Forbes has said about him.

Once again, we see what a pathetic wimp Donald Trump is and always will be. He’s a little man who’s terrified of the legal jam he’s in and likely to spend the rest of his life behind bars.

Donnie, you’re in no position to “hereby demand” anything, especially since the entire world knows what a failure you are.

 

Categories
Business Crime

New York AG May Impose ‘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

Trump’s Financial Lies Just Got Him Booted From The World’s Most Exclusive Club

The same financial lies that have gotten disgraced, multiply-indicted ex-president Donald Trump in big trouble with the state of New York now have him in hot water with the most exclusive club in the world: The Forbes 400 ranking of America’s richest people.

Forbes announced today that as a result of Trump’s “relentless” lying to reporters for decades in a pathetic attempt to boost his ranking on the list, he has now been dumped from it completely.

His net worth is down more than $600 million from a year ago. The biggest reason: Truth Social, his social-media business. Trump once envisioned a significant percentage of the country logging onto the platform. But that never happened. Roughly 6.5 million have signed up so far, about 1% of the total on X (né Twitter). Trump’s 90% stake in Truth Social’s parent company has plummeted in value from an estimated $730 million to less than $100 million.

The failed former president is also failing badly on the real estate front, Forbes reports, with his Trump branded properties down in value by a staggering $170 million. That figure could be increasing by even more as the state of New York has also banned Trump and the Trump Organization from doing business in the state and are seeking at least $250 million in financial damages for the crimes allegedly committed by the company.

Is anything going well in the business world for Trump? Well, his golf clubs are at least making money.

As fewer people spend time in the office, more are goofing off on the golf course. That’s especially good news for Trump National Doral, the former president’s most valuable golf property, purchased for $150 million in 2012. Trump commenced an extensive renovation of the Miami resort, reportedly injecting more than $200 million of additional cash, before politics spoiled his investment.

The Donald has been off the list before, only to slither back onto it years later, Forbes notes.

In the 1990s, Trump took out enormous loans that resulted in well-publicized bankruptcies. He made a comeback from that but fell off once more in the midst of the Covid pandemic which hit the hotel and travel industry hard, leading to gigantic losses that he hoped would be offset by the launching of his Truth Social platform, which has been a total bust, with only 6.5 million users. That’s about 1% of the total who are on Twitter. Overall, Trump’s 90% stake in Truth Social’s parent company has fallen in value from $730 million to less than $100 million.

Can Trump reinvent himself this time and make a financial comeback? Considering that he’s 77 years old and facing decades in prison, it seems beyond impossible, especially for a man who doesn’t have an ounce of truth in his enormous, bloated body.

 

Categories
Business Donald Trump Social Media

Trump’s Truth Social On The Verge Of Collapse And Liquidation – Would Cost Him At Least $300 Million

Failed one-term, twice-impeached former president Donald Trump has bragged for decades that he’s a “great businessman” who built one of the biggest and most successful companies in the world.

The truth, however, is quite different from the Donald’s claims, as he has filed for bankruptcy multiple times, been in the verge of financial collapse more than once, and is now relying on his political supporters to pay his legal bills with contributions to a political action committee he formed to further fleece the MAGA sheep.

You may recall that in October of 2021, not long after he had been booted from Twitter for sharing lies about the 2020 election, Trump announced his own social media platform, which he dubbed Truth Social.

Truth Social was funded by in part by a start-up media venture with Miami-based Digital World Acquisition, which managed to raise $300 million from investors to get Truth Social up and running. All that remained was a formal merger between Digital World and the Trump Media & Technology Group (TMG).

That merger now seems doomed, meaning Digital World and its partner, Donald Trump, are about to be faced with returning that $300 million to investors, which would be the death of Truth Social, The Washington Post reports.

With the merger stalled for months, Digital World is fast approaching a Sept. 8 deadline for the merger to close and has scheduled a shareholder meeting for Tuesday in hopes of getting enough votes to extend the deadline another year.

If the vote fails, Digital World will be required by law to liquidate and return $300 million to its shareholders, leaving Trump’s company with nothing from the transaction.

For Digital World, it would signal the ultimate financial fall from grace for a special purpose acquisition company, or SPAC, that turned its proximity to the former president into what was once one of the stock market’s hottest trades. Its share price, which peaked in its first hours at $175, has since fallen to about $14.

Jay Ritter, a University of Florida finance professor explains that the company can’t keep extending the deadline for merger.

“The deal does seem to be running out of time. You can’t just keep getting extensions forever.”

As you’d expect, Trump is blaming the Securities and Exchange Commission for the delays, even going to far as to say the SEC has tried to “sabotage” the merger for political reasons with “a bureaucratic black hole of inaction.”

But the real reason for the endless delays can be laid at the door of Digital World and TMG, both of which have reportedly dragged their feet when it comes to being totally transparent with regulators who are simply trying to protect investors from being further fleeced by the Trump, who has a history of grifting.

It probably won’t surprise you to learn that Truth Social has itself been a failure, repeatedly missing its self-set goals for users, The Post explains.

Truth Social has attracted a relatively meager following. Though Trump Media projected in a 2021 investor presentation that the site would have 41 million total users by the end of this year, usage estimates from Similarweb, a data firm that analyzes web traffic, suggest it is a long way from reaching that goal.

According to Similarweb estimates, roughly 500,000 monthly active users in the United States visited Truth Social via its Apple and Android mobile apps in July, down from 600,000 in June.

Donald Trump is a failure at everything he attempts. He’s not a great businessman. He’s just a bullshit artist who knows how to lie to gullible fools.

 

Categories
Business Right Wing Morons WTF?!

Right-Wing Group Led By Stephen Miller Files Complaint Against Pop-Tarts For Trying To ‘Sexualize’ Kids

If you thought that you’d heard all of the bizarre and outlandish bullshit that right-wing extremists have to offer when it comes to their efforts on the culture war, consider what a group led by former Trump administration official Stephen Miller is trying to do.

On Thursday, America First Legal filed a federal civil rights complaint with the U.S. Equal Employment Opportunity Commission, urging the EEOC to investigate Kellogg Co.’s (the parent company of such well-known food brands as Pop-Tarts and Cheez-Its) policies and programs that it described as “infused with woke ideology,” according to HuffPost.

Yep, your entire pantry is infested with “woke” products. Or so Miller and his fascist minions would have you believe.

The complaint itself reads like a checklist for conservative talking/whining points.

In a letter to the EEOC on Wednesday, America First Legal senior counselor Reed D. Rubinstein claimed that Kellogg’s “engages in unlawful employment practices by seeking to ‘balance’ its workforce based on race, color, national origin, and sex.”

The letter went on to note a number of diversity initiatives at the company, including one that strives to have 25% of “underrepresented talent” at the management level by the end of 2025.

The letter also stated concerns with a fellowship program for Black chefs at Kellogg’s and what the company has described as an “aspirational [goal] of gender 50/50 parity at the management level” by the end of 2025.

America First Legal also penned a letter to Kellogg’s CEO Steve Cahillane, accusing the company of having “hijacked the brand to advance an extreme political and social agenda.”

Striving for diversity and equality are now extreme? If so, count me as a proud member of the woke extremist contingency. And it’s safe to bet the majority of Americans feel the same way and aren’t about to toss out their breakfast foods just because Miller and his ilk have closed minds and corncobs up their asses.