Trump Media saved in 2022 by Russian-American under criminal investigation
Last year The Guardian reported on $8 million loans made in 2022 to Trump Media that went through Paxum Bank from ES Family Trust run by Anton Postolnikov, nephew of Putin ally Aleksandr Smirnov
Today's story adds new info, including that loans had promissory notes that would put ES Family Trust stake in Trump Media at $20-$40mil
Trump stands to gain billions… from the merger between TrumpMedia & Tech & the blank-check co [#SPAC] #DWAC, which took the parent company of #TruthSocial public.
…#ESFamilyTrust was established on 18 May 2021, creation papers show. Postolnikov’s “user” access to the acct was “verified” on 30 Nov 2021 by a #PaxumBank mgr in Dominica.
The trust’s existence has previously been reported…. However, who controlled the acct, how the trust was connected to Paxum, & how the money had been funneled thru it to TrumpMedia was unknown.
But #TrumpMedia almost didn’t make it to the merger after #regulators opened a #securities investigation into it in 2021 & caused the co to burn through cash at an extraordinary rate as it waited…for its IPO.
The situation led TrumpMedia to take emergency #loans, incl’g from an entity called #ESFamilyTrust, which opened an acct w/ #PaxumBank, a small bank registered on the #Caribbean island of #Dominica best known for providing #financial services to the #porn industry.
Postolnikov, the nephew of #AleksandrSmirnov, an ally of the Russian president, Vladimir #Putin, has not been charged w/a #crime. In response to an email to Postolnikov seeking comment, a lawyer in Dominica representing #PaxumBank threatened legal action for reporting the contents of leaked docs.
I don't know, I'm not a professional investor, but maybe it's not a great investment strategy to invest in a company, built on free opensource software that anyone can use, based on the reputation of a professional con artist, indicted in multiple states for serious crimes, including attacking the US itself, with 3/4 billion dollar in civil judgments for lying about raping a woman that is growing +/-$20 in interest every second of the day, 24/7
Then again, I'm just a novice investor #TrumpMedia
Through leaked documents, the Guardian has learned that ES Family Trust operated like a shell company for a Russian-American businessman named Anton Postolnikov, who co-owns Paxum Bank and has been a subject of a years-long joint federal criminal investigation by the FBI and the Department of Homeland Security (DHS) into the Trump Media merger.
Yes, the company went public. No, it is not a financial success—or even a lifeboat.
Debuting on the charts w/a “DJT” ticker, #TrumpMedia saw a 55% surge in valuation right after markets opened.
Huge influx of cash, right? w/Trump holding ~79M shares, equating to 58% of available stock, the #SPAC debut balloons his #NetWorth by nearly $5B; there were ~136M shares outstanding post-merger.
Before going public, the co was far from profitable: TruthSocial itself only garnered $3.38M in total revenue over the 1st 3 quarters of 2023—& lost $49M over that same period, w/ >½ of that loss occurring in Q3. Per Axios:“The company’s cash-on-hand dwindled to just $1.8M at the end of Sept…while its total liabilities climbed ~72% to $60.5M.” (#DWAC pre-merger fed filings noted “mgmt has substantial doubt that [#TrumpMedia] will have sufficient funds to meet its liabilities as they fall due.”)
You may be wondering just whence that staggering #valuation arises,then. There are a couple factors at play—namely, rich friends & retail-level suckers.
…As a #ShellCompany established w/the express purpose of gathering #investments & absorbing them into the minimally operational #TrumpMedia, #DWAC curried investments from all manner of private institutions,most significantly #SIG… meaning #JeffYass, the #Republican#megadonor who’s been floated as potential #treasury sec if #Trump is reelected.
#TrumpMedia merger wins investor approval, netting #Trumppotential windfall
TFG will own ~60% of #TruthSocial, which at its current share price would be worth ~$3.3B.
A lockup agreement will prevent him from selling the shares for 6 months.
A long-delayed move that will open the owners of TruthSocial to stock-market investors & grant Trump a stake worth billions he could use to pay down his #legal#debts.
#GagOrder Against #Trump Is Expanded to Stop Attacks on Judge’s Family
Donald Trump had in recent days targeted the daughter of Juan #Merchan, the judge overseeing his #criminal trial in Manhattan, in blistering social media posts.
An April SEC filing for Trump Media reveals new details on early investors in Trump’s company - including ex FL AG Pam Bondi who owns 100,000+ shares worth several million dollars and her brother advised on the deal.
A new name in the alternative financing group is 'Washington Muse Investments SPC' which has a Cayman Islands address and owns 4,166,666 shares and 1,388,888 warrants, making it one of the top owners - but there is almost no public info on this company.
Funds that bet on a fall were set to profit as the parent of #TruthSocial came under renewed pressure after it registered new shares for a potential sale.
Shares of #Trump’s #socialmedia company plunged on Monday after the company filed to register the potential sale of tens of millions of additional shares.
#Trump Media & Tech stock fell 18%, erasing hundreds of millions from its market value — & putting a dent in Trump’s majority stake, worth >$3B. Since a surge in its 1st days of trading as #TrumpMedia, which lifted the value of the co to ~$8B at one point, the company’s shares have dropped by >50%.
Trump Media was expected to register the potential sale of new shares after the completion of its merger w/ #DWAC, a #ShellCompany known as a #SPAC.