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.
#JeffYass’s firm holds a 2% stake in #DWAC &, considering its other assets, can afford some hits as long as #Yass gets to own the libs.
On #TrumpMedia’s end, its current board of directors is hardly lacking in wealth, or loyalty: The CEO is fmr Rep #DevinNunes, & his teammates include #DonaldTrumpJr + fmr #Trump admin members #KashPatel, #RobertLighthizer, & Linda McMahon (as in, yes, the wife of embattled wrestling magnate Vince McMahon).
…Despite his past stances in favor of action against #TikTok for its #Chinese ties, Trump…wrote in a…post…that he opposed the recent bill:
"If you get rid of TikTok, Facebook & Zuckerschmuck [Mark Zuckerberg] will double their business. I don't want Facebook, who cheated in the last Election, doing better. They are a true Enemy of the People!"
…reports note that Trump’s shift came after a meeting w/ #JeffYass
#JeffYass, a #conservative hedge fund manager has a $33B stake in #TikTok. #Yass, according to Intelligencer, has been allegedly threatening to pull support from #GOP lawmakers who back the bipartisan divestment bill.
#Bannon… took to Gettr to make his suspicions about the situation clear.
"Simple: Yass Coin," he wrote in a post that included a link to an Axios story about Trump's flip on TikTok….
One of Susquehanna’s richest bets was purchasing a 15 percent stake in TikTok’s parent company, #ByteDance, in 2012;
according to the Wall Street Journal, Yass’ personal stake in the company is about seven percent.