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Trump Media Group Sues Brazilian Judge Weighing Arrest of Jair Bolsonaro

by Aurelia Butler 19 February 2025, 12:21

The lawsuit came hours after the justice received an indictment of Brazil’s former president, who is an ally of President Trump.President Trump’s media company sued a Brazilian Supreme Court justice on Wednesday, accusing him of illegally censoring right-wing voices on social media.The unusual move was made all the more extraordinary by its timing: Just hours earlier, the Brazilian justice had received an indictment that would force him to decide whether to order the arrest of Jair Bolsonaro, the former Brazilian president and an ally of Mr. Trump. The justice is overseeing multiple criminal investigations into Mr. Bolsonaro.The Trump Media & Technology Group — which is majority owned by Mr. Trump and runs his Truth Social site — sued the Brazilian justice, Alexandre de Moraes, in U.S. federal court in Tampa, Fla., on Wednesday morning. Joining as a plaintiff was Rumble, a Florida-based video platform that, like Truth Social, pitches itself as a home for free speech.The lawsuit appeared to represent an astonishing effort by Mr. Trump to pressure a foreign judge as he weighed the fate of a fellow right-wing leader who, like him, was indicted on charges that he tried to overturn his election loss.Mr. Bolsonaro had explicitly called on Mr. Trump to take action against Justice Moraes in an interview with The New York Times last month. At the time, it was not clear how Mr. Trump might be able to influence Brazil’s domestic politics.Supporters of Mr. Bolsonaro clashing with the police as they stormed the Brazilian Supreme Court, Congress and presidential offices in 2023.Eraldo Peres/Associated PressWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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Devin Nunes, Pugnacious Trump Loyalist, to Lead Espionage Advisory Board
by Aurelia Butler 15 December 2024, 01:46
As chair of the House Intelligence Committee, he attacked the Russia inquiry and Donald J. Trump’s first impeachment. Now, Mr. Nunes runs Mr. Trump’s social media company.President-elect Donald J. Trump announced on Saturday that he would appoint Devin Nunes, a former member of Congress who had used his role as chairman of the House Intelligence Committee to try to delegitimize the Trump-Russia investigation, to head an independent advisory board on espionage policy.The organization — the President’s Intelligence Advisory Board — dates back to the early Cold War and consists of private citizens with top-level security clearances who are supposed to help the White House analyze spy agency effectiveness and planning. Its members do not need Senate confirmation, so presidents can pick whomever they want for it.In a statement, Mr. Trump praised Mr. Nunes — who is currently the chief executive of the Trump Media & Technology Group, which runs the Truth Social platform — for his counterinvestigation into the Trump-Russia inquiry in 2017-18, when Mr. Nunes led the House Intelligence Committee as a Republican congressman from California.“While continuing his leadership of Trump Media & Technology Group, Devin will draw on his experience as former chairman of the House Intelligence Committee, and his key role in exposing the Russia, Russia, Russia Hoax, to provide me with independent assessments of the effectiveness and propriety of the U.S. Intelligence Community’s activities,” Mr. Trump wrote in his announcement.Some members of the advisory board also serve on a presidential Intelligence Oversight Board, which was created in the 1970s after a congressional investigation into abuses by national security agencies and which tries to ferret out illegal spying activities. That group typically includes the larger board’s chair, so it is likely that Mr. Nunes will participate in it as well.The work products of the two boards are usually kept secret. A rare exception came in 2023, when the Biden administration publicly released a report in which the two panels urged Congress to extend an expiring law that authorizes a warrantless surveillance program, but also called for new limits on the F.B.I.’s ability to use information gathered under the program.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
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Trump Media’s Soaring Share Price Masks Truth Social’s Internal Strife
by Aurelia Butler 22 October 2024, 15:18
Employees have complained to the board about hiring and management practices at the parent company of Truth Social, which serves as the main online megaphone for former President Donald Trump.The parent company of former President Donald J. Trump’s social media platform has soared on the stock market over the past month, despite growing turmoil behind the scenes.In recent weeks, Trump Media & Technology Group has dismissed or pushed out at least three senior managers amid employee complaints about the leadership of Devin Nunes, the former Republican congressman who is chief executive, according to two people with knowledge of the matter.The departures came after several employees anonymously sent a letter, which they described as a whistle-blower complaint, to Trump Media’s board a few weeks ago. The letter accused Mr. Nunes of being over-reliant on foreign contract workers and mismanagement. A copy of the letter was reviewed by The New York Times.It was not clear whether the employees who were pushed out of Trump Media were involved in drafting the letter.In the letter, the employees said that Mr. Nunes’s “directive” to hire foreign contractors was inconsistent with “the ‘America First’ principles we stand for.” Trump Media has looked to outsource some work to Cosmic Development, a technology company based in Canada that has operations in Macedonia and Serbia, said the two people.Mr. Trump, who is the largest shareholder of Trump Media and the main draw for users on Truth Social, has talked on the campaign trail about imposing stiff tariffs on foreign goods and U.S. companies that outsource abroad.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
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What to Know About Trump Media Stock and Shareholders as Lockup Expires
by Aurelia Butler 19 September 2024, 15:08
Donald J. Trump, the company’s largest shareholder, has said he won’t sell when a lockup agreement expires on Thursday. But other large investors could.Former President Donald J. Trump and a handful of other investors are finally going to be able to do what they want with shares in the parent company of Truth Social — the social media platform that has become Mr. Trump’s main online megaphone.A lockup agreement that had barred those investors from selling their shares expires at 4 p.m. Eastern time on Thursday. The six-month lockup, which applied to all large shareholders of Trump Media & Technology Group, had been in place since the social media company completed its merger with a cash-rich public shell company.In early trading on Thursday, Trump Media’s shares fell 4 percent.Investors have been focused mostly on Mr. Trump’s plans for his stock. Mr. Trump, the Republican nominee for president, said last week that he had no intention of selling his shares. His major stake in the company, 115 million shares, is worth close to $1.8 billion, and his involvement with Truth Social is critical to its future.But other large investors, who collectively control more than 20 million shares, may well begin selling once the lockup expires. They include two contestants from “The Apprentice” who helped start Trump Media and a group of early investors in the shell company that Trump Media merged with in March.Even with Mr. Trump holding tight to his shares, the company’s stock price could slide if those other investors sell. The stock is already down more than 76 percent from its post-merger high six months ago.Here’s how any sizable sale would work, and why it has drawn so much interest.
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Trump Media & Technology Group share price
As of Wednesday, Sept. 18Source: FactSetBy The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
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Donald Trump Rolls Out World Liberty Financial, A New Crypto Venture
by Aurelia Butler 17 September 2024, 01:43
In a livestream, Mr. Trump formally introduced World Liberty Financial, a crypto venture led by a pair of digital currency enthusiasts with little experience running high-profile businesses.A day after an apparent assassination attempt against Donald J. Trump, the former president appeared on a livestream on X on Monday to champion his latest business venture: cryptocurrencies.“Crypto is one of those things we have to do,” Mr. Trump said. “Whether we like it or not, I have to do it.”Beside him were his collaborators, including a family friend, some of Mr. Trump’s sons and a pair of little-known crypto enthusiasts with no experience running a high-profile business. Together, they were rolling out World Liberty Financial, a crypto venture that has raised concerns about Mr. Trump’s conflicts of interest and alarmed some of his most vocal supporters in the industry.Mr. Trump has promoted the project since August, but its exact purpose remains unclear. On the livestream, he did not address the business directly, deferring to his partners. One of them has described himself as “the dirtbag of the internet,” while another used to teach classes on how to seduce women.It’s unusual for a presidential candidate to embark on a new business just weeks before Election Day. But throughout his political career, Mr. Trump has engaged in business dealings that government ethics experts have flagged as problematic. He is the majority owner of Trump Media & Technology Group, the publicly traded parent company of his social media platform Truth Social, which accounts for some $2 billion of his personal wealth.Danielle Brian, executive director of the Project on Government Oversight, a nonpartisan watchdog group, said that if Mr. Trump is elected, his involvement in the crypto venture would create serious conflicts of interest. The Securities and Exchange Commission has argued that virtually all cryptocurrencies are unregistered securities and ought to be regulated like stocks traded on Wall Street.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
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Trump Media Stock Price Down 70% From March Peak
by Aurelia Butler 4 September 2024, 14:22
The stock price of the former president’s social media company has often moved in tandem with investor perception of his standing in the presidential race.Shares of former President Donald J. Trump’s social media company have fallen so much that his onetime $6 billion stake is now worth about $2 billion.The stock price of Trump Media & Technology Group, at about $17.40 a share in early trading on Wednesday, is down more than 70 percent from the high-water mark it hit after Trump Media’s merger in March with a publicly traded shell company.Mr. Trump is the single largest shareholder of Trump Media, the parent company of Truth Social, owning 115 million shares — a roughly 60 percent stake.The slide in the share price has accelerated over the past few weeks as the presidential campaign has heated up and the Democratic nominee, Vice President Kamala Harris, has narrowly overtaken Mr. Trump in most national polls. Shares of Trump Media often have risen and fallen in tandem with investor perception of how Mr. Trump is doing in the presidential race.The stock is also falling in advance of a pivotal date — the expiration of a contractual lockup that has precluded Mr. Trump from selling any of his shares. But on Sept. 19, he and other early investors can start selling shares, which could further depress Trump Media’s stock price.Trump Media’s shares are now trading just around the $17.50 price that the shell company it merged with, Digital World Acquisition Corporation, had at the start of the year. In January, investors began buying shares of Digital World in anticipation of the merger’s completion.By the time the merger with Trump Media closed on March 25, Digital World shares had risen to nearly $40, and they peaked two days later above $66. But the shares, even at their current level, still trade at a sky-high valuation given that Trump Media is losing tens of millions of dollars each quarter and Truth Social is taking in meager advertising revenues.Many of Trump Media’s shareholders are individual investors and supporters of the former president who originally bought shares of Digital World after the two companies announced plans to a merger in October 2021. Some bought in when shares of Digital World were trading near $90 in the initial wave of exuberance surrounding the deal. More
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What to Know About Trump Media’s Stock Debut
by Aurelia Butler 26 March 2024, 23:00
Trump Media attracted a frenzy of interest on its first day of trading, and is now worth nearly $8 billion. Here are the basics of what’s happening.On its first day on the Nasdaq stock exchange on Tuesday, Trump Media & Technology Group became such a high-flying stock that trading in its shares, under the ticker DJT, had to be briefly halted because of extreme volatility.The huge public debut for the company is especially important for its biggest shareholder, former President Donald J. Trump, whose 60 percent stake is now worth about $4.6 billion on paper.Here’s what you need to know.Wait, Trump Media is worth how much?After Tuesday’s trading, Trump Media had a market value of nearly $8 billion. That makes it larger than corporations like Mattel, Alaska Airlines and Western Union.It made only $3 million over most of last year. How can it be worth billions now?Trump Media’s valuation is disproportionately high compared with other social media companies. The company took in $3.3 million in the first nine months of 2023 and recorded a loss of $49 million, yet its market value — based on Tuesday’s share price — is nearly 2,000 times its estimated annual revenue.Trump Media’s main asset is Truth Social, the digital platform that Mr. Trump describes as an alternative to Twitter and that he uses for reaching supporters and attacking critics.Investors sometimes justify lofty valuations given to small companies operating at a loss because of anticipated growth or the expectation that other investors will continue to bid up shares. Still, other social media companies trade at far lower price-to-sales ratios than Trump Media’s: Reddit is around 10, Meta is 7 and Snap is 6, according to FactSet. Superstar tech stocks like the chipmakers Nvidia and ARM trade at price-to-sales ratios of about 25.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
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Big Republican Donor Jeff Yass Owned Shares in Trump Media Merger Partner
by Aurelia Butler 24 March 2024, 22:25
The billionaire Wall Street financier is also a major investor in ByteDance, the Chinese parent company of TikTok, which faces a possible ban in the United States.Jeff Yass, the billionaire Wall Street financier and Republican megadonor who is a major investor in the parent company of TikTok, was also the biggest institutional shareholder of the shell company that recently merged with former President Donald J. Trump’s social media company.A December regulatory filing showed that Mr. Yass’s trading firm, Susquehanna International Group, owned about 2 percent of Digital World Acquisition Corp., which merged with Trump Media & Technology Group on Friday. That stake, of about 605,000 shares, was worth about $22 million based on Digital World’s last closing share price.It’s unclear if Susquehanna still owns those shares, because big investors disclose their holdings to regulators only periodically. But if it did retain its stake, Mr. Yass’s firm would become one of Trump Media’s larger institutional shareholders when it begins trading this week following the merger. Shares of Digital World have surged about 140 percent this year as the merger with the parent company of Truth Social, Mr. Trump’s social media platform, drew closer and Mr. Trump became the presumptive Republican nominee for president.“Susquehanna is a market maker and has zero economic interest in Trump Media,” said the company in a statement. “The firm’s long position is offset by short positions of the same size.”Regulatory filings show the firm used offsetting securities to try to minimize its gains or losses in the stock.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
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Trump Media Merger Is Approved, Providing Fresh Source of Cash
by Aurelia Butler 22 March 2024, 13:48
The deal will pump money into Trump Media, which will allow Truth Social to keep operating. Mr. Trump’s personal stake in the company will be worth more than $3 billion on paper.Former President Donald J. Trump’s social media company on Friday completed a long-awaited merger with a cash-rich shell company, raising Mr. Trump’s wealth by billions and potentially providing him a fresh source of cash to pay his mounting legal bills.In approving the merger, shareholders of Digital World Acquisition Corporation will become shareholders of Trump Media & Technology Group, which will trade on the stock market under the stock symbol DJT. The deal will pump more than $300 million into Trump Media, which has all but exhausted its available cash and will allow Truth Social, the company’s flagship digital media platform, to keep operating.Based on Digital World’s stock price of $44 a share just before the vote announcement, Trump Media will debut with a market value of more than $5 billion. That means Mr. Trump’s personal stake will be worth more than $3 billion. Shares of Trump Media could begin trading under the new stock symbol as soon as next week.The deal’s approval comes as Mr. Trump is facing a Monday deadline to cover a $454 million penalty in a civil fraud case in New York. He is restricted for six months from selling any of his shares or using them as collateral for a loan, although he could ask the board of the merged company to waive that rule for him.Trump Media said in a statement before the vote that “the merger will enable Truth Social to enhance and expand our platform.”This is breaking news. Check back for updates. More

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Trump Media Group Sues Brazilian Judge Weighing Arrest of Jair Bolsonaro

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Devin Nunes, Pugnacious Trump Loyalist, to Lead Espionage Advisory Board

Big Republican Donor Jeff Yass Owned Shares in Trump Media Merger Partner

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