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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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Trump Tries to Rewrite History of Jan. 6 in Campaign’s Final Stretch
by Aurelia Butler 19 October 2024, 02:19
Donald J. Trump on Friday tried to revise the history of the deadly attack on the Capitol by a pro-Trump mob, as new details in the federal prosecution against him were made public by the judge in the case.His attempt to recast the events of Jan. 6, 2021, came on the same day that he compared his supporters who were arrested, convicted and imprisoned for their actions at the Capitol to the victims of the Japanese internment camps in the United States during World War II. And it followed a recent remark in which Mr. Trump declared Jan. 6 a day of “love.”The former president made his comments about Jan. 6 and its aftermath at a time when, just weeks before Election Day, uncommitted voters in battleground states tell pollsters that among their top concerns is that they view him as a threat to democracy.On Friday, on his website Truth Social, Mr. Trump amplified a conspiracy theory that the attack on the Capitol was staged by the federal government, and he promoted his false claims that widespread fraud cost him the 2020 election.He reposted a meme that a user had originally posted on Thursday, which read: “January 6 will go down in history as the day the government staged a riot to cover up the fact that they certified a fraudulent election.” Those words appeared over two images of people swarming the outside of the Capitol building that day and waving American flags.Earlier on Friday, on a podcast hosted by the conservative media figure Dan Bongino, Mr. Trump lamented how those arrested in connection with the attack have been treated.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 Threatens Lawyers, Donors and Others With Prosecution After Election
by Aurelia Butler 8 September 2024, 02:24
Former President Donald J. Trump on Saturday threatened a wide range of people, including lawyers, political donors and operatives, with prosecution if he wins the November election and people have been found to have “cheated” or engaged in “unscrupulous behavior” in connection with the voting.The statement, which Mr. Trump made on his social media site, Truth Social, was the latest escalation in the former president’s language concerning election fraud as early voting is set to begin in the coming weeks in some states.Mr. Trump has increasingly spoken publicly about the 2020 election, repeating his false claims that widespread fraud had affected the outcome and insisting that he is guarding against it in 2024.On Saturday, however, he threatened to use the power of the government against people if he is sworn in as president for a second term in January.“CEASE & DESIST,” Mr. Trump wrote in his post. “I, together with many Attorneys and Legal Scholars, am watching the Sanctity of the 2024 Presidential Election very closely because I know, better than most, the rampant Cheating and Skullduggery that has taken place by the Democrats in the 2020 Presidential Election.”Mr. Trump’s post continued: “It was a Disgrace to our Nation! Therefore, the 2024 Election, where Votes have just started being cast, will be under the closest professional scrutiny and, WHEN I WIN, those people that CHEATED will be prosecuted to the fullest extent of the Law, which will include long term prison sentences so that this Depravity of Justice does not happen again.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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Trump Keeps Turning Up the Dial on Vulgarity. Will He Alienate the Voters He Needs?
by Aurelia Butler 30 August 2024, 03:02
Donald J. Trump has been reposting racially and sexually charged insults of Kamala Harris, continuing a history of crass attacks. But in Ms. Harris, he may have found a particularly risky target.Over his decades in the public eye, former President Donald J. Trump has a well-established history of making degrading and racist remarks about women, people of color and pretty much anyone else who crosses his path.It is a proclivity that dates to his days as a reality television star and that has only expanded in the meme-driven era of social media. In the words of Senator Kevin Cramer, Republican of North Dakota, Mr. Trump is “an equal opportunity offender.”But in Vice President Kamala Harris, Mr. Trump has found a particularly complicated and risky target for his trademark brand of transgression, as more Americans are suddenly tuning in to what has become a highly competitive race.Although there are no clear signs that Mr. Trump has increased the quantity of abuse he levels at his opponents, his decision to repost a string of sexually and racially charged broadsides in recent weeks suggests that he has turned up the dial when it comes to pure vulgarity and crudeness.That eagerness to offend is likely to receive increased scrutiny as the election enters its final stretch. With both major parties battling for female and moderate swing-state voters, Mr. Trump could potentially alienate an undecided audience uncomfortable with his coarse rhetoric.Since July 21, when President Biden stepped out of the race and endorsed Ms. Harris, Mr. Trump has directed a seemingly constant fusillade of invective at a challenger who happens to be Black, South Asian and female.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 Says He Will Hold a News Conference at Mar-a-Lago on Thursday
by Aurelia Butler 8 August 2024, 13:13
Donald J. Trump plans to hold a “general news conference” on Thursday afternoon at his private club and home, Mar-a-Lago, the first such event he has held in months.Mr. Trump announced the event on his website, Truth Social, on Thursday morning.The former president’s prominence in news coverage has slipped since President Biden abruptly announced last month that he was ending his re-election campaign and then endorsed Vice President Kamala Harris, who secured the Democratic Party’s presidential nomination this week.Mr. Trump has been seeking ways to make headlines. But he has also sought to highlight how Ms. Harris has yet to give interviews and allow reporters to pose wide-ranging questions since she became a presidential candidate.During Mr. Trump’s civil court cases in New York earlier this year, he sometimes held news conferences at a building he owns near the courthouse. But since his criminal trial started in Manhattan on April 15, he has not held any. He has also given relatively few interviews to mainstream news outlets.Mr. Trump has been playing cat-and-mouse over a debate he had agreed to with Mr. Biden, which had been set to be hosted by ABC News in September. Ms. Harris said she planned to attend in Mr. Biden’s place, but Mr. Trump repeatedly suggested he would pull out of the debate. He then declared it was “terminated” and said he wanted a debate hosted by Fox News instead, but he had not discussed the terms of such a debate with Ms. Harris. Among the reasons he cited for not doing the ABC News debate was the fact that he is suing the network over comments by one of its anchors, George Stephanopoulos.Mr. Trump sounded more open to the possibility of the ABC News debate in a telephone interview on “Fox and Friends” this week.On Truth Social on Thursday morning, Mr. Trump promised to “expose” Ms. Harris during a debate. More
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Trump, on Social Media, Describes Being ‘Shot With a Bullet’ in the Ear
by Aurelia Butler 14 July 2024, 01:16
Former President Donald J. Trump said on Saturday that he had been “shot with a bullet that pierced the upper part of my right ear” at his rally in Butler, Pa., describing his experience in a post on his social media platform, Truth Social.Mr. Trump was just minutes into his speech when shots were fired. In his post, he said he “knew immediately that something was wrong in that I heard a whizzing sound, shots, and immediately felt the bullet ripping through the skin.”The former president, who was rushed off the stage with blood on his right ear and his face, added that “much bleeding took place, so I realized then what was happening.”In his post, Mr. Trump extended his condolences to the family of the person attending his rally who was killed, and to the family of “another person that was badly injured.”He added that he did not know anything about the shooter, who officials said had been killed.“I want to thank The United States Secret Service, and all of Law Enforcement, for their rapid response on the shooting that just took place in Butler, Pennsylvania,” Mr. Trump wrote.The Secret Service and other law enforcement agencies have not yet publicly confirmed that Mr. Trump was shot in the ear, saying only that shots were fired, that the former president was “safe” and that the shooter was now dead. More

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