There's an amazing new rap sheet on Trump [View all]
A variety of Trump watchers have tracked Donald Trump’s business failures, lawsuits and assorted controversies. Now, Trump's social media venture has released a rap sheet cataloguing the many stains on his long business career.
This remarkable disclosure occurs on page 107 of the registration statement Digital World Acquisition Corp. (DWAC) filed with the Securities and Exchange Commission on May 16, providing key details of its planned merger with Trump’s new company, Trump Media & Technology Group. DWAC is a so-called blank check company set up last year that in October announced a deal to merge with Trump’s company, including the Truth Social messaging app. DWAC’s shares soared from $10 to $94 on the news. The shares now trade around $45.
The registration statement provides details relevant to shareholders, including risks they might want to know about. That’s where the fun begins. Many of the risks posted in 66 pages of disclosures are boilerplate startup concerns, such as tough competition or possible financing difficulty. Then comes a section you won’t see in any other business filing: “Risks Related to our Chairman President Donald J. Trump.”
This section includes five basic parts: A list of lawsuits Trump is involved in; a fraud charge the government levied against a Trump company 23 years ago; a list of Trump companies that have filed for bankruptcy; another set of Trump ventures that failed without declaring bankruptcy; and the rules governing Trump’s role in the company. Most of the information isn’t new, but this tidy compilation amounts to overt acknowledgement that Trump isn’t the business genius he makes himself out to be.
https://finance.yahoo.com/news/theres-an-amazing-new-rap-sheet-on-trump-164349974.html
I've known the last sentence to be true for decades now.
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