Posted on 10/24/2021 6:44:05 AM PDT by Presbyterian Reporter
Former President Trump announced on Thursday that a newly formed company, TMTG or Trump Media & Technology Group, would merge with Digital World Acquisition Corporation. Digital World is a SPAC or Special Purpose Acquisition Company that was formed in September and whose stock price had essentially been trading around $10 before the TMTG announcement. On Thursday the stock rose to $52 before closing at $45.50 and on Friday it hit a high of $175 and closed at $94.20.
Digital World (symbol DWAC) raised $299 million on September 8 when it sold 29.9 million shares at $10 each. It appears from TMTG’s press release that essentially all the money that was raised will be available for TMTG to use. The devil will be in the details with the soon to be published SEC filings.
Pushing a $20 billion market cap
Prior to Digital World’s IPO there were 6.25 million shares sold for $25,000 or $0.004 per share as Founder shares, which from reading the prospectus are owned by Patrick Orlando, Digital World’s CEO. After the IPO these shares are a bit less than 20% of all the outstanding shares.
After Digital World’s IPO it had just over 36 million outstanding shares. At Friday’s peak price of $175 it was valued at $6.3 billion and at its close of $94.20 was worth $3.4 billion.
(Excerpt) Read more at forbes.com ...
I think the thing about Reddit meme stocks is that some of those folks are “true believers.” Not in the company, per se, but in buying and holding the stock. For God’s sake, GME is still way above where it should be.
FR folks who bought in are true believers in anything Trump. They aren’t selling anytime soon.
I would just warn people about Trump ventures...not all of them succeed. Not a judgement on the man...but an assessment of the Football Team, the Airline, the Wine company, the casinos, etc.
If you are putting any of your savings into this, be aware and careful. As I have written in a similar vein about crypto gains...you never go broke taking a profit.
‘ I thought Chuck Jones was a WB cartoonist’
“No, that was Bob Smith”
Sure it was Chuck Jones. He was the cartoonist.
Im surprised he’s writing BS Trump hit pieces for the Trump bashing ‘Forbes’.
We were just talking about this the other day while on a Seinfeld binge. The show was about barbers, the score was from ‘The Barber of Seville’. Through the day we were singing, “whaaaat would you waaant wid a waaabbit?’
From chuch Jones wiki:
“a group of animated professionals ranked What’s Opera, Doc? (1957) as the greatest cartoon of all time, with ten of the entries being directed by Jones including Duck Amuck (1953), Duck Dodgers in the 24½th Century (1953), One Froggy Evening (1955), Rabbit of Seville (1950), and Rabbit Seasoning (1952).”
Writing sarcasm tags takes the humor out so I never do that. I imagine the late Mr. Jones would agree.
Forbes Media, which encompasses the magazine Forbes and other related business ventures, is majority-owned by Integrated Whale Media Investments. The Hong Kong investment group purchased a controlling stake in the company in 2014 for an undisclosed amount. Steve Forbes continued in his role as chairman and editor-in-chief after the sale.
https://marketrealist.com/p/who-owns-forbes-magazine/
Integrated Whale, controlled by Hong Kong financiers Yam Tak-Cheung (aka TC Yam) and Wong Siu Wah (Sammy Wong), along with Singapore businessman Wayne Hsieh, took over Forbes Media in 2014.
https://nypost.com/2017/01/24/forbes-family-finally-gets-paid-after-legal-battle-with-new-forbes-media-owners/
Forbes is effectively managed and run by the CCP (per Xi Jinping state-wide directive) and is in the same league with The Global Times as a Party organ.
What people are actually buying here is their trust in Trump and confidence in his management skills. You can run numbers and statistics all day but the ultimate generator is the man behind the operation.
Only a person or idea that investors really believe in could raise so much in such a short time.
Give it a little time, it's not about fun, it's about a speculative investment, which are not for the faint of heart.
I thought Chuck Jones made Looney Toons films.
There are many reasons you may lose money on the stock, however I found this article to be superficial at best.
He does mention possible stock dilution, which all these run up companies engage in. With the stock so high in price, they will issue millions more shares to make money and that can weaken the price.
But the author focuses on what Trump and others will be paid, and makes a statement that Trump has a bad track record with one previous publicly traded company.
Those are concerns, but not the major ones. Big concers are stock dilution, and what actual revenues will be compared to the super high stock price.
I made money on Dwac, Dwacw and Dwacu, BUT on Friday I was desperately selling as some of the stocks dropped by 60% or more.
Wish I’d heard about this a few hours earlier and put more into it. But now that we’ve had the initial surges, you’ll see great volatility and no easy way to figure whether you’ll buy into a surge or a slide.
Be very careful and only invest some extra money you can afford to lose.
going out of their way to do a hit piece
Indeed TDS in action
Yes, well they have announced their business combination now. But we don’t yet know how much they will make, or even if the deal will follow through to completion. It is not a sucker bet as stated by the author, but after the initial skyrocketing it is a very risky bet.
H/T freeper knarf (maybe knarf can move over here?) for the following link to meme meme:
https://i.imgflip.com/5qsoqf.jpg
—> I made money on Dwac, Dwacw and Dwacu, BUT on Friday I was desperately selling as some of the stocks dropped by 60% or more.
We purchased DWAC in the $16s to support our POTUS.
Our strategy is to HODL.
Next big event will be the completion of the merger - or not.
After that, any major acquisition will renew interest and be a David & Goliath story.
Trump has a huge following here and worldwide.
Many are disgusted by censorship.
He knows how to get eyeballs.
All true. Options start on Tuesday, it might get real weird. Throw in a big earnings week. Dec vix is 19 and change. Short term is mute, things will change.
Wasn’t it Trump who said, Don’t bet against me”?
Trump should make deals to buy IBM, Target and Fedex. Then he would have cloud, computing, AI, retail, and logistics. They can take on both Amazon and Facebook. It will only cost them 300billion. With the way the stock has been going they will be there in no time.
Partisan Media Shill alert.
Does seem like ploy to suck capital out of Trump’s base for what will likely not be a financially successful ongoing concern. However, are insiders on the Street playing pump and dump to get most of that?
“””Does seem like ploy to suck capital out of Trump’s base for what will likely not be a financially successful ongoing concern”””
Actually, DWAC seems to be the very opposite of what you say.
For years I have contributed my ‘capital’ to so-called conservative political candidates.
And what has been the return on my investment? Well, for the most part it seems these candidates have filled my mailbox begging that I send them more money. Or these candidates sell my name, address, phone number to others who can start begging me for more money.
I bought some shares in DWAC as my ‘capital’ investment in the MAGA movement. So at this point I am in the same position as I have been previously when I contributed to political candidates.
Just maybe DWAC will become a raging success story in the political history of the USA and I will actually get a return on my political investment.
Yes even the Trump-hating Twitter furus(of there are many unfortunately) were loving Trump lol.
CNBC wouldn’t even cover it
Forbes has become radical left wing.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
