New York keeps trying to hammer away at former President Donald Trump's fortune.
$83 million here
$350 million there
But he just keeps getting richer.
The Securities Exchange Commission has approved a merger of Truth Social and Digital World Acquisition Corporation (DWAC), which is currently listed on the NASDAQ stock exchange, effectively the merger will take Truth Social public.
The merger is estimated to be worth $10 billion.
Trump currently owns 79 million shares of Truth Social, and at its current valuation, that means Trump just minted himself a cool $4 billion.
Of course the Left is having trouble accepting the news. Here are the three main types of comments reacting to the news:
Let's address these in order.
- The valuation is not correct. The valuation is based on today's stock price of DWAC, so while it's true that it could fall and Trump's position would be worth less, it could also drastically increase and be worth much more.
- Trump can't use the money for legal costs. That's true too. He would have to sell some shares to raise the money in cash to cover his legal costs. However, he does not need to put up the nearly half billion dollars New York judges have arbitrarily said he owes. He only needs to come up with 10% for a bond while he appeals. And I doubt someone like Trump will have any trouble scratching up $50 million. And I doubt very much those excessively high penalties will hold on appeal.
- The shareholders of DWAC haven't voted on the deal yet. This is also true. The shareholders still need to vote to finalize the merger. However, the entire purpose for DWAC's existence is to take Truth Social public. And the SEC and the Department of Justice have been fighting the merger at every step. This approval from the SEC is the culmination of years of legal battles. If the investors vote against the merger, the company dissolves, and they lose $300 million. I kind of think they'll vote yes.
Researching all of this, I have to say that I'm seriously impressed.
Donald Trump is a money-making machine, a straight up four-dimensional chess-player.
Do the lefties even stand a chance against this guy?
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