We’re familiar with reports that money flooded into Trump's coffers at a much higher rate after he began to seek contributions to fight widespread voter fraud and election rigging, despite no evidence of either,
His latest project is meant to make money from the un-woke: “a subscription video-on-demand service which would feature "non-woke" entertainment programming, news and podcasts.”
What has become more obvious with the emergence of yet another fallible Trump media launch, is that others have made and lost money from his election(s).
Other events happened “coincidentally” to the financial machinations of Trump-World. At least one guy connected to the TMTG entity made $100 million.
Benessere Capital Acquisition Corp. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2020 and is based in Miami, Florida. [Read more...]
Political uncertainty around national elections induces cycles in corporate investment. The 2020 election was no different.
How is this all being funded?
TMTG is applying to merge with a special-purpose acquisition company (or SPAC) called Digital World Acquisition Corp., which purely functions to list private firms on the stock market. If the merger goes through, TMTG can essentially take Digital World Acquisition Corp.’s place and thus go public without jumping over many of the regulatory hurdles of the normal IPO process. TMTG claims to be valued at $875 million. The company may also access the $290 million that Digital World Acquisition Corp. has on hand, though investors in the SPAC may end up taking their money out of that pot.
Who exactly is involved in this venture?
The former president will be the chairman of TMTG. The press release also lists TV producer Scott St. John as the head of TMTG+ Corporate Operations. St. John is known for being the executive producer of Deal or No Deal and America’s Got Talent. Donald Trump Jr. also appeared on Fox News on Wednesday to promote Truth Social, telling Sean Hannity, “What we’re trying to do is create a big tent, an open and free network for people to be able to communicate.” It’s unclear, though, to what extent the ex-president’s eldest son is involved in the company. Then there’s the SPAC, Digital World Acquisition Corp. The CEO of that entity, Patrick F. Orlando, previously worked at the Deutsche Bank and founded his own investment bank known as Benessere Capital. The CFO of Digital World Acquisition Corp., Luiz Orleans-Braganza, is notably a member of Brazil’s National Congress who previously worked at JP Morgan.* He is a member of Brazil’s former royal family and is a prominent supporter of the country’s extreme right-wing president, Jair Bolsonaro.
For those who register online to receive emails from TMTG, the terms of service require that users sign away their right to file a class action.
Digital World Acquisition Group has not yet filed anything with the Securities and Exchange Commission about this merger.
Trump’s PAC has raised its bounty with a mix of unsubstantiated claims alleging election fraud and vague sloganeering. “We need you to join the fight to SECURE OUR ELECTIONS!” one Facebook ad reads. Republican lawmakers across the country, meanwhile, have set in place an untold number of vote restriction laws, claiming to stop fraud that has never been proven.
Meanwhile, Trump’s die-hards should be happy to know that their hard-earned money has been so far spent on helping one of the allegedly richest people in the world cruise around the country. Or maybe they think it’s badass that he may have just grifted them.
(Via WaPo) uproxx.com/…
(Trump) is also facing huge debt repayments. Trump has personally guaranteed about $420m in debt owed by his businesses which has to be repaid in the coming years, according to the New York Times.
The bulk of those debts are with Deutsche Bank. Last month Reuters reported that the bank was trying to sever ties with the president.
The Trump Organization, the president’s umbrella group that is currently overseen by his two sons, owes about $340m to Deutsche Bank. The loans, which are against Trump properties, start coming due in two years.