TRUTH Social

Trump’s Truth Social is Revealed to Be Another Terribly Risky Trump Scam – By Its Own Prospectus

Posted by on February 18, 2024 at 1:08 pm. 4 Comments :

The insufferable saga of Donald Trump’s Truth Social website, and his desperate attempts to remain relevant online since he was booted from Twitter, is continuing to descend ever deeper into an abyss of his own making. And this downward spiraling is accelerating despite his relentless contributions of posts that are primarily incoherent and emotional outbursts of hostility, ignorance, and self-exaltation.

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This week the Securities and Exchange Commission inexplicably approved the merger between Truth Social’s parent company, Trump Media and Technology Group (TMTG), and Digital World Acquisition Corp (DWAC), the shell company that Trump hopes to use to get a stock market listing. That news contributed to DWAC’s stock price tripling since the beginning of the year ($16.00- $48.00). Or maybe it was because the Biden-Harris campaign created a Truth Social account and began posting a few weeks ago.

SEE THIS: The Biden Campaign is Now on Trump’s Truth Social For Your Entertainment Pleasure

However, no one but confirmed Trump Cult devotees should be jumping into this stock if they care about preserving their money. A quick look at the company’s prospectus should frighten off any astute investors. Some of the risks disclosed in the prospectus were reported by MarketWatch

“Truth Social, his would-be Twitter rival, is a high-risk, speculative operation with few hard numbers behind it. It’s already the subject of subpoenas, from regulators and a grand jury, even though it’s barely off the ground. Oh, and Trump is not required to use the social-media site much — if at all — to communicate with the public, notably if voters were to return him to the White House. You buy the stock at your own peril.”

[And…]

“Digital World has been in trouble with the Securities and Exchange Commission, and recently agreed to pay $18 million to settle fraud charges relating to this potential merger.”

[And…]

“A number of companies that were associated with President Trump have filed for bankruptcy…There can be no assurances that TMTG will not also fail.”

The prospectus also discloses the six bankruptcies among Trump’s hotels and casinos, and other business failures, such as his airline, vodka, steaks, mortgage, and travel agency. Also mentioned was his fraudulent university that was ordered to pay $25 million in compensatory damages. The article didn’t mention his bogus charity that was also fined and shuttered.

Furthermore, the prospectus included a section enumerating Trump’s numerous pending criminal cases. The 91 felony charges included everything from financial fraud, to inciting a violent insurrection, to threatening election officials, to stealing (and perhaps disseminating) classified documents. And let’s not forget his being found civilly liable for rape and ordered to pay $354 million for falsifying his financial statements.

MarketWatch noted that TMTG reported a measly 8.9 million users. But that’s okay because it “believes that adhering to traditional key performance indicators, such as signups, average revenue per user, ad impressions and pricing, or active user accounts” is a distraction.

Perhaps they are figuring in Trump’s “brand” value. Although on that measure, the prospectus says that Trump is only “required to post certain of his social-media messages there first…And the Truth Social exclusivity on each post only lasts for six hours. [and he] can even cancel this agreement with 30 days’ notice, ‘at any time on or after February 2, 2025.'” Which is suspiciously just two weeks after Inauguration Day.

The recent surge in DWAC’s stock should be regarded with ample amounts of skepticism. The stock has had similar spikes – and subsequent declines – several times. Investors and Trump Cult disciples who bought in at $170.00 a share are still seriously screwed. But maybe they continue to believe that Trump can earn it all back with his latest business venture: grotesquely gold “Never Surrender” sneakers…

UPDATE: As evidence that Trump will eventually turn on you, no matter who you are and how much you suck up to him, Truth Social co-founders accuse Trump of trying to rip them off in merger.

For the record, here are some other recent stories about Trump’s misadventures in social media and the stock market…

Trump’s Truth Social Reports Massive Losses and Warns that it Could Go Out of Business
A Securities and Exchange Commission (SEC) filing by the company reveals its financial frailty. The report paints a pitiful picture of the enterprise’s prospects going forward and reveals that it has lost $31.5 million since it opened for business just two years ago.

Trump’s Truth Social Continues to Collapse as Its Biz Partner Loses Virtually All of its Funding
The funding partner for TMTG said that it will return the remaining $533 million of the $1 billion raised to finance the venture after investors canceled $467 million of commitments.

Trump Crime Syndicate: Investors Arrested for Insider Trading in Failing Truth Social Scam
Trump’s associates in his truthless, anti-social media venture were arrested and charged with insider trading. Reports indicate that “the three individuals together made more than $22 million in illegal profits.”

Truth Social Disease: Ads on Trump’s Twitter Ripoff are Mostly Scams and Trump-Fluffing Merch
Advertisers are afraid of their ads being juxtaposed with hate speech and other noxious content. Consequently, the only advertisers who are willing to shell out are sketchy scammers, conspiracy theorists, and junk peddlers.

LOCK HIM UP: Trump’s TRUTH Social Scam is Being Criminally Investigated By a Federal Grand Jury
In addition to the Grand Jury proceedings, the SEC is investigating whether TMTG and DWAC executives improperly coordinated with each other and engaged in insider trading. They have also partnered with a Chinese firm with a dubious legal past.

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The Biden-Harris Campaign Trolls Trump and Fox News on Truth Social with ‘Blowout’ Jobs Report

Posted by on February 3, 2024 at 12:36 pm. 2 Comments :

Last week the evidence that Bidenomics is working spectacularly well was revealed in the monthly jobs report that far exceeded expectations. That performance has become routine during President Biden’s term in office as his agenda of building the economy from the middle out, and from the bottom up, has delivered blockbuster results.

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Dark Biden, Fox News

The success of the measures executed by Biden and the Democrats is in stark contrast to those employed by Republicans and Donald Trump. During Trump’s occupation of the White House he devotedly advanced the interests of corporations and the wealthy, to the detriment of average Americans. And the outcome proved to be devastating as he left office with the worst jobs record since Herbert Hoover. That contrast recently seeped into a segment of Fox News’ “The Five”…

SEE THIS: On Fox News Jessica Tarlov Summarizes the Success of Bidenomics that the Media Refuses to Cover

The Biden administration’s stellar employment stats also made it into Fox News reporting. Although their reception of what is unarguably good news was something less than celebratory. For the most part they tried to downplay the news or find negative crumbs they could chew on. But in the end, the positivity of the numbers was hard to suppress and/or disguise.

The glad financial tidings were so tremendous that they were even recognized by Trump’s former director of his National Economic Council, Larry Kudlow, who now works for Fox News. Kudlow’s commentary on the matter was surprisingly complimentary. So much so that the Biden-Harris campaign featured it in their social media posts, including their account on Trump’s failing Twitter ripoff, Truth Social, along with a few other entertaining messages.

[Note: The following posts all appeared on Truth Social, but these are the same posts on Twitter, so as to avoid making people dirty themselves by visiting Trump’s website]

“We had a blowout jobs report. More than twice the consensus expectations. Now, I know many of my conservative friends are trying to drill holes in this report. But you know what, folks? It is what it is. It’s a very strong report. Not every economic stat should be viewed through a political lens. […] 353,000 gained in non-farm payroll – a very big number. Prior two months revised up by 126,000 – another big number. And the bottom line here is more Americans are working. And that’s a good thing no matter what your party registration is.”

The 2024 presidential year is bound to feature more of Trump’s madness, hostility, and failure, as well as Biden’s competence, compassion, and success. Biden has already been focusing his campaign on substantive issues that the American people care about, such as jobs, abortion, climate and environment, healthcare, gun reforms, tax equity, diplomacy, and saving democracy.

Meanwhile, Trump has been ranting feverishly about “witch hunts,” “election interference,” and scary brown immigrants. His entire campaign is consumed by two issues that have zero significance to the American people: 1) His “Big Lie” that the 2020 election was “rigged and stolen” from him. And 2) His relentless whining about his legal tribulations, such as the 91 criminal charges he faces, and his civil litigation that has already found him liable for defamation and rape.

Therein lie the factors that voters must consider when choosing who to vote for in November. And if anyone is having any trouble with that decision, then they have been hopelessly devoured by the Trump cult. Let them go. They are lost to us.

Thankfully, there are way more Americans who are sane, reachable, and love their country. Many who have not voted before, or not voted for Democrats. And they should be the targets of Democratic campaign efforts going forward.

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After Losing $83 Million, Big Mouth Trump Hasn’t Made a Single New Attack on E. Jean Carroll

Posted by on January 27, 2024 at 12:47 pm. 4 Comments :

This week there was a historic event in the annals of American law and politics. For the second time in history a former president of the United States, Donald Trump, was found liable for sexual assault and defamation. He was ordered to pay the woman he assaulted, E. Jean Carroll, $83.3 million. Trump was also the perpetrator, and Carroll the victim, the first time this happened, just last year.

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Donald Trump Pacifier Fox

Clearly Trump is an incorrigible, recidivist criminal who has no respect for the law, or for women, and believes that he has the right to commit whatever crimes he wants without consequences. He has said so explicitly.

SEE THIS: Felonious Punk Trump Demands ‘TOTAL IMMUNITY’ – Even for Acts that ‘CROSS THE LINE’

Despite Trump’s psychotic compulsion to vilify his perceived enemies, this latest legal smackdown might have finally stilled his slanderous tongue. For months he has been viciously attacking Carroll on his failing social media scam, Truth Social. For the most part, his posts have not sought to make a case for his innocence. They have been blatantly derogatory and insulting and intended solely to tarnish Carroll’s reputation. They reached back into the distant past to grab out-of-context quotes that he distorts in order to falsely portray her as a loose woman. Which he seems to believe would justify assaulting her. On several occasions Trump unleashed 30, 40, or more of these malicious messages in the span of an hour or two.

SEE ALSO: Fearful Trump Unleashes a Flurry of Frantic Posts Attacking His Rape Victim, E. Jean Carroll

However, in the hours since the jury returned their multimillion dollar penalty, Trump has been uncharacteristically quiet online. He posted a single comment whining that he disagreed with the judgment, then went silent on the subject. Although that one comment was loaded with ludicrous commentary…

Don’t expect Trump to continue holding his fire against Carroll. He has zero self-control and his infantile and hostile tendencies can always be relied upon to reemerge. In the mean time, Trump is reprising that old, reliable, right-wing scare tactic of millions of malevolent migrants invading America to steal your jobs and vote for Democrats. He posted a comment raging that…

“Just 3 years ago we had the strongest and safest Border in U.S. History. Today we have a catastrophe waiting to happen. It is the WORST BORDER IN THE HISTORY OF THE WORLD, an open wound in our once great Country. TERRORISTS ARE POURING IN, UNCHECKED, FROM ALL OVER THE WORLD. There is now a 100% chance that there will be MAJOR TERROR ATTACKS IN THE USA. CLOSE THE BORDER!”

Got that? Trump claims, without a shred of evidence, that we went from the best ever to worst ever border. And has anyone run into any of those terrorists who are “pouring in, unchecked”? And of course Trump is predicting a “100% chance that there will be MAJOR TERROR ATTACKS IN THE USA.” That’s more of a hope on his part. Just like he hopes the economy will crash, and civil war will break out.

MORE HERE: On Fox News Jessica Tarlov Summarizes the Success of Bidenomics that the Media Refuses to Cover

Trump followed up that post with four more comments about border issues, including one that sought to sabotage the bipartisan immigration bill that is currently being negotiated in the Senate. And naturally his perspective was fraught with animus and ignorance…

It’s cute that Trump thinks that the judgment against him is a “witch hunt” directed by President Biden. Because all that does is reveal that that Biden fella keeps winning. Proving that he’s pretty sharp for a guy that Trump and the GOP say is mentally impaired. If Biden, according to Trump & Co., is a senile communist who can’t put two sentences together, what does that say about Trump and the MAGA Klan that keep losing to him?

UPDATE: 48 hours later and, other than reposting a Breitbart article, Trump has still not mentioned the Carroll judgment himself online or in his campaign speech in Nevada.

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Trump’s Truth Social Reports Massive Losses and Warns that it Could Go Out of Business

Posted by on November 14, 2023 at 12:27 pm. 7 Comments :

When Donald Trump announced the launch of Truth Social he boasted that it would be bigger and better than anything that had come before it, including Twitter (which some call “X”), the platform that had banned him for trying to incite a violent insurrection. To put it mildly, Truth Social has not lived up to the hype.

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Donald Trump Circling the Drain

The failure of Truth Social doesn’t come as a surprise to anyone who has tracked Trump’s record in business. He has left a trail of bankruptcies, closures, lawsuits, and fraud for decades. And true to form, his Trump Media & Technology Group (TMTG) has produced a website that is neither truthful nor social. In fact, it’s become something of a joke…

SEE THIS: The Biden Campaign is Now on Trump’s Truth Social For Your Entertainment Pleasure

The latest dire news about Truth Social comes from a Securities and Exchange Commission (SEC) filing by the company that reveals its financial frailty. The report paints a pitiful picture of the enterprise’s prospects going forward and reveals that it has lost $31.5 million since it opened for business just two years ago.

“Since launching, former President Donald Trump‘s Truth Social and its parent company Trump Media and Technology Group took in $3.7 million in net sales, and lost tens of millions of dollars.

“The numbers are the first time that any internal financial details on the social platform have been shared publicly, and they suggest that while Trump has made Truth Social his primary social media platform, it has not been translating into meaningful revenue for the tech startup, which is owned by Trump Media & Technology Group (TMTG). […]

“The financial situation of TMTG is such that ‘TMTG’s independent registered public accounting firm has indicated that TMTG’s financial condition raises substantial doubt as to its ability to continue as a going concern,’ according to the filing.”

The filing also notes that “management has substantial doubt that TMTG will have sufficient funds to meet its liabilities,” and that “it may be difficult to raise additional funds.” That’s largely due to the breakdown of TMTG’s plan to merge with Digital World Acquisition Corp (DWAC), a special purpose acquisition company that they hoped would lead to a listing on the stock exchange and a billion dollars in pledged investments. That deal has not only gone south – along with the pledged investments – but DWAC has been tangled up in legal probes alleging fraud and misconduct.

Furthermore, Trump’s latest financial disclosure form reveals that his 90% controlling stake in TMTG is now valued at between $5-$25 million. That’s a decline of more than 97% from the $875 million the venture was valued at when it was announced. And given the brief history of this boondoggle, he’s lucky to have that. It was a scam from the start, and Trump knew it. He even removed himself and Don Jr from the board of TMTG just weeks before subpoenas were served.

Meanwhile, here’s a few recent stories about Trump’s misadventures in social media…

Trump’s Truth Social Continues to Collapse as Its Biz Partner Loses Virtually All of its Funding
The funding partner for TMTG said that it will return the remaining $533 million of the $1 billion raised to finance the venture after investors canceled $467 million of commitments.

Trump Crime Syndicate: Investors Arrested for Insider Trading in Failing Truth Social Scam
Trump’s associates in his truthless, anti-social media venture were arrested and charged with insider trading. Reports indicate that “the three individuals together made more than $22 million in illegal profits.”

Trump’s Truth Social CEO Whines that Shareholders in His Alt-Twitter Scam Are Being Wiped Out
Nunes visited Newsmax to swing open his tear ducts with mournful moaning about the catastrophic business for which he is the chief executive.

Trump Made Less than $200 on Truth Social According to His FEC Financial Disclosure
As for Trump, he was reported to own 90% of TMTG, which earned him less than $200 according to his financial disclosure. That’s hardly representative of the huge success that Trump has claimed Truth Social to be.

Trump’s ‘Truth Social’ Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding
The report notes that the sources of the funding include the off-shore Paxum Bank, based in the Caribbean island nation, Dominica. It is notorious for “providing banking services for the pornography and sex worker industries, which makes it higher risk of engaging in money laundering and other illicit financing.”

Truth Social Disease: Ads on Trump’s Twitter Ripoff are Mostly Scams and Trump-Fluffing Merch
Advertisers are afraid of their ads being juxtaposed with hate speech and other noxious content. Consequently, the only advertisers who are willing to shell out are sketchy scammers, conspiracy theorists, and junk peddlers.

LOCK HIM UP: Trump’s TRUTH Social Scam is Being Criminally Investigated By a Federal Grand Jury
In addition to the Grand Jury proceedings, the SEC is investigating whether TMTG and DWAC executives improperly coordinated with each other and engaged in insider trading. They have also partnered with a Chinese firm with a dubious legal past.

Be sure to visit and follow News Corpse
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And check out my books on Amazon:

Fox Nation vs. Reality:
The Fox News Cult of Ignorance.

Thanks so much for your support.

The Biden Campaign is Now on Trump’s Truth Social For Your Entertainment Pleasure

Posted by on October 16, 2023 at 1:27 pm. NO Comments :

President Biden has been extraordinarily busy in the past couple of weeks. He has been struggling to do the people’s business while the utterly inept Republicans in Congress have crippled the legislative branch with their failure to complete the most common tasks, such as electing electing a Speaker or proposing a platform.

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Donald Trump, Joe Biden

Furthermore, the attack on Israel by the Hamas terrorists has understandably consumed a significant portion of Biden’s time. That’s in addition to the administration’s efforts on behalf of Ukraine, the delicate relations with China, the diplomacy with our international allies, and the many domestic matters that crowd the White House calendar.

Meanwhile, Republicans continue to fritter away their days with purely political posturing and pettiness. Their legislative agenda consists of little more than sham investigations of Hunter Biden and phony “weaponization of government” hearings, that are the true perpetrators of government weaponization. And amidst all of that, their Dear Leader, Donald Trump, remains devoted to doing nothing but posting inanities on his Truth Social scam that is getting closer to bankruptcy every day.

SEE THIS: Trump’s Truth Social Continues to Collapse as Its Biz Partner Loses Virtually All of its Funding

Since the GOP cult is so fixated on Trump and his mindless musings online, the Biden campaign has decided that if you can’t tweet them, why not troll the heck out of them on their own turf. Consequently, they have created an account on Truth Social where they can post some actual truths for the MAGA disciples to ignore and/or freak out about. Here are the first few posts by the Biden campaign that are getting in Trump’s face on his own website…

By contrast, at the same time Trump was posting his dismay at being told by a judge that he cannot continue to intimidate court officials and witnesses. He raged that “A TERRIBLE THING HAPPENED TO DEMOCRACY TODAY – GAG ORDER!” Actually, it’s precisely the same treatment that any other belligerent defendant would get. But in Trump’s perverse perspective it warrants the following bizarre run-on sentence that exhibits just how mentally disturbed he is…

“A Leaking, Crooked and Deranged Prosecutor, Jack Smith, who has a terrible record of failure, is asking a highly partisan Obama appointed Judge, Tanya Chutkan, who should recuse herself based on the horrible things she has said, to silence me, through the use of a powerful GAG ORDER, making it impossible for me to criticize those who are doing the silencing, namely Crooked Joe Biden, and his corrupt and weaponized DOJ & FBI.”

Biden campaign officials told Fox News that “There’s very little ‘truth’ happening on Truth Social, but at least now it’ll be a little fun.” And a statement by Trump campaign spokesperson Steven Cheung, said that, “Crooked Joe Biden and his team are finally acknowledging that Truth Social is hot as a pistol and the only place where real news happens.”

Not exactly. What Biden and his team are acknowledging is that there is a rich mine of troll worthy malarkey on Truth Social and they aim to take full advantage of it. At least until they get banned. It’s not unlike the recent video of Marjorie Taylor Greene itemizing what she considered to be criticisms of Biden’s agenda, but which the Biden campaign reposted verbatim with pride for the broadly popular accomplishments they achieved in their first two years.

UPDATE: Biden Campaign Surpasses Trump Campaign In Followers On Truth Social In Two Days

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Trump’s Truth Social Continues to Collapse as Its Biz Partner Loses Virtually All of its Funding

Posted by on October 15, 2023 at 10:49 am. 3 Comments :

Donald Trump is a one man crime syndicate who currently has 91 felony counts pending in four criminal indictments. The charges against him range from paying hush money to a porn star, to falsifying business records, to unlawful possession of classified documents, to obstruction of justice, to election interference, to inciting an insurrection, and so much more.

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Donald Trump Circling the Drain

This is an unprecedented display of depravity that more closely resembles the behavior of an inept mob boss than a former president. And it is more than just a legal calamity for Trump. It is an embarrassment to the Republican Party and his cohorts in Congress who still support him and his criminal conduct, and upon whom he is relying for salvation.

RELATED: Scared and Desperate Trump Begs Congress to Save Him From the Meanies Prosecuting His Crimes

Consequently, it should come as no surprise that Trump’s Twitter ripoff, Truth Social, is mired in the same sort of criminal controversies that have followed Trump for decades. And now it is suffering yet another setback as it barrels toward bankruptcy. According to reports…

“The funding partner for Trump Media & Technology Group (TMTG) said that it will return the remaining $533 million of the $1 billion raised to finance the venture after investors canceled $467 million of commitments.” […]

“The loss of funding for DWAC [Digital World Acquisition Corp.] appears to be a step backward for the prospective merger between the company and Trump’s media outfit, which runs Truth Social.” […]

“With the loss of the funding, it’s unclear how Trump’s media group, called Trump Media & Technology Group, would finance its operations after the merger. The plan was that DWAC would provide TMTG with a deep pool of funds after the merger was completed.”

TMTG’s CEO, former GOP congressman Devin Nunes, inexplicably called the fund forfeiture “an important step towards…completing our merger,” However, he didn’t bother to explain how the loss of nearly a billion dollars in financing would lead to that end, or how it would benefit shareholders.

For some background, shortly after Truth Social was launched it was tied to DWAC, a special purpose acquisition company (SPAC). The law prohibits SPACs from discussing potential acquisition targets prior to their formation. But laws have never been an impediment to grifters in Trump World. The stock immediately ran up to $175.00, which is where the now indicted investors bailed out with huge gains. The stock now sits at about $15.00.

There are good reasons for the stock’s abysmal performance. The whole enterprise is a sham that can’t grow its user base or attract advertising. Meanwhile, the reputation for illegal activity on Trump’s part has been evident in the affairs of his Truth Social disease. What follows are a just a few of the licentious legal landmarks for the illicit enterprise:

Trump Crime Syndicate: Investors Arrested for Insider Trading in Failing Truth Social Scam
Trump’s associates in his truthless, anti-social media venture were arrested and charged with insider trading. Reports indicate that “the three individuals together made more than $22 million in illegal profits.”

Trump Files Ludicrous Lawsuit Against the Washington Post for Defaming His Truth Social Scam
Trump has no basis for this suit. For one thing, he is constantly claiming that his Pravda Social is a massive success, greatly eclipsing Twitter. Also, it’s hard to defame a business that began as a fraud and went downhill from there.

Trump’s Truth Social CEO Whines that Shareholders in His Alt-Twitter Scam Are Being Wiped Out
Nunes visited Newsmax to swing open his tear ducts with mournful moaning about the catastrophic business for which he is the chief executive.

Trump Made Less than $200 on Truth Social According to His FEC Financial Disclosure
As for Trump, he was reported to own 90% of TMTG, which earned him less than $200 according to his financial disclosure. That’s hardly representative of the huge success that Trump has claimed Truth Social to be.

Trump’s ‘Truth Social’ Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding
The report notes that the sources of the funding include the off-shore Paxum Bank, based in the Caribbean island nation, Dominica. It is notorious for “providing banking services for the pornography and sex worker industries, which makes it higher risk of engaging in money laundering and other illicit financing.”

Truth Social Disease: Ads on Trump’s Twitter Ripoff are Mostly Scams and Trump-Fluffing Merch
Advertisers are afraid of their ads being juxtaposed with hate speech and other noxious content. Consequently, the only advertisers who are willing to shell out are sketchy scammers, conspiracy theorists, and junk peddlers.

LOCK HIM UP: Trump’s TRUTH Social Scam is Being Criminally Investigated By a Federal Grand Jury
In addition to the Grand Jury proceedings, the SEC is investigating whether TMTG and DWAC executives improperly coordinated with each other and engaged in insider trading. They have also partnered with a Chinese firm with a dubious legal past.

As a bonus, it turns out that Trump bailed on his crooked company just weeks before subpoenas were served. He removed himself and Don Jr from the board of TMTG and is no longer named as the company’s chairman. What’s more, DWAC agreed to a settlement with the SEC that includes a finding that the company violated anti-fraud laws and will require them to pay an $18 million civil penalty when/if the deal closes. And signaling deeper problems with the SPAC’s finances, its auditor has resigned.

This is par for the course for Trump, whose businesses have a habit of failing after he and a few insiders enrich themselves before the predictable collapse. But anyone investing in a Trump enterprise shouldn’t complain when they go belly up. They should know by now that he is a scam artist who is focused solely on his welfare. And if they don’t see it, it’s because they don’t want to. That’s how cults work.

Be sure to visit and follow News Corpse
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And check out my books on Amazon:

Fox Nation vs. Reality:
The Fox News Cult of Ignorance.

Thanks so much for your support.

Trump Crime Syndicate: Investors Arrested for Insider Trading in Failing Truth Social Scam

Posted by on June 30, 2023 at 11:59 am. 7 Comments :

The criminal tendencies of Donald Trump and his felonious fellowship continues to be exposed by law enforcement authorities who have still only scratched the surface of his nefarious and rampant wrongdoing. He has demonstrated for decades his conviction that he is above the law and entitled to violate it whenever it suits him.

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Trump is currently awaiting trial on more than 60 felony counts resulting from his criminal activities. The charges pending against him range from falsifying business records, to unlawful possession of classified documents, to obstruction of justice, and much, much more. This is the behavior of a mob boss bent on building an organized crime operation, even if he isn’t particularly good at it.

RELATED: Scared and Desperate Trump Begs Congress to Save Him From the Meanies Prosecuting His Crimes

On Thursday it was reported that Trump’s associates in his truthless, anti-social media venture, “Truth Social,” were arrested and charged with insider trading. According to CNN…

“Federal prosecutors arrested three investors on Thursday on insider trading charges related to a deal to take former President Donald Trump’s media business public.

According to the indictment, the three individuals together made more than $22 million in illegal profits in October 2021 by purchasing shares in Digital World Acquisition Corporation (DWAC) after secretly learning about the blank-check firm’s plan to buy Truth Social owner Trump Media & Technology Group (TMTG).”

Shortly after Trump’s Truth Social was announced, it was tied to the special purpose acquisition company (SPAC), DWAC. The law prohibits SPACs from discussing potential acquisition targets prior to their formation. But obviously the word about the Trump connection got out. The stock immediately ran up to $175.00, which is where the indicted investors bailed out with huge gains. The stock now sits at about $12.00.

There are reasons that the stock has cratered. The whole enterprise is a sham that is failing pitifully. It cannot grow its user base or attract advertising. Meanwhile, the reputation for illegal activity on Trump’s part has been evident in the affairs of his Truth Social disease. What follows are a just a few of the licentious legal landmarks for the illicit enterprise:

Trump Files Ludicrous Lawsuit Against the Washington Post for Defaming His Truth Social Scam
Trump has no basis for this suit. For one thing, he is constantly claiming that his Pravda Social is a massive success, greatly eclipsing Twitter. Also, it’s hard to defame a business that began as a fraud and went downhill from there.

Trump’s Truth Social CEO Whines that Shareholders in His Alt-Twitter Scam Are Being Wiped Out
Nunes visited Newsmax to swing open his tear ducts with mournful moaning about the catastrophic business for which he is the chief executive.

Trump Made Less than $200 on Truth Social According to His FEC Financial Disclosure
As for Trump, he was reported to own 90% of TMTG, which earned him less than $200 according to his financial disclosure. That’s hardly representative of the huge success that Trump has claimed Truth Social to be.

Trump’s ‘Truth Social’ Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding
The report notes that the sources of the funding include the off-shore Paxum Bank, based in the Caribbean island nation, Dominica. It is notorious for “providing banking services for the pornography and sex worker industries, which makes it higher risk of engaging in money laundering and other illicit financing.”

Truth Social Disease: Ads on Trump’s Twitter Ripoff are Mostly Scams and Trump-Fluffing Merch
Advertisers are afraid of their ads being juxtaposed with hate speech and other noxious content. Consequently, the only advertisers who are willing to shell out are sketchy scammers, conspiracy theorists, and junk peddlers.

LOCK HIM UP: Trump’s TRUTH Social Scam is Being Criminally Investigated By a Federal Grand Jury
In addition to the Grand Jury proceedings, the SEC is investigating whether TMTG and DWAC executives improperly coordinated with each other and engaged in insider trading. They have also partnered with a Chinese firm with a dubious legal past.

As a bonus, it turns out that Trump bailed on his crooked company just weeks before subpoenas were served. He removed himself and Don Jr from the board of TMTG and is no longer named as the company’s chairman. But if he thinks that will enable him to escape legal liability, he’s going to be sorely disappointed.

UPDATE July 7: DWAC and the SEC have reportedly reached an agreement regarding the company’s merger deal with TMTG. According to CNN, “If it’s approved, the SEC will enter a cease-and-desist order with the company, finding DWAC violated ‘antifraud provisions’ connected to initial public offering filings. [and] If DWAC amends its IPO filings, it will have to pay the SEC an $18 million civil penalty after the closing of any merger deal.”

UPDATE August 4: DWAC’s auditor has resigned, signaling deeper problems with the SPAC’s finances. They now need to find another auditor before they can complete their deal with Trump Media, which increasingly looks like it may never go through at all.

UPDATE August 10: DWAC has again extended their deadline to complete the merger with Trump’s TMTG. The new so-called deadline is December 31, more than two years later than the original completion date.

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Trump Files Ludicrous Lawsuit Against the Washington Post for Defaming His Truth Social Scam

Posted by on May 22, 2023 at 12:53 pm. 3 Comments :

The only business activity that Donald Trump has ever demonstrated any commitment to is baseless and bitter litigation against other enterprises that he is unable to compete with honestly, or simply refuses to deal with fairly. His lawsuits are not much more than personal attacks on anyone he can’t bully into submission.

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Among the targets of Trump’s pathological litigiousness are media outlets that he believes have blasphemed him or failed to appreciate his divine infallibility. More often than not, his efforts have led to legal humiliation as the cases are dismissed or dropped or lost outright. Which is the likely outcome of his latest loopy lawsuit.

The Trump Media and Technology Group (TMTG), the parent company of his floundering Twitter ripoff, Truth Social, has just announced that it is suing the Washington Post for $3.7 billion dollars for defamation, a figure far in excess of what Trump’s anti-social media firm is actually worth.

Trump has no basis for this suit. For one thing, he is constantly claiming that his Pravda Social is a massive success, greatly eclipsing Twitter. Also, it’s hard to defame a business that began as a fraud and went downhill from there. Nevertheless, according to reports…

“The lawsuit, filed by Trump Media & Technology Group Corp (TMTG) in Florida’s Sarasota County, claims that a 13 May article that alleged the company may have committed securities fraud was false and defamatory, and posed an ‘existential threat.’

“The article titled ‘Trust linked to porn-friendly bank could gain a stake in Trump’s Truth Social’ alleged that the company had concealed key details about a proposed merger from the Securities and Exchange Commission and shareholders, citing internal documents provided by a whistleblower.”

Right off the bat, Trump’s lawsuit is invalid. He cannot claim defamation if the Post reported that TMTG, which is being investigated by the Securities and Exchange Commission (SEC), “may have committed securities fraud.” That’s an accurate presentation of facts. Furthermore, the Post is merely reporting what is happening as sourced to a whistleblower from within TMTG.

Among other things, the SEC is probing TMTG and Digital World Acquisition Corp (DWAC), the shell company that TMTG is using to get a place on the stock exchange, for possible insider trading and stock fraud. Trump’s operation is also the subject of a Grand Jury investigation in New York. What’s more, it was recently revealed that Truth Social may have violated money laundering statutes in connection with the acceptance of $8 million in Russian funds connected to Vladimir Putin.

The litany of lawsuits by Trump & Co. have not only named the Washington Post, but also the New York Times, CNN, and others. He has even sued the board of the Pulitzer Prize committee to demand that they revoke awards given to the Post and the Times for their accurate reporting on his unsavory associations with Russia and Putin’s assistance during his presidential campaigns. For a primer on Trump’s legal maneuvers, see the following…

Trump’s ‘Truth Social’ Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding
The report notes that the sources of the funding include the off-shore Paxum Bank, based in the Caribbean island nation, Dominica. It is notorious for “providing banking services for the pornography and sex worker industries, which makes it higher risk of engaging in money laundering and other illicit financing.”

Trump Sues the Pulitzer Prize Board for Honoring Accurate Stories of His Russian Collusion
The Pulitzer Board had an independent review conducted after receiving a demand from Trump to rescind the awards. That review found that “no passages or headlines, contentions or assertions in any of the winning submissions were discredited by facts that emerged subsequent to the conferral of the prizes.”

After Goofy Lawsuit Against CNN, Trump Threatens More Suits, Including the January 6th Committee
The crux of Trump’s complaint is that CNN’s use of labels describing him as a “racist,” “Russian lackey,” “insurrectionist,” and comparable to Hitler are defamatory. Apparently his lawyers have not advised him that the truth is a solid defense against allegations of defamation.

Trump Attorney Announces Laughable Lawsuit Against CNN for Accurately Calling Trump a Liar
Lindsey Halligan, one of a string of Trump’s incompetent attorneys, appeared this week on recently convicted Steve Bannon’s ‘War Room’ podcast to announce a threat to sue CNN. The complaint is typically preposterous and offers more opportunity for comedy than for anything of any legal importance.

LOCK HIM UP: Trump’s TRUTH Social Scam is Being Criminally Investigated By a Federal Grand Jury
Digital World Acquisition Corp., revealed in a securities filing Monday that it became aware on June 16 that each member of its board of directors received subpoenas from a federal grand jury in New York.

Trump’s Lawsuit Against His Niece Mary and the NY Times is a Confession that She’s Telling the Truth
Trump announced his latest legal misadventure wherein he is suing his niece, Mary Trump, and the New York Times for, as stated in the filing, “tortiously breaching and/or interfering with his contractual rights and otherwise maliciously conspiring against him.” Because paranoid delusions are another of his known psychoses.

So this latest lawsuit stunt is just another in the series of Trump’s ridiculous and malicious legal misadventures. There is no plausible path for success in these suits. But since Trump is spending the money that he has conned from his cult followers, what does he care about it? He’ll just whine that courts are all rigged after he loses again.

UPDATE: Trump elaborates on his whining with a another post saying “So Dominion gets almost a Billion Dollars and I, after years of Fake News, Hoaxes, Scams, and Investigations, am entitled to NOTHING? Is that really the way it’s supposed to work? I don’t think so!”

Actually, that is precisely the way it works. Dominion proved their case in court. Trump has failed repeatedly, because he has no evidence and no case.

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Trump’s Truth Social CEO Whines that Shareholders in His Alt-Twitter Scam Are Being Wiped Out

Posted by on April 22, 2023 at 11:56 am. 1 Comments :

The single most unifying characteristic of the cult of Donald Trump – aside from the brazen and shameless lying – is their pathetic penchant for victimhood. For people who relentlessly brag about personal responsibility and inner strength, they sure cry a lot about how persecuted they are by everyone who is out to get them.

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Among the worst dispensers of this dreary disposition is former GOP representative – and current CEO of Trump’s Truth Social – Devin Nunes. Ever since he resigned from Congress to head up Trump’s pitifully failing social media scam, Nunes has done little but complain that the platform that he and Trump launched to avoid what they falsely perceived as censorship has been suppressed by the forces of the “Deep State,” radical liberals, and George Soros.

RELATED: Trump Made Less than $200 on Truth Social According to His FEC Financial Disclosure

On Friday Nunes visited Newsmax to swing open his tear ducts with mournful moaning about the catastrophic business for which he is the chief executive. Nunes complained bitterly about…

“A major scandal that’s brewing at the SEC. Their willingness to play politics and discriminate against people who, like our little company, our startup company, you know, we want to go public. We want to merge with a company. The shareholders that bought into that company are being wiped out.

Awww. Poor thing. He’s been forced to admit that Truth Social is a total bust. The “scandal brewing” at the Securities and Exchange Commission (SEC) that Nunes is whining about is actually an investigation into allegations of insider trading and stock fraud. It involves Digital World Acquisition Corporation (DWAC), the shell company that the Trump Media and Technology Group (TMTG) was expected to merge with in order to land a spot on the stock market.

However, that plan has not gone particularly well. DWAC has declined in value by 80% from its high mark last October. Trump and Nunes cannot access the millions of dollars of investments pledged unless and until the merge is completed. Which doesn’t look very likely at this point. And since the only purpose of this sham venture was to either exact vengeance on Trump’s enemies, or enrich him personally, he appears to have failed on both counts.

In addition to the SEC probe, Trump’s operation is the subject of a Grand Jury in New York, for which all of DWAC’s board members have been subpoenaed. What’s more, it was recently revealed that Truth Social may have violated money laundering statutes in connection with the acceptance of $8 million in Russian funds connected to Vladimir Putin.

SEE THIS: Trump’s ‘Truth Social’ Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding

Meanwhile, Trump himself bailed on his crooked company. Just weeks before the Grand Jury subpoenas were served, Trump removed himself and Don Jr from the board of TMTG. While that doesn’t actually shield him from liability, it is further evidence that his business is a scam that never had any credible prospects for success. Which the hiring of Nunes, who had no experience whatsoever in media or technology, should have told everyone from the start.

UPDATE: DWAC and the SEC have reportedly reached an agreement regarding the company’s merger deal with TMTG. According to CNN, “If it’s approved, the SEC will enter a cease-and-desist order with the company, finding DWAC violated ‘antifraud provisions’ connected to initial public offering filings. [and] If DWAC amends its IPO filings, it will have to pay the SEC an $18 million civil penalty after the closing of any merger deal.”

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Trump Made Less than $200 on Truth Social According to His FEC Financial Disclosure

Posted by on April 15, 2023 at 10:55 am. 2 Comments :

Two days after the January 6th insurrection that Donald Trump incited, Twitter permanently suspended his account “due to the risk of further incitement of violence.” Elon Musk later reinstated Trump, but he has not posted on Twitter since the suspension was lifted.

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In the meantime, Trump launched Truth Social, a pitiful Twitter clone where he could mouth off interminably and unconstrained by facts or decency. Not surprisingly, it has become just another failure in the Trump stable of ego-driven business ventures. That, however, didn’t stop him and his minions from pretending that it was not only a success, but an Earth shattering advance in the evolution of the human race.

RELATED: Devin Nunes Exalts the Failing Truth Social as ‘The Most Important Creation in Trump’s Career’

In reality, Truth Social has been a fiasco on every level. It has lost money, failed to attract users, betrayed its promise of free speech, stiffed its vendors, and is mired in multiple legal quagmires. Currently Truth Social’s corporate holding company, Trump Media and Technology Group (TMTG), and Digital World Acquisition Corp (DWAC), the shell company created to take TMTG public, are being criminally investigated by a federal Grand Jury and the Securities and Exchange Commission. And DWAC’s stock has declined a whopping 87% in a little over a year.

RELATED: Trump’s ‘Truth Social’ Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding

On Friday Trump finally filed his financial disclosure report to the Federal Election Commission – a month late after three extensions – and it contained some interesting details. Among them, Truth Social is valued at between $5 million and $25 million. Which is curious considering that DWAC has allegedly raised pledges of more than a billion dollars. However, none of that funding will go through if the deal to merge DWAC and TMTG fails to materialize, which looks doubtful.

As for Trump, he was reported to own 90% of TMTG, which earned him less than $200 according to his financial disclosure. That’s hardly representative of the huge success that Trump has claimed Truth Social to be. To the contrary, it’s evidence that the platform is an abysmal failure, despite Trump’s utterly dishonest cheerleading.

SEE THIS: Trump Posts Hysterical Lie that ‘Everyone is Watching’ His Failing Twitter Ripoff, Truth Social

The rest of Trump’s financial disclosure wasn’t much better. It revealed that his income was mostly generated from grifting operations such as his digital trading card NFTs, that earned him between $100,000 to $1 million. He also claimed to have more than $5 million in income from speaking engagements. And he reported royalties of between $100,000 and $1 million for his old book, “The Art of the Deal.” Although he also reported that most of his other books drew royalties of less than $200.

Perhaps most troubling is that he claimed to have received $5 million in royalties from a Saudi real estate company to build a Trump hotel, villa and golf course in Oman. Note that he is not the builder. These are just royalties for the use of his name, for a project that may never get off the ground. So what are the Saudis really paying him for?

What this financial statement reveals is something that longtime Trump watchers already know: He is a conman and a grifter and a failure who has never been the business genius he pretends to be. It also proves that he is nowhere close to being a billionaire, as he claims. But not to worry. His most ardent cult disciples will continue to believe that he’s the second coming of the messiah. Because that’s what cult disciples do. The rest of the nation – and the world – will see him for the fraud is, and has always been.

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