2024-03-27 05:30:37
Failure to postpone trial to silence sexual scandal
Truth Social, a social media company founded by former U.S. President Donald Trump, will be listed on the New York Stock Exchange on the 26th (local time). It is expected that he, who has been under pressure from legal fees that have snowballed in the face of four criminal indictments and various civil lawsuits ahead of the US presidential election in November, will be relieved. On the 25th, former President Trump also succeeded in significantly lowering his deposit in a civil trial on charges of obtaining fraudulent loans by inflating the asset value of his family company, the Trump Group.
TruthSocial’s parent company, Trump Media & Technology Group (TMTG), announced on the 25th that its stocks will be traded on Nasdaq under the stock code ‘DJT’ starting on the 26th. DJT is named after former President Trump’s initials (Donald J Trump). TMTG was listed indirectly through a merger with Digital World Acquisition (DWAC), a special purpose acquisition company (SPAC). On this day, DWAC’s stock price, which legally became TMTG’s stock, closed at $49.95 and soared 35.22% in one day.
Truth Social has been operating at a loss. Nevertheless, analysis suggests that the reason why such a rise in stock prices was possible was due to an active buying offensive by supporters of former President Trump, who make up the majority of DWAC shareholders.
According to Bloomberg News, after listing, the valuation of about 60% of DJT held by former President Trump is estimated to be worth $3 billion (about 4 trillion won). Accordingly, after the start of TruthSocial stock trading, his assets are expected to increase to $6.4 billion, and he will join the ranks of the world’s 500 richest people in Bloomberg’s ‘Billionaire Index’. Former President Trump’s previous highest wealth record was $3.1 billion, most of which consisted of real estate such as buildings and golf courses, Bloomberg reported.
On the same day, the New York Court of Appeals, which handles former President Trump’s fraudulent loan charges, ruled that if he deposits $175 million (about 230 billion won) within the next 10 days, he will not have to pay the full fine from the first trial judgment while the appeal trial is in progress. did.
Previously, the Manhattan District Court in New York, the first trial, ruled that he must pay a deposit of $454 million, saying he was found guilty of obtaining fraudulent loans by inflating the value of assets. The appeals court reduced this to one-third. If the deposit was not paid by this day, which was the original payment deadline, former President Trump was at risk of having his buildings, golf courses, private planes, artwork, etc. seized.
According to the New York Times (NYT), former President Trump, who was present at the hearing of the ‘sexual harassment silencing’ criminal suit at the time of this ruling, clenched his fists and was delighted when he heard this news during a recess. Politico, a media outlet specializing in politics, commented, “It was a lifeline given to former President Trump.”
However, the financial crisis has not been completely resolved. Although the deposit amount has been reduced by about a third, $175 million is a very large amount of money to raise in 10 days. Immediately after the ruling, former President Trump told Truth Social, “I will follow the decision of the appellate court,” and “I will deposit bonds, stocks, and cash.”
Former President Trump’s first criminal trial will begin on the 15th of next month. This is a trial related to allegations of silencing a sexual scandal taking place in the Manhattan District Court in New York. Attempts to delay the trial in this case failed, raising the possibility that the first trial would be handed down before the November presidential election. In various opinion polls, a significant number of moderate voters said, “If he is convicted, they will not vote for Trump.”
Washington = Correspondent Moon Byeong-ki weappon@donga.com
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2024-03-27 05:30:37