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ProPublica finds who is behind a mysterious streaming technology company, JedTec LLC, that Trump's media company is purchasing:
There is nothing "mysterious" or "quiet" about JedTec or WorldConnect that Trump Media (DJT) is purchasing from by issuing 5.1M shares of DJT - it's actually a solid business decision, financed with "free money/stock" and is a part of previously announced plan to have a dedicated CDN (Content Distribution Network) to help "Truth Social" with streaming and to keep them from being kicked out from CDNs just like they were kicked from other platforms. The CDN and IPTV tech they are using is licensed from UK's Perception Group, staffed with highly regarded technologists.
The fact that DJT is buying them from someone who is a donor to Trump's campaign(s) is really not an issue from a legal point of view, more of a "business as usual" - i.e., rich business people do business with other rich business people? shocking! - Clintons' Whitewater, Stephens Inc. and other deals were "private" and a lot shadier than that... and Trump donated to Hillary, and Chelsea was BFF with Ivanka...
What is a lot more interesting and shady, but didn't get a lot of attention, is that on the same day of that small transaction DJT entered into a SEPA (Standby Equity Purchase Agreement) with Yorkville Advisors LP, a Cayman Islands private equity management exempt limited partnership - "to provide liquidity" to DJT.
Agreement would allow Yorkville to buy over time for resale up to $2.5B of DJT stock at 2.75% discount to its market price, and registered over 37.5M (just under 20% SO) shares for that purpose. This may potentially allow insiders to sell shares to Yorkville on "private market" bypassing the sale time restrictions (usually 6mos) on issued shares on the exchanges and letting them cash out their stock position - now that is really the "quiet" part.
BTW, if this metric can be used as an unofficial poll, Trump's Truth Social audience recently recorded second lowest numbers since launch - at 2.1M "unique visitors" it's 38% down from same time last year.
#6 | Posted by catdog at 2024-07-30 04:53 PM
This on a company with $274MM in assets, and which declared of loss of $327MM in the most recent quarter.
Most of these SPACs should have never existed and only serve as money-laundering vehicle from the "investors" to the insiders and bankers.
Since the company's share price rises and falls in keeping with all things Trump, I hope the guy gets humiliated in the September 10 debate... and by doing so, crash the share price.
The so-called "debates" have long ago became about "performances" - that's why this was such a disaster, with Biden standing mouth agape at Trump's "smooth" stream of lies.
If you rely on truth/fact-checking after "debates" to humiliate Trump and have this "crash the share price" you'll be disappointed - you can't "humiliate" someone who has no shame and always declares himself a "winner" like in a scripted WWE "fight" - Trump understands "performance" and gives people what they want and expect, a show. "Debates" are a joke and exist for media only.
DJT stock doesn't track "all things Trump" - e.g., it slumped after debate and has been sliding to about the same price as then, after post-shooting spike, despite continuing Dems turmoil. Nor did it go up after the above transactions.
The only people who buy DJT are degenerate gamblers or short-term opportunists. Those who hope "Trump's magic" will bring them riches are market/financial illiterates and have long ago bought the stock to HODL it. Nor does DJT reflect any kind of reality - fundamentally, its liquidation value is less than cash-on-hand minus debt = about $1 per share.
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