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Trump Media Offered Potential Investors Personal Calls From Former Guy For $100M But Got Few Takers

Trump Media Offered Potential Investors Personal Calls From Former Guy For $100M But Got Few Takers

Donald Trump’s social media company, TruthSocial, tried to sell personal phone calls with the former guy himself for $100 million a pop, but is now trying to save face as they got very few takers on the offer.

Considering TruthSocial has been already been exposed as a fairly blatant pump and dump scheme already that’s already posted significant losses for its investors, it’s not surprising Trump has been unable to get his contacts with deep pockets to get behind his latest venture.

US President Donald Trump speaks on the telephone in the State Dining Room of the White House in Washington, DC, on December 24, 2018. (Photo by SAUL LOEB / AFP) (Photo credit should read SAUL LOEB/AFP via Getty Images)

According to a new profile in The New York Times, bankers for the struggling Trump Media & Technology Group approached dozens of investors to pitch a $1 billion deal offering lucrative financial terms after the company had already raised about $300 million through a merger with a special purpose acquisition company, and five people briefed on the pitches say potential investors were promised a call from Trump. But the Times reported that everyone on Wall Street took a pass. More than a dozen prominent hedge funds and investment firms were afraid to go into business with the twice-impeached one-term Trump out of fear of alienating their own investors, according to people briefed on the situation. TruthSocial is also said to have ties to Chinese financiers.

Others approached by Trump were concerned about his reputation for bankruptcies, lawsuits, and disputes with lenders and partners, and some just didn’t see enough details about the company — which currently has no disclosed revenue or products. They were also reportedly wary about Trump’s track record of not paying his legal fees, and his famous battle to keep his taxes private.

The Times reports that Trump Media raised $293 million in October through an agreement to merge with Digital World, and the company announced it had secured another $1 billion through a “private investment in public equity,” or PIPE, deal with three dozen investors, although they must turn over that money if its merger with Digital World closes.

See Also

Watch Meidas Touch explain the Trump Truth Social pump and dump scheme, here.

 

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