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From the SPAC merger proxy statement/prospectus :The shares have already been earned because the calculation for performance was volume weighted and in the first week of trading there was huge volume at high prices.
https://www.sec.gov/Archives/edgar/data/1849635/000119312524038590/d408563d424b4.htmThe Earnout Shares shall be earned and payable during the Earnout Period as follows:
- if the dollar volume-weighted average price (“VWAP”) of New Digital World common stock equals or exceeds $12.50 per share for any 20 trading days within any 30 trading day period, New Digital World shall issue to the former TMTG stockholders an additional 15,000,000 Earnout Shares;
- if the VWAP of New Digital World common stock equals or exceeds $15.00 per share for any 20 trading days within any 30 trading day period, New Digital World shall issue to the former TMTG stockholders an additional 15,000,000 Earnout Shares; and
- if the VWAP of New Digital World common stock equals or exceeds $17.50 per share for any 20 trading days within any 30 trading day period, New Digital World shall issue to the former TMTG stockholders an additional 10,000,000 Earnout Shares.
Serious question...how does he legally get away with doing this?BOOM.
Buried deep in the prospectus, in the list of 'Selling Shareholders' Donald J. Trump is listed as making 114,750,000 shares available under this offering at that insanely-deflated strike price. We all knew it was a matter of time before he would try and dump his shares to raise cash.
I wonder how many other shares he might indirectly hold thru some of the entities listed there as well.
Wasn't it "Super Genius"? No, wait - that's Wile E. Coyote. Ah, yes, he is the self-proclaimed "stable genius".-17% today as of 2:50 PM.
Genius at work.
* Make that "plunged more than 18%" as of this minute.Well, that didn't take long. Investors already lost $5.3 billion on shares of Trump Media & Technology Group (DJT) — with Donald Trump himself eating most of the losses.
Shares of the money-losing holding company plummeted 59% from their high notched on March 27, erasing $5.3 billion in wealth, says an Investor's Business Daily analysis of data from S&P Global Market Intelligence and MarketSurge. The S&P 500 in that time is only down 2.4%. Just Monday, shares of Trump Media & Technology plunged more than 10%. *
"It'll still go to $1000..."-17% today as of 2:50 PM.
Genius at work.
That smells fishy to me ... I don't remember seeing this happen before, and you're right in how you described it. Frankly, it makes me think of the 'options backdating' scandal from 10-15 years ago, except this time it's games being played with strike prices, not issuance dates.DJT secondary filed for 146,108,680 shares of common stock and 4,061,251 Warrants (exercisable at $11.50; STRANGE, as options/warrants typically have exercise prices ABOVE the current prices).
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849635/000114036124019745/ny20026576x1_s1.htm
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