Getty Imagesonald Trump announced plans Wednesday to turn a new firm, named Trump Media and Technology Group, into a publicly traded business by merging it with a special purpose acquisition company, or a SPAC. If the deal goes through, it could allow Trump’s company to access about $290 million in cash, which it could then use to build a Twitter knockoff and launch additional media ventures. Investors are thrilled with the idea—shares of the SPAC jumped more than 350% on Thursday.
It didn’t take long for Donald John Trump to betray his shareholders, acting in ways that benefitted himself but harmed the larger business. Trump Hotels and Casino Resorts started with just one Atlantic City casino, but Trump personally held another two outside of the firm. Less than a year after taking the company public, he used it to buy one of his two other casinos, the debt-burdened Taj Mahal, in a deal that valued his stake at $40.5 million.
Trump retained his role as chairman of the company, which changed its name to Trump Entertainment Resorts, but he lost his job as chief executive. As part of a new services agreement, the firm still paid him about $2 million a year, more than the replacement CEO collected in annual salary. Trump also got the ability to nominate several board members. His 25-year-old daughter, Ivanka Trump, joined the board in 2007. For her services, Ivanka received $150,000 of cash annually.
“It’s clear that a lot of bad actors set out to cause chaos. … They made us all look like shit.” Trump, they admit, was one of those bad actors. “I do ... feel abandoned by Trump,” says the planner. “I’m actually pissed at him.”
FORBES ASIA, October 16, 2006. He had greatness before. How can you lie to the whole world? It seems unfair to the 45th President of the United States.
Trump had a waitline too. Now he's the disaster
FormerGuy showed who he was, yet people failed to see who he was!!
Can anyone point out one thing in this guys life which was not a disaster
Trump is a great business man, if you ignore his 57 failed companies plus a charity and an alleged college. But the grifter never stops, he's cunning to his followers, and they happily give their money to him.