“Truth Social SPAC: Covering Trump’s Exorbitant Legal Expenses Pending Board Approval”
Donald Trump’s beleaguered SPAC deal is finally going through, and just in time to pay nearly half a billion dollars owed over several legal actions — if the board agrees to let him sell.
And that’s without reckoning with the questionable success of Truth Social, the partisan social network hurriedly stood up after the former President was booted from Twitter.
TMTG reportedly had a net loss of around $49 million in 2023, on revenues of under $4 million — not exactly hot numbers.
There’s no doubt that many, many shareholders in the newly public TMTG will sell their shares as soon as possible.
But if Trump wanted to finance his current liabilities, he’d have to sell some 12 million shares at the current price — around 15% of his total stake.
