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Trump tells ‘mind-bogglingly nonsensical’ story about the New York Stock Exchange

via CBS
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Former President Trump

via Business Insider

Former President Trump made claims about avoiding listing his new company on the New York Stock Exchange due to perceived political persecution in New York. Trump claimed that “the people at the stock exchange are very, very upset” that he didn’t list on the NYSE and that “the top person is mortified, can’t believe it.”

Losing business

via CBS

“He said, ‘I’m losing business because of New York – because people don’t want to be in New York and they don’t want to go on the New York Stock Exchange.’ So you can ask them about it,” Trump said.

Nasdaq exchange

via CBS

However, his story made no sense, as the Nasdaq exchange it will actually list on is also headquartered in New York and subject to the same laws and oversight. Experts said claiming to avoid New York by listing on Nasdaq instead was nonsensical.

Mind-bogglingly

via CBS

“It’s just mind-bogglingly nonsensical,” Yale Law School professor Jonathan Macey said. “I hope somebody advising President Trump informs him that the same investor protection rules that safeguard investors of the New York Stock Exchange also safeguard investors on the Nasdaq Stock Market,” Macey said.

Capital markets

via CBS

“America’s capital markets are the envy of the world and investors benefit from more, not fewer, companies listed on public exchanges. New York should be open for business for all types of capital formation. With regard to Digital World Acquisition Corp. and Trump Media and Technology Group, the U.S. Securities and Exchange Commission has declared their business combination effective and we would welcome the company for listing on the New York Stock Exchange,” an NYSE spokesperson said.

Biden-run things

via CBS

Trump also repeated unfounded claims that the criminal and civil cases against him in New York were “all Biden-run things” and a Biden appointee was “put into” the Manhattan DA’s office, but there is no evidence Biden has been involved in the cases led by elected New York officials against Trump.

Trump’s Truth Social

via CBS

The launch of Donald Trump’s Truth Social on the Nasdaq exchange has stirred significant attention, blending enthusiasm and controversy.

Social media platforms

via CBS

The platform, which gained traction post the bans on social media platforms like Facebook and Twitter, has seen a surge in its market value, despite facing financial and regulatory hurdles.

Trump Media

via CBS

Trump Media & Technology Group Corp.’s market value soared to $7.85 billion on its first day of trading on Nasdaq, with Trump’s stake in the company amounting to approximately $4.6 billion.

Loss of 49 million

via CBS

However, the company reported a loss of $49 million in the first nine months of the previous year, coupled with modest revenue and considerable interest expenses.

Company’s debut

via CBS

The company’s debut has attracted widespread attention, with both supporters and critics closely monitoring the developments. Small-scale investors, particularly those aligned with Trump’s ideology, have shown a keen interest in the company, with some even using the stock as a means to express their support for the former president.

Outspoken endorsement

via CBS

Trump’s outspoken endorsement of Truth Social has further fueled the fervor surrounding the platform. However, the company has acknowledged the risks associated with its heavy dependence on Trump’s popularity and presence.

Trump’s relationship

via CBS

This dependency presents a vulnerability, as any limitations on Trump’s relationship with the platform could significantly impact its standing and performance.

Financial standing

via CBS

The company’s multibillion-dollar valuation has notably bolstered Trump’s financial standing amid mounting legal challenges.

Sell his stock

via CBS

However, the potential for Trump to sell his stock to address legal expenses remains subject to a lock-up period, with the company’s board having the authority to waive or shorten this restriction, presenting both opportunities and risks.

Market enthusiasm

via CBS

The debut of Donald Trump’s Truth Social on the Nasdaq has been marked by a blend of market enthusiasm, financial challenges, and legal implications. As the platform continues to navigate the complexities of the social media landscape, its performance and impact will be closely observed, shaping the broader discourse on the intersection of politics, technology, and finance.

Truth Social

via CBS

The debut of Truth Social reflects a convergence of political allegiance, market dynamics, and regulatory scrutiny, underscoring the intricate interplay between technology, finance, and public engagement in the digital age.

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