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Trump Media scrambles to stop short sellers from tanking share prices
Trump Media and Technology Group, the parent company of Truth Social, is scrambling to stop short sellers from tanking its share values.
NBC News reports that Trump Media this week sent around suggestions to shareholders to prevent their shares in the company from winding up in the hands of short sellers who are essentially betting on the company's failure to make money.
According to NBC, the "tips include holding DJT shares in a cash account at a brokerage firm as opposed to a margin account, 'opting out of any securities lending program,' moving Trump Media shares to the company’s designated transfer agent, and transferring shares to a bank and 'holding them in your retirement account.'"
Short sellers essentially pay brokerage firms fees to borrow shares on a temporary basis on the belief that the shares will sink in price.
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After borrowing the shares, the short sellers proceed to sell them on the open market and then by them back by a specific date when they have to be returned to their owners.
If the share price in that time has indeed gone down, then the short sellers pocket the difference they made between the original sale and the repurchase.
If the share price increases, however, the short sellers lose money because they'll be buying back the shares at a higher price than the original sale.
Short sellers have swarmed to Trump Media shares for weeks now, as its price has plummeted from a high of $66.22 on March 27th to a low of $22.84 on Tuesday, although its price has recovered some of that lost value in the last day-and-a-half of trading.
The longer-term threat to Trump Media's value likely isn't short sellers, however, but simply a lack of profitability. The selloff in shares started earlier this month when the company released an earnings report showing that it lost $58 million in the last fiscal year while generating just $4 million in revenues.
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Trump suffers first loss in hush money case minutes after entering courtroom
Judge Juan M. Merchan almost immediately rejected Donald Trump's request for recusal in his hush money trial.
On the first day of court on Monday, Merchan took on Trump's attorneys' motion that the judge recuse from the case. Trump reportedly watch "stone-faced" during the proceedings.
The motion argued that Merchan should recuse himself because his daughter worked for a Democratic consulting firm.
Merchan said Trump's attorneys' motion "does not reasonably or logically” explain why he should be recused.
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"To say that these claims are attenuated is an understatement," Merchan said. "There is no basis for recusal."
With that, the judge denied the recusal motion, according to reports.
"Trump appears to be very attentive," CNN's Paula Reid noted.
"Our colleagues say he is looking straight ahead at a screen. Our colleagues also report that he's biting his bottom lip as the judge rejects his motion for recusal."
Trump is accused of falsifying business records to cover up hush money payments to an adult movie star after an alleged affair. He has denied all the allegations made against him.
Ex-Interpreter of Shohei Ohtani Stole $16M From LA Dodgers Star to Pay Off Gambling Debts: Report
Federal authorities claim that Ippei Mizuhara -- the former interpreter of Shohei Ohtani -- stole $16 million from him to cover his massive gambling debts.
The post Ex-Interpreter of Shohei Ohtani Stole $16M From LA Dodgers Star to Pay Off Gambling Debts: Report first appeared on Mediaite.