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His net worth just hit $6B due to the pump & dump scheme that is Truth Social.
None of that is liquid though. He's locked into the holdings for six months while the stock freefalls from the IPO. If the majority stockholder is going to be selling shares during the initial offering you bet your panties that has to be disclosed.
Unless he gets an exception from the board. Guess which Trump offspring are on the board
Not the board, it has to be part of a regulatory filing and disclosed to potential stock purchasers.
The board has to approve it first, the regulatory filing and disclosure are proforma
But can't he just get a loan for the stock and skip the 6 months AND skip paying taxes too?
No, the same agreement that prevents selling shares also prevents using them as collateral.
So basically he is trying to delay until that day. Got it. Thank you for the info. I didn't know.
Would you accept that toilet paper as collateral?
Remember the judgement he's fighting was for overvaluing assets. So you are going to take stock in a company that lost 28 million dollars on only 3 million of revenue, and believe that it's worth 500 million six months from now when it can finally be sold?
Also I think assets need to unencumbered to be pledged and the stock is encumbered.