Yesterday my sister sent me a document which more than anything I have ever seen, really and nicely sums up what Orange Shithead really means. I am referring to an 8-K form issued by the SEC whenever a publicly traded company has to say something which its shareholders need to know, and it’s issued when the company has to announce some bad news.
What’s the worst news you can receive about a company whose stock you bought and still own? The worst news would be that the stock is worth dogshit because the company was jiggering its books.
Which is apparently what has been going on with Digital World Acquisition Corporation (DWAC), the company which was going to merge with Trump Media & Technology Group (TMTG) which owns Truth Social (TS) but has been struggling to keep itself financially alive.
Meanwhile, Trump continues to use his social media platform to broadcast things that are so crazy and so unreal that no wonder the app can’t attract enough viewers to stay afloat. This past Friday, the Shithead posted a video on TS in which he said that the “same people’ who attacked Israel were coming over the Southern border into the U.S.” He also referenced the ‘rigged and stollen’ 2020 election in his remarks.
The stollen election? What’s a stollen election? Isn’t stollen a German holiday bread baked with nuts and fruits?
Back on March 4, 2022, the price of a share of DWAC hit $97.54, which was when everyone thought that combining DWAC with TMTG would be a bonanza for investors because TM was going to become the greatest social media app of all time. Yesterday, the stock closed at $15.28.
Wait – it gets better.
Ready? From the 8-K issued by the SEC: “On October 13, 2023, Digital World Acquisition Corp.’s (the “Company”) audit committee concluded that the Company’s audited financial statements as of and for the year ended December 31, 2021 (the “2021 Audited Financials”) included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and filed with the Securities and Exchange Commission (“SEC”) on April 13, 2022 (the “2021 10-K”) should no longer be relied upon.
The Company’s management concluded that in light of the error described above in the 2021 Audited Financials, a material weakness exists in the Company’s internal control over financial reporting and that the Company’s disclosure controls and procedures were not effective.”
Know what the phrase ‘material weakness’ means? It means that the company basically is making up all the numbers which investors use to decide whether to purchase a certain stock.
So, now to go along with a stollen election, we also have a stollen set of books. And I can’t wait for Orange Shithead to post something on TS accusing ‘crooked Joe’ of ‘weaponizing the SEC,’ which will probably be spelled as ‘wepponizing the SEC.’ And maybe Trump-o’s good asshole buddy Jim Jordan can hold a hearing on how the SEC has been wepponized the same way that crooked Joe wepponized the FBI.
I can see it now. Tomorrow I’ll turn on the TV and there will be an ad by some law firm, Frumpster & Dumpster, inviting me to call them on an 800 number and join the class-action lawsuit against DWAC and TMTG.
My sister, who’s an attorney, tells me that no lawyer is going to take on such a case because you don’t enter a class-action suit against a company that’s already broke. And she’s probably correct except there is something to be said if you’re a law firm and you just want to become better known.
On the other hand, if you go after the Shithead in court, you’ll find yourself competing other lawyers, some of whom are prosecutors, who are already there in front of you. In New York alone, Trump is facing civil and criminal charges both for fraud and violation of election laws. There are also court actions in Florida, Georgia, and D.C.
When Trump was President-elect in 2016, he settled a lawsuit brought against him by plaintiffs he defrauded in his Trump University scam. That case alone, which was active during the 2016 campaign, should have been enough to disqualify Trump from even getting on the national ballot as the standard-bearer for the GOP.
But here’s a guy – Orange Shithead Trump – who has never done anything wrong or illegal in his entire life.
And we know for a fact that the 91 felony charges he’s currently facing are nothing more than an effort to prevent America from becoming great again!