Tornado Alley (PROG)

[fuagf]

So it seems. I only see of X what appears here. What's the latest with the merger chat?

Here’s how it could work. X is private, but it could merge into the $6 billion Trump Media’s public stock in what’s often called a reverse takeover – the same kind of small-eats-big deal in which Truth fused with listed SPAC Digital World Acquisition in the first place. That would immediately turn Trump’s 60% stake into a much smaller share of the combined firm. That’s no bad thing for Truth investors, because it will mute the effect if Trump decides to sell shares once his lock-up expires starting in September.

A deal would require both sides to agree a valuation for X. Musk bought it for $44 billion. One investor, Fidelity, has marked its stake down some 75%. But X might benefit from the Trump halo effect: Truth shares currently trade at an astronomical $670 per user. At even one-eighth of that multiple, X would be back to what Musk paid in 2023. He too could start to sell his stake, giving him liquidity for new endeavors in artificial intelligence, or space, or both. Daring as an X-Truth deal tie-up would be, it’s one place where this year’s election could create some unity after all.

https://www.reuters.com/breakingviews/musk-wants-help-trump-try-an-x-truth-tie-up-2024-07-29/

Four paywalls knocked me back before settling on that.