frump doesn't care, he's taken in an incredible amount of millions in spac money. It's not even a stock, it's a Special Purpose Acquisition Company (SPAC), spac- which is an instrument of trade that never should have been allowed to be created is being abused by scammers. frump being one of the biggest yet to abuse a spac. Purportedly, one invests in a spac in the beginning, not buying stock, but 'shares' in the future alleged merger of some company.
In frumps case, he created tmtg himself and he is now lying that he will merge into tmtg, an empty shell he created for this spac. The amount of 'trading' of his tmtg/dwac issue is giving his fake shit a meaningless market cap value of billions. A MC indicator only multiplies the immediate issue price times the amount trading volume and gives a quick but useless value indicator. Useless because that figure does not take in the companies themselves, fundamental values of property ... NOTHING to do with the reality and costs of the companies. MC has been used to fleece 'investors' for like forever. And almost always crashes down.
And frump most likely has no real interest in running a media company. It is arguably for his own soapbox and that is getting old quick, no matter what the minority right thinks about his power.
Not only that, but the figure in that linked article is actually fake and proposed by the Orlando guy, who is a questionable bad actor in the first place with scams, during a meeting that frump had that may also have been against SEC and corporate rules of insider information. The real value won't even be in the millions. MSN was not the real provider of that article, but likely a contributor who comes off a little like a advertisement for frump.
11 However, one press report indicates that Patrick Orlando, the SPAC’s sponsor, was discussing a deal with former President Trump as early as March 2021, months prior to the SPAC’s initial filing in May 2021 and public offering in September 2021. 12 These appeared to have been detailed discussions: at the March meeting, “[t]he investor presentation about the planned deal envisioned the combined company, which would offer a social media app, films, events and eventually a variety of technology services, being worth $15 billion and rivaling tech giants like Netflix and the cloud divisions of Amazon and Google.” 13
"The Trump SPAC might have just given Gensler and warren an invitation to start a probe."
By KATE DAVIDSON and AUBREE ELIZA WEAVER
12/15/2021 08:00 AM EST
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One financial lobbyist called him the Energizer Bunny. To Democrats, he’s their best hope for delivering on the Biden administration’s sweeping financial regulatory agenda before the midterm elections.
SEC Chair Gary Gensler is plowing ahead with initiatives to crack down on special purpose acquisition companies, regulate cryptocurrency, require companies to disclose their climate impact, and revamp market structure policies in the wake of the GameStop trading saga earlier this year.
He’s also working on proposals to scrutinize executive pay and shore up the $23 trillion Treasury market, and eyeing new investor safeguards for complex financial products traded on exchanges.
Today, he’s set to take his biggest step yet toward advancing Democrats’ policy priorities, when the SEC meets to propose rules aimed at insider trading and share buybacks, as well as regulations on money market mutual funds and derivatives.
Gensler’s ambitious agenda has paved the way for a slew of potential rulemaking next year, ramping up the regulatory machine as action on Capitol Hill is expected to downshift before the 2022 midterms. It’s reminiscent of his approach as chair of the Commodity Futures Trading Commission during the Obama administration.
“The SEC has the luxury of having a confirmed leader who arrived with a clear vision of where he wanted to take the agency and where he wanted to focus,” said Dennis Kelleher, president and CEO of Better Markets, a group that advocates for stricter Wall Street oversight.
Contrast that with the other independent financial regulators:
—Office of the Comptroller of the Currency: Still has no Senate-confirmed leader, after the White House’s nominee, Saule Omarova, withdrew last week after losing support even from moderate Democrats over her advocacy of a vastly expanded government role in banking.
—Federal Reserve: President Joe Biden has yet to nominate a vice chair for supervision, the Fed’s top bank regulator, despite knowing for months that the previous vice chair’s term would expire in October. (The White House says additional Fed nominations could come “before the holidays.”)
—Consumer Financial Protection Bureau: Director Rohit Chopra is taking a tougher line on big financial and tech firms. But he has only been in the job about eight weeks, after facing months of delays before the Senate voted on his confirmation.
—FDIC: Chairman Jelena McWilliams, a Trump appointee, is attempting to block efforts by the board’s Democratic-appointed members to begin a formal review of bank merger policy, sparking a partisan battle that could head to the courts.
Gensler, on the other hand, had an early — though rocky — start. Biden nominated him to the job on Feb. 3, and he was confirmed and sworn in by April 17. He quickly assembled a team of top policy and legal advisers, released a list of policy priorities and put rule-writing groups to work. He stumbled with the selection of an enforcement director who resigned after it came to light that a federal judge reprimanded her in a class action lawsuit involving Exxon Mobil and Indonesian villagers, where she was representing the energy giant. He later tapped New Jersey’s attorney general for the job.
“He really has teed up the agency to get an enormous amount of stuff done in the next six, 12, 18 months, across a range of all the important issues,” Kelleher said.
IT’S WEDNESDAY — And officially mid-December. Will we actually get more Fed nominations from the White House before the holidays? Or just a lump of coal? Let us know what you think: kdavidson@politico.com, aweaver@politico.com, or on Twitter @katedavidson or @aubreeeweaver.
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