Don’t Worry, Trump’s Truth Social Payday Won’t Really Save Him

Donald Trump may finally get the money to start paying down his legal bills, after his social media company completed a merger Friday with a wealthy shell company.

Shareholders of Digital World Acquisition Corporation approved the merger with Trump Media & Technology Group, which has nearly run out of cash. The deal will inject more than $300 million into Trump Media and keep Truth Social, the former president’s personal social media platform, up and running.

Trump Media will now debut on the stock market with a value of more than $5 billion. Trump will own a dominant stake in the company worth more than $3 billion.

The merger comes just days before Trump must post the $464 million bond in his New York civil fraud trial. If he fails to secure the massive amount, the state attorney general can begin seizing his assets as repayment. Although the merger will provide Trump with an unexpected windfall, he may not be able to cash in just yet.

Under the merger deal, Trump is prohibited from selling any of his shares or using them as collateral for a loan for six months. He can ask the board of Digital World Acquisition Corporation to waive that rule for him, but it is unclear if they will agree.

Trump could attempt to stack the board with his allies in an effort to swing a vote in his favor, but even then, the merger is unlikely to turn out to be a golden goose. The terms of the deal prevent him from selling more than one percent of outstanding shares per quarter. And current investors won’t want him to sell off a large swath of stocks at once because it could signal he’s losing interest in the business, which in turn could turn off potential investors.

“It’s simply trading on Trump’s name,” Kristi Marvin, founder of the research firm SPACInsider, told Politico. “People aren’t buying this because they like the fundamentals—they’re buying this because they like Trump.”

And even when Trump manages to offload a large amount of stock, there’s no guarantee how much it will be worth. The stock value will depend on the whims of what Boston College law professor Brian Quinn described to Politico as “MAGA meme stock investors.”

“By the time Trump is able to start selling his shares, I doubt they will be worth much,” Quinn said. “Certainly less than his present requirements.”

And Trump has a lot of requirements. As his campaign trail fundraising lags, he struck a new joint fundraising agreement with the Republican National Committee (which is co-chaired by his daughter-in-law). Donations will now go first to his campaign and a PAC that pays his legal bills first, before the RNC can get a share, the Associated Press reported Thursday night.

Trump reportedly only has about $413 million in cash assets, not nearly enough to pay off his various legal fines. In addition to the $464 million he owes New York state, Trump owes nearly $400,000 to The New York Times and thousands of dollars for gag order violations.

He also owes $382,000 to Orbis Business Intelligence, the consulting firm owned by former British intelligence officer Christopher Steele. Trump had sued Orbis over a dossier Steele compiled in 2016 that alleged Trump and members of his inner circle had been “compromised” by Russia’s security service.

This story has been updated.

After having reached out to several guarantors and 30 suretors for help posting his $464 million New York bank fraud bond, Donald Trump suddenly wants everyone to know he actually does have the cash.

In a bizarre rant on Friday morning, the man who was found to have defrauded banks and investors by overvaluing himself and the value of his properties claimed that he had accrued the wealth by way of “HARD WORK, TALENT, AND LUCK.”

Trump also admitted he has nearly half a billion dollars in cash.

The confession directly contradicts a filing from his legal team last month arguing that it would be “impossible” to secure a bond covering the full amount of the multimillion-dollar ruling.

Trump’s words will surely help out New York Attorney General Letitia James, who on Wednesday urged an appeals court to ignore Donald Trump’s latest effort to worm his way out of paying the $464 million disgorgement from his bank fraud trial.

The former president has until Monday to pay off the half-billion-dollar disgorgement—and if he doesn’t, James can begin taking steps to seize his assets to cover the debt, including 40 Wall Street and Trump Tower.

But Trump is juggling more than the fine deadline. Paying out of pocket could potentially put a major Wall Street deal on the line for the former president, as well. On Friday, investors in Truth Social are expected to sign off on a deal that would allow the company to go public, potentially offering a gigantic financial windfall for the GOP presidential pick. In a public version of the company, which would begin trading in just a few weeks, Trump would own at least 58 percent of the shares—a stake valued at $3 billion, reported Politico.

It would, however, trip him up in the short term. In order to begin the process, Trump would need to tie up his shares of the company in a lock-up agreement for the next six months, and any potential off-loading by the former president could be seen as cataclysmic to a deal that rides on his involvement.

With just a day left in Congress, retiring Representative Ken Buck has delivered a parting gift—that looks more like a parting shot—to his fellow Republicans.

Buck signed House Democrats’ foreign aid discharge petition Thursday night, the first Republican to do so. If the petition, which was launched earlier this month, reaches 218 signatures, it would force a vote on a $95 billion foreign aid package. The package, which has already passed the Senate, includes $60 billion in aid for Ukraine, an increasingly unpopular issue among far-right Republicans.

House Speaker Mike Johnson has refused to consider the aid package, which would also give aid to Israel and Taiwan, despite it passing the Senate with broad bipartisan support, because it does not include regulations for the U.S.-Mexico border that he considers strict enough. But if the aid bill makes it to the House floor, it is expected to pass, again with bipartisan backing.

As of Thursday night, the discharge petition had 188 signatures. It needs just 30 more to pass.

Buck also signed a competing discharge petition to force a vote on a package that includes both Ukraine aid and new border restrictions. Other Republicans have also signed on to that petition, which has only 16 signatures so far.

Although Friday is Buck’s last day in Congress, his signatures will remain on both petitions until his temporary successor is chosen in a special election. If the successor also signs either petition, Buck’s name will be removed. The special election to replace Buck won’t be held until June, coinciding with the Colorado primaries.

Despite sitting on the far-right wing of his party, Buck has found himself at odds with his fellow Republicans in recent years. In fact, the far-right House Freedom Caucus voted Tuesday night to oust Buck from its ranks. One member, speaking anonymously, told The Hill that Buck hadn’t attended caucus meetings regularly for months.

The member cited Buck breaking with Republicans on “several major issues” and “leaving the conference hanging with a historically narrow margin” as the main reasons for his removal.

When Buck first announced his retirement in November, he slammed the GOP for pushing “self-serving lies,” including that the 2020 election had been stolen. More recently, he has been seemingly the only Republican who refused to fall in line with his party’s efforts to impeach Biden and Homeland Security Secretary Alejandro Mayorkas. Buck has repeatedly pointed out that neither impeachment effort is based on any evidence of wrongdoing.

Last week, when Buck announced he would retire early, he told CNN that the past year had been the “worst year of the nine years and three months that I’ve been in Congress.”

“Instead of having decorum, instead of operating in a professional manner, this place has just devolved into this bickering and nonsense and not really doing the job for the American people,” he said.

The government is about to just barely avoid a shutdown (again), and the House Freedom Caucus is livid about it.

Congress has until midnight Friday to approve funding for multiple key government agencies. Leaders from both parties presented a $1.2 trillion spending package early Thursday morning that is expected to pass, just managing to keep the government funded for the rest of the year.

The Freedom Caucus, which comprises the farthest-right lawmakers in the House, is furious over the bill and particularly with House Speaker Mike Johnson. The caucus views both failing to slash government spending and collaborating with Democrats as cardinal sins.

Freedom Caucus members took to social media to blast the spending bill, which they dubbed the “Swamp Omnibus.” Their gripes included the fact that the bill would fund the World Health Organization, fund diversity, equity, and inclusion programs in the Department of Defense, and provide military aid for Ukraine.

The caucus then announced it will hold a press conference Friday morning to discuss the bill and the fact that it was not given sufficient time to read the full text. In a statement, the caucus lambasted the fact that the bill “spends $5.5 Million per word, fully funds and continues the Biden border crisis, and it is loaded with radioactive ‘woke’ earmarks.”

House Republicans have a razor-thin majority in the chamber, meaning that Democrats and less extreme Republicans would have to unite behind the spending bill. Otherwise, just a few votes of opposition from the Freedom Caucus could tank the measure.

The House also still has the motion to vacate, the rule that allows just one member of the body to force a vote on whether to remove the speaker. It was this rule that resulted in former Speaker Kevin McCarthy’s ignominious ouster in October, thanks to several Freedom Caucus members. The caucus could invoke the rule again against Johnson. Far-right Republicans have been mulling the idea since January, accusing Johnson of making too many compromises with Democrats.

Michigan lawyer Stefanie Lambert unsuccessfully tried to challenge the 2020 election results in court. Now she’s appearing before a judge in another capacity.

Lambert turned herself in at a Michigan courthouse on Thursday, following another arrest earlier in the week, over a plot to seize several voting machines in the state in 2020.

Lambert was arrested on Monday in Washington, D.C., where she was representing election denier Patrick Byrne in a defamation suit brought by Dominion Voting Systems. Federal marshals arrested her in the courtroom for her failure to show up for a hearing in her home state. She’s accused of four felonies related to alleged tampering with voting machines in search of evidence of nonexistent vote manipulation during the 2020 election.

The goose chase began on March 7, when a warrant was issued for Lambert’s arrest for her role in what Michigan state Attorney General Dana Nessel called “a coordinated plan to gain access to voting tabulators.” Lambert, accused of breaking into voting machines to run “tests,” never showed. Then, on March 18, Lambert was arrested after  representing Byrne in the Dominion defamation suit, where she is also accused of leaking confidential internal emails belonging to Dominion. Lambert, who was given access to the emails as Byrne’s counsel, accused Dominion of “[instituting] fraud with this defamation suit” and leaked the emails to a third election-denying nesting doll: Barry County Sheriff Dar Leaf, who posted thousands of leaked emails on his Twitter account on Monday.

Three days after a D.C. judge instructed her to return to Michigan, the Coen brothers–esque saga has reached its conclusion, at least for now, with Lambert turning herself in to face conspiracy charges for her involvement in the machine-tampering scheme. Notably, Oakland County Judge Jeffery Matis mandated that Lambert’s fingerprints be taken, which, despite court orders, Lambert has resisted, and that she submit a DNA sample, both of which may be used to confirm whether Lambert physically tampered with a voting machine.

A key foot soldier in Trump’s failed postelection lawfare campaign, Lambert worked on some of the highest-profile lawsuits alleging fraud, including Sydney Powell’s boondoggle “kraken” case. She now joins the ranks of former Trump legal team members facing criminal charges for their involvement in efforts to block certification of the 2020 election.

Lambert took to X, formerly known as Twitter, to allege her own conspiracy before turning herself in. “I just know too much.… And I have too much evidence,” she said.