Trump Media paid out thousands and thousands to its executives. Here’s who acquired what.


Former president Donald Trump’s social media firm generated simply $4 million in income final yr — about as a lot as the common McDonald’s franchise within the United States, in keeping with a report final yr by the fast-food trade publication QSR.

But that hasn’t stopped Trump Media & Technology Group, which runs Truth Social, from granting Trump a share package deal now price billions of {dollars} — or from paying its leaders thousands and thousands of {dollars} in salaries, bonuses and inventory, in keeping with paperwork it filed with the Securities and Exchange Commission.

Trump Media, based mostly in Sarasota, Fla., has solely 36 workers and misplaced $58 million final yr, the filings present. The on-line analytics agency Similarweb estimates that Truth Social’s visitors is lower than 1 p.c of Reddit’s, a platform that obtained $800 million in income final yr.

But a stock-market frenzy has supersized Trump Media’s worth to about $5.5 billion — greater than the market values of Macy’s, Columbia Sportswear and Alaska Airlines, which make billions in income a yr.

The Washington Post shared with Trump Media the numbers it supposed to focus on on this report, all of which have been taken from the corporate’s filings. Trump Media spokeswoman Shannon Devine responded in a press release: “Truth Social simply efficiently launched as a public firm, with a dedicated and increasing viewers of thousands and thousands of customers, so it’s no shock the partisan activists at The Washington Post — already the goal of ongoing authorized motion for its defamatory reporting on us — would gin up this type of ridiculous hit piece.”

Trump Media sued The Post for defamation final yr, saying the information group had reported incorrectly on allegations regarding its financing. A federal decide in Florida not too long ago dismissed the case however stated Trump Media might amend its grievance if it believes it may well state a viable declare.

Trump is Trump Media’s greatest shareholder, with 57.3 p.c of the corporate, or 78.7 million shares — a stake price about $3.2 billion based mostly on the inventory’s closing value Friday.

Through an “earnout” provision, Trump stands to obtain one other 36 million shares if the value stays above $17.50 for 20 days, which might occur as quickly as April 26 and would increase his complete stake to $4.7 billion.

A six-month “lockup” settlement says Trump can’t promote or switch his shares till Sept. 25 — or presumably a number of days earlier, if the inventory hits a sure value threshold. Trump might ask the corporate’s board to waive that requirement however has but to take action. The lockup additionally applies to firm executives and board members.

Three individuals on Trump Media’s seven-member board of administrators have been compensated with both inventory or money or each.

Devin Nunes, Trump Media’s chief govt and president, obtained 115,000 shares, price about $4.6 million. He was paid a $750,000 wage final yr that elevated to $1 million this yr.

Nunes, a former Republican congressman from California, additionally will obtain a $600,000 lump-sum “retention bonus” this month. A bonus settlement signed by Nunes stated the cash was designed to assist “make sure the continuity” of Trump Media’s enterprise.

Board member Eric Swider, who was chief govt of the particular objective acquisition firm that merged with Trump Media, and Renatus, his consulting agency in Puerto Rico, obtained about 153,000 shares as a part of the merger deal, a stake price $6.2 million.

Another board member, Kash Patel, a former Nunes aide who served on Trump’s National Security Council, was paid $130,000 final yr as a part of a consulting settlement along with his firm, Trishul. A submitting says Patel additionally serves as a “nationwide safety adviser to [Trump] as a non-public citizen” and receives fee for that service from Trump’s Save America political motion committee.

The different 4 board members — Trump’s former commerce consultant Robert E. Lighthizer; Trump’s former Small Business Administration chief Linda McMahon; the Louisiana legal professional W. Kyle Green; and Trump’s son Donald Trump Jr. — weren’t paid final yr, although a submitting stated the board might give itself “inventory as non-cash compensation … every now and then.”

One former board member, Dan Scavino Jr., a longtime Trump aide who led his White House’s social media operation and is now advising Trump’s presidential marketing campaign, was paid $240,000 final yr by way of a consulting settlement along with his firm, Hudson Digital. Scavino may even obtain a $600,000 retention bonus this month.

Trump Media additionally issued a $2.2 million “govt promissory word” to Scavino. The firm gave related promissory notes to different executives, which robotically transformed on the day of the merger into inventory. The filings don’t specify whether or not Scavino’s word was transformed.

Trump Media’s chief monetary officer, Phillip Juhan, obtained 490,000 shares, price $19.8 million. He was paid $337,500 final yr, and his wage jumped to $365,000 when the merger closed. He final labored because the finance chief of a series of health golf equipment.

Chief working officer Andrew Northwall obtained 20,000 shares, price $812,000. He was paid $365,000 final yr. Previously he labored at Parler, the social community that was common amongst pro-Trump rioters on the U.S. Capitol on Jan. 6, 2021.

Juhan and Northwall additionally will obtain $600,000 retention bonuses this month.

Other executives will obtain a complete of $1.24 million in bonuses. They embody chief expertise officer Vladimir Novachki, who additionally obtained 45,000 shares, price $1.8 million, and normal counsel Scott Glabe, who obtained 20,000 shares, price $812,000. Glabe served as an affiliate White House counsel underneath Trump.

Trump Media co-founders Andy Litinsky and Wes Moss, who met Trump on “The Apprentice” and helped launch the enterprise in 2021, obtained a mixed 7.5 million shares by way of their partnership, United Atlantic Ventures, a stake price about $304 million.

Arc Global Investments II, the most important founding investor in Digital World Acquisition, the corporate that merged with Trump Media to take it public, stated in a submitting it obtained 13.3 million shares, price about $539 million. A earlier submitting by Trump Media stated Arc would obtain 9.5 million shares.

Arc and Digital World are concerned in a authorized dispute relating to what number of shares Arc is owed. Arc is managed by Digital World’s former chief govt Patrick Orlando.

Trump Media stated it had helped fund its operations by issuing 19 convertible notes since 2021 in trade for loans with a complete face worth of greater than $40 million. The holders of these notes, most of whom the filings don’t determine, can convert the unpaid principal into inventory. The firm stated a number of of the notes had been amended or prolonged since they have been issued, and that it had an “ongoing disagreement” with one noteholder over their “differing interpretations of sure phrases.”

The firm additionally stated it had issued convertible notes to unnamed traders for “working capital functions” over the last quarter of 2023, and that greater than $1 million of the notes remained excellent by the top of the yr.

The Trump Media deal sits on the heart of 4 ongoing lawsuits, all of which have been filed inside the final two months:

  • Trump Media and Digital World sued Arc and Orlando in Florida, saying their “irrational and disturbing conduct” had “imposed huge prices” and triggered “intensive reputational hurt.”
  • Litinsky and Moss’ United Atlantic Ventures sued Trump Media in Delaware, saying Trump had pushed a “last-minute inventory seize” that will dilute their shares. Trump is scheduled to be deposed in that lawsuit this month.
  • Arc sued Digital World, its chief govt and three board members in Delaware, saying that they had labored to deprive Orlando of thousands and thousands of shares.
  • Trump Media sued Moss, Litinsky and Orlando in Florida, accusing the co-founders of mismanaging the corporate with a “poisonous company tradition” and in search of to power the forfeiture of their shares. The Delaware decide within the United Atlantic Ventures lawsuit stated at a listening to April 1 that he was “gobsmacked” that Trump Media filed this go well with when the dispute was already enjoying out in his courtroom.

Digital World stated it spent $19.6 million on “authorized investigations” final yr, principally resulting from its $18 million settlement with the SEC, a Trump Media submitting exhibits.

Trump Media additionally agreed final yr to pay an unnamed legislation agency $500,000 for providers, the submitting stated. In November, the agency was issued a $500,000 convertible word with a conversion value of $10 per share; that stake is price $2 million at this time.



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