Corporate filings by Trump Media — which had a net loss of $58 million last year on revenue of just $4.1 million — detail the salaries, retention bonuses and stock allocations for CEO Devin Nunes and other executives.
Trump Media issued promissory notes, a type of legally binding IOUs, to the executives, at some point when it was still a privately held company, according to the filing. The total value of the notes issued was $6.25 million, broken up into $1.15 million for Nunes, $4.9 million for Juhan and $200,000 for Northwall.
At the time, DWAC was merely one of hundreds of empty special purpose acquisition companies, commonly known as SPACs, formed to go public, then seek a merger partner and take that partner public. Multiplying each man's share allocation by the par value for every new SPAC, $10, adds up to the face value of the promissory notes Trump Media had given them.
CNBC asked a spokeswoman for Trump Media why promissory notes were used to grant stock to the executives. "What I'm hearing on the Street is that if of stock becomes available, shorts are taking it down," Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners told CNBC last week.SEC scores big win in lawsuit against crypto exchange Coinbase
Murphy noted that in both scenarios, Juhan received much more stock than Nunes, his nominal boss, was granted.CNBC posed this question to Trump Media's spokeswoman, but she did not answer it.Rep. Devin Nunes, R-Calif., is seen in the U.S. Capitol on Thursday, December 9, 2021. In January, Nunes got a raise, lifting his annual base salary to $1 million, according to the filing.
Northwall, who previously was chief architect at the social networking site Parler, had an annual salary of $365,000, and as of March 26 held 20,000 shares of company stock. Scavino also"will receive a retention bonus in the amount of $600,000, payable in a lump sum within 30 days after the Closing Date" of the merger, the filing says.Former Chief of Staff to the Department of Defense Kash Patel speaks during a campaign rally at Minden-Tahoe Airport on October 08, 2022 in Minden, Nevada.
Trump Media board member Eric Swider, who served as CEO of Digital World Acquisition Corp. until last month, beneficially owns 153,153 shares, according to the filing.
Source: News Formal (newsformal.com)
Trump Media Publicly Traded Shares Top Executives Insiders Truth Social App Merger Revenue Net Loss Salaries Retention Bonuses Stock Allocations
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: VanityFair - 🏆 391. / 55 Read more »
Source: CNBC - 🏆 12. / 72 Read more »
Source: CNBC - 🏆 12. / 72 Read more »
Source: dcexaminer - 🏆 6. / 94 Read more »
Source: washingtonpost - 🏆 95. / 72 Read more »