Trump’s new stock deal is just another pig in a poke

is not worth $5 billion. Buy into shares of any company with those numbers and you are certain to be taken for a sucker.

That Donald Trump will be the one doing the bamboozling means that investors in his soon-to-be-public media company might as well be making a political donation to his campaign or contributing to a Trump legal defense fund instead. This scheme is unfolding in the plain light of day, and securities regulators are powerless to do anything about it.with the intention of buying another company.

With its pre-merger frothiness, Digital World has become what was known during the stay-at-home pandemic trading era as a “meme” stock. Shares in companies such as GameStop and AMC Entertainment spiked — and ultimately collapsed — because Red Bull-addled internet traders pumped them up and then dumped them, not because of any changes in the underlying values of the corporations that issued the stock.

Translation of that financial word salad: Truth Social hasn’t amounted to much so far; pay no attention to our lack of specifics. Trump, of course, has a long and checkered business track record. The SEC’s disclosure rules require Trump Media to detail his flops, with the admonition that this investment could become one, too. The list is long, and the language is damning. “The Trump Taj Mahal, which was built and owned by President Trump, filed for Chapter 11 bankruptcy in 1991. The Trump Plaza, the Trump Castle, and the Plaza Hotel, all owned by President Trump at the time, filed for Chapter 11 bankruptcy in 1992.

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