The Soapbox

Shenhoo

Joined: 01/04/2001 Posts: 35209
Likes: 51363


DJT...."did well----for a time."


Donald Trump’s social media company could go public as soon as next week, paving the way for a potentially huge windfall for a former president who raked in tens of millions of dollars the last time one of his companies was listed on a stock exchange.

That previous, decades-ago experience, however, did not end well for the company or its investors. While a 2016 Washington Post review found that Trump made over $44 million, the company — Trump Hotels and Casino Resorts — lost more than $1 billion and ended up in bankruptcy.

This time around, there’s at least one similarity between the two ventures separated by decades. The newly merged company that’s set to go public, Trump Media, will be listed on the Nasdaq stock exchange with the letters DJT, Trump’s initials. Trump Hotels and Casino Resorts used the same stock ticker when it went public with great fanfare in 1995.

“It’s going public and we’re really very happy about it,” Trump told reporters almost 30 years ago. “It’s going to be a great day.”

The Atlantic City, New Jersey, company lost money every year, but its stock prices did well — for a time. In the initial public offering, the company raised $140 million, selling 10 million shares at $14 each.

By 1996, the stock reached a high of $35 a share before plummeting later that year, in part because the company bought another casino for $100 million more than its estimated $400 million value, The New York Times reported in 2016.

The company, meanwhile, kept bleeding cash. The year the stock peaked, it lost $66 million. In 1999, it lost $134 million. And in 2004 — when the company filed for Chapter 11 bankruptcy protection and was delisted from the New York Stock Exchange — it lost $191 million, according to a CNBC review.

(In response to this post by WahooMatt05)

Posted: 03/25/2024 at 9:02PM



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Current Thread:
  Time to fleece the flock. lolz. ** -- Capital City Hoo 03/26/2024 07:29AM
  DJT...."did well----for a time." -- Shenhoo 03/25/2024 9:02PM
  Only way that happens is if he’s bought (and owned) -- HoosWillWin 03/25/2024 10:40PM
  Nope and nope. But that’s irrelevant to my point. ** -- Los Angeles Hoo 03/25/2024 9:21PM
  The investors left holding the bag when -- BocaHoo91 03/25/2024 9:03PM
  It's gonna be a broken IPO ** -- Hoo TV 03/25/2024 11:02PM
  I’m just not getting this transaction at all. -- BocaHoo91 03/25/2024 10:58PM

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