Trump’s social media company gains in its first day of trading on Nasdaq

Trump’s social media company gains in its first day of trading on Nasdaq
Pedestrians walk past the Nasdaq building in New York on Tuesday, March 26, 2024. (AP)
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Updated 27 March 2024
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Trump’s social media company gains in its first day of trading on Nasdaq

Trump’s social media company gains in its first day of trading on Nasdaq
  • Many of those investing in Trump Media are small-time investors either trying to support Trump or aiming to cash in on the mania, instead of big institutional and professional investors

NEW YORK: Shares of Donald Trump’s social media company rose about 16 percent in the first day of trading on the Nasdaq, boosting the value of Trump’s large stake in the company as well as the smaller holdings of fans who purchased shares as a show of support for the former president.
Trump Media & Technology Group Corp. merged Monday with a blank-check company called Digital World Acquisition Corp. Trump Media, which runs the social media platform Truth Social, has now taken Digital World’s place on the Nasdaq stock exchange.
Shares closed at $57.99, up 16.1 percent, giving the company a market value of $7.85 billion. At one point the stock was up about 59 percent. Trump holds a nearly 60 percent ownership stake in the company, now worth about $4.6 billion.
Many of those investing in Trump Media are small-time investors either trying to support Trump or aiming to cash in on the mania, instead of big institutional and professional investors. Those shareholders helped the stock of Digital World more than double this year in anticipation of the merger going through.
Truth Social launched in February 2022, one year after Trump was banned from major social platforms including Facebook and X, formerly Twitter, following the Jan. 6 insurrection at the US Capitol. He’s since been reinstated to both but has stuck with Truth Social.
On Truth Social Tuesday, users were posting about being shareholders or seeking tips on how to buy shares.
One user urged conservatives to “get behind the DJT stock and sent it over $100 per share” to “drive the liberals insane!” Another declared: “Get yourself a piece of #DJT stock if your a true MAGA supporter.”
A day earlier, Trump Media CEO Devin Nunes, a former House Republican, said, “As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors.”
Despite the enthusiasm, investors could experience a bumpy ride. For one, they’re betting on a company with uncertain prospects of turning a profit. Trump Media lost $49 million in the first nine months of last year, when it brought in just $3.4 million in revenue and had to pay $37.7 million in interest expenses.
In a recent regulatory filing, the company cited the high rate of failure for new social media platforms, as well as its expectation that its operations will lose “for the foreseeable future” as risks for investors.
Research firm Similarweb estimates that Truth Social had roughly 5 million active mobile and web users in February. That’s far below TikTok’s more than 2 billion and Facebook’s 3 billion — but still higher than other “alt-tech” rivals like Parler.
However, Trump Media has said it doesn’t keep track of some numbers that rivals use as key measures of their performance, such as average revenue per user or active user accounts. It says it wants to focus on the long-term instead of “short-term decision-making.”
For that long term, though, skeptics see struggles ahead for a company that’s estimated to have far fewer users than rivals in a business where gaining a critical mass is key.
“I think there is a possibility of, sooner or later, the stock price falling by 95 percent,” said Jay Ritter, a professor and expert on initial public offerings of stock at the University of Florida’s Warrington College of Business.
Brian Dunn, director of the Institute for Compensation Studies at Cornell University, compared the fervor for Trump Media shares to the meme stock craze that boosted shares of companies such as GameStop and AMC Entertainment to exorbitant heights in 2021.
“Like any meme stock or fad, as long as there’s a greater fool to buy you out for what you paid for it, than you can continue to prosper,” Dunn said, warning that small investors “could end up holding the bag when the music stops.”
On Monday, Trump told reporters that “Truth Social is doing very well. It’s hot as a pistol and doing great.” On Tuesday, he posted “I LOVE TRUTH SOCIAL, I LOVE THE TRUTH!,” on the platform.
The company, which is based in Florida, said in a recent regulatory filing that it “is highly dependent on the popularity and presence of President Trump.” Trump Media has acknowledged that there are risks associated with Trump’s outsized influence.
If the former president were to limit or discontinue his relationship with the company for any reason, including due to his campaign to regain the presidency, the company “would be significantly disadvantaged,” it said in a filing ahead of the merger with Digital World.
Acknowledging Trump’s involvement in numerous legal proceedings, the company noted that “an adverse outcome in one or more” of the cases could negatively affect Trump Media and Truth Social.
Another risk, the company said, was that as a controlling stockholder, Trump would be entitled to vote his shares in his own interest, which may not always be in the interests of all the shareholders generally.


Second Australian dies after suspected Laos alcohol poisoning

Second Australian dies after suspected Laos alcohol poisoning
Updated 4 sec ago
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Second Australian dies after suspected Laos alcohol poisoning

Second Australian dies after suspected Laos alcohol poisoning
  • A total of six foreign tourists have now died of suspected methanol poisoning in a backpacker hotspot in northern Laos
SYDNEY: A second young Australian tourist has died after apparently ingesting tainted alcohol while on holiday in Laos, Canberra’s foreign minister said Friday.
“All Australians will be heartbroken by the tragic passing of Holly Bowles,” Penny Wong said in a statement. “Just yesterday, Holly lost her best friend, Bianca Jones.”
“I know tonight all Australians will be holding both families in our hearts,” the foreign minister added.
A total of six foreign tourists have now died of suspected methanol poisoning in a backpacker hotspot in northern Laos.
They were from Australia, Britain, Denmark and the United States.
Many of the victims were in their teens or early twenties and fell sick after a night out in Vang Vieng.
Australian officials are now pressing Laotian authorities for a full and transparent investigation into what happened.
Alcohol tainted with methanol is suspected to be the cause of death.
Methanol is a toxic alcohol used in industrial and household products like antifreeze, photocopier fluids, de-icers, paint thinner, varnish and windshield wiper fluid.
Despite being toxic to humans, it is sometimes used in cheaply made home brew.

At least 10 killed in Afghanistan attack, interior ministry says

At least 10 killed in Afghanistan attack, interior ministry says
Updated 9 min 50 sec ago
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At least 10 killed in Afghanistan attack, interior ministry says

At least 10 killed in Afghanistan attack, interior ministry says
  • It was not immediately clear who was behind the attack

KABUL: At least 10 people were killed by gunmen in Afghanistan’s northern Baghlan province, Interior Ministry Spokesperson Abdul Mateen Qaniee said on Friday.

It was not immediately clear who was behind the attack.

The Taliban took over the country in 2021 and vowed to restore security to the war-torn nation. Attacks have continued, many of them claimed by the local arm of the militant Daesh group.

In September, 14 people were killed and six others injured in an attack claimed by Daesh in central Afghanistan.


China urges ICC to take ‘objective’ position after Netanyahu arrest warrant

China urges ICC to take ‘objective’ position after Netanyahu arrest warrant
Updated 25 min 26 sec ago
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China urges ICC to take ‘objective’ position after Netanyahu arrest warrant

China urges ICC to take ‘objective’ position after Netanyahu arrest warrant
  • Warrants for Benjamin Netanyahu and his former defense minister Yoav Gallant ‘for crimes against humanity and war crimes’
  • China, like Israel and the United States, is not a member of the International Criminal Court

BEIJING: China urged the International Criminal Court on Friday to remain objective and fair after it issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu.
“China hopes the ICC will uphold an objective and just position (and) exercise its powers in accordance with the law,” foreign ministry spokesman Lin Jian said at a regular press conference in response to a question about the court’s warrant for Netanyahu.
The ICC issued warrants for Netanyahu and his former defense minister Yoav Gallant on Thursday “for crimes against humanity and war crimes” committed between October 8, 2023, and May 20 this year.
It said there were “reasonable grounds” to believe the pair bore “criminal responsibility” for using starvation as a method of warfare and intentionally attacking civilians.
Netanyahu denounced the move as anti-Semitic and the court’s accusations as “absurd and false.”
China, which like Israel and the United States is not a member of the ICC, said it “supports any efforts by the international community on the Palestinian issue that are conducive to achieving fairness and justice and upholding the authority of international law.”
Lin also accused the United States of “double standards” in response to a question about the US opposition to the court’s pursuit of Netanyahu, but its support for a warrant against Russian leader Vladimir Putin.
“China consistently opposes certain countries only use international law when it suits them... and engaging in double standards,” Lin said.
US President Joe Biden has condemned the warrants against Israeli leaders, calling them “outrageous.”


COP29 host urges collaboration as deal negotiations enter final stage

COP29 host urges collaboration as deal negotiations enter final stage
Updated 32 min 1 sec ago
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COP29 host urges collaboration as deal negotiations enter final stage

COP29 host urges collaboration as deal negotiations enter final stage
  • Sweeping plan that would see rich nations pledge to hand over hundreds of billions of dollars to help poorer countries grapple with the worsening impacts of global warming

BAKU: COP29 climate summit host Azerbaijan urged participating countries to bridge their differences and come up with a finance deal on Friday, as negotiations at the two-week conference entered their final hours.
World governments represented at the meeting in the Caspian Sea city of Baku are tasked with agreeing a sweeping plan that would see rich nations pledge to hand over hundreds of billions of dollars to help poorer countries grapple with the worsening impacts of global warming.
Economists have said developing countries need at least $1 trillion annually by the end of the decade, but wealthy nations have so far been resisting. Negotiations have also been clouded by uncertainty over the role of the United States, the world’s top historic greenhouse gas emitter, ahead of climate skeptic President-elect Donald Trump’s return to the White House.
“We encourage parties to continue to collaborate within and across groups with the aim of proposing bridging proposals that will help us to finalize our work here in Baku,” the COP29 presidency said in a note to delegates on Friday morning.
It said a new draft deal would be released at midday in Baku, in the hopes of a deal by the end of the day.
Past COPs have traditionally run over time.
Division and discontent over the negotiations have already spilled into the open, after a fresh deal draft was released by the presidency on Thursday that offered two vastly different options that left no-one happy.
Although the 10-page document was slimmed to less than half the size of the previous versions issued at the summit, it avoided stating the total funds countries would aim to invest each year, leaving the space marked with an “X.”
It also reflected big divisions over issues such as whether funds should be offered as grants or loans, and the degree to which different types of non-public finance should count toward the final annual goal.
“I hope they find the sweet spot with this next iteration,” said Li Shuo, director of the China Climate Hub at the Asia Society, a veteran observer of COP summits. “Anything other than that may require rescheduling flights.”
UN Secretary-General Antonio Guterres returned to Baku from a G20 meeting in Brazil on Thursday, calling for a major push to get a deal and warning that “failure is not an option.”


Ireland’s anti-immigration right eyes election gains

Ireland’s anti-immigration right eyes election gains
Updated 22 November 2024
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Ireland’s anti-immigration right eyes election gains

Ireland’s anti-immigration right eyes election gains
  • After recession and economic slowdown from 2008, immigration surged again following the coronavirus pandemic
  • Some 20 percent of Ireland’s 5.4-million population is now foreign-born

Dublin: The Dublin office of lawyer Malachy Steenson doubles as his election campaign headquarters. Outside is an Irish tricolor and a sign reading: “Take back our nation.”
Inside, Steenson summarised his platform for the November 29 vote. “We need to close the borders and stop any more migrants coming in,” he told AFP.
Ireland is one of the few European Union members without any large established far-right party. But for the first time, immigration has become a frontline election issue.
Steenson, white-haired and 61, is part of an emerging group of ultra-nationalist politicians who performed well at local elections this year and now aim to gain a foothold in parliament.
Elected to Dublin City Council in June, he is running as an independent in the inner-city Dublin Central constituency that is now one of Ireland’s most ethnically diverse.
Most mainstream parties have spent much of the campaign bickering over solutions to Ireland’s acute housing shortage.
But for Steenson, migrants and asylum-seekers are exacerbating that crisis.
“If you import people who are going to sit around on welfare in accommodation that should be available to Irish nationals you’re just creating a bigger problem,” he said.
Ireland’s economy has attracted immigrants since the 1990s when eye-popping growth earned it the “Celtic Tiger” moniker.
After recession and economic slowdown from 2008, immigration surged again following the coronavirus pandemic, plugging job vacancies in booming tech, construction, and hospitality sectors, as well as health care.
Some 20 percent of Ireland’s 5.4-million population is now foreign-born. Official data showed a population increase fueled by migration of around 100,000 in the year to April 2024 — the largest since 2007.
But rapid demographic growth has heaped pressure on housing, services and infrastructure strained by lack of investment, fanning anti-migrant sentiment and hitting still largely favorable attitudes to immigration.
“Immigration is on everyone’s minds,” said Caroline Alwright, a fruit and vegetable stall-owner on Moore Street, a historic city-center market which has become a multicultural meeting place for different nationalities.
“A lot of people will vote for independent candidates, they see what is going on in this country,” said Alwright, 62, a veteran trader nicknamed by customers the “Queen of Moore Street.”
“This street has gone downhill, the country is being robbed blind with money given to people doing nothing on welfare,” she added, gesturing toward a group of Eastern European Romani.
In Kennedy’s pub across the constituency several punters also murmured discontent.
“The buses are full of foreigners, I would vote for anyone saying ‘Ireland is full’ and promising to do something about it,” said Mick Fanning, 74.
Around 110,000 Ukrainians have arrived in Ireland since Russia’s full-scale invasion in 2022, one of the highest numbers per head of population in the EU.
Meanwhile asylum applications have surged to record levels since 2022, with this year’s figures driven by a fourfold increase in people arriving from Nigeria.
The large inflow and the housing crisis has prompted the government to stop providing accommodation to all asylum seekers last year.
That forced hundreds of single male applicants to sleep rough in tents, sparking hostile reactions from some anti-migrant locals.
Ireland has also seen a spike in arson attacks on buildings rumored or earmarked to provide reception centers for asylum seekers.
Last year the largest riot seen in Dublin for decades was triggered by a knife attack on children by an Irish national of immigrant origin.
At the other end of the ward, students at Dublin City University were supportive of immigration.
“We are not full, that’s a closed mindset,” said Carla Keogh, 19, a teaching student.
“If we look into our own past, Irish people left to find help and support in other places, as humans we need to open ourselves up.”
The ultra-nationalist vote is fragmented by micro parties and independents, with few, if any, expected to make an electoral breakthrough.
Anti-immigration votes will rather channel toward moderate independents “who are more outspoken on migration” than more radical options, said political scientist Eoin O’Malley, from Dublin City University.
Most mainstream parties have also pledged to tighten up the asylum system.
The number of arrivals from Ukraine dropped this year after the government slashed allowances and accommodation benefits for newly arrived refugees.
“We were called fascists, racists, far-right, when we proposed the same things two years ago, when in fact we are none of those things,” said Steenson who self-describes as a nationalist.