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Legal Fees

Trump Media may generate more revenue for lawyers than itself

No matter how Trump Media’s stock moves, lawyers are going to get paid

4/4/24 2:42PM

Trump Media & Technology Group (TMTG) may not be generating much revenue for itself (under $1M last quarter), but it certainly is generating attorney fees as seemingly everyone involved with the company is suing each other. Additionally, two TMTG investors just pleaded guilty to securities fraud. A recap of the legal proceedings surrounding the hottest new meme stock:

In 2021, days after President Trump left the White House, Andy Litinsky and Wes Moss, two former contestants on Donald Trump’s reality TV show, The Apprentice, pitched the former president on the idea of building a conservative media network. The parties agreed that a SPAC merger could provide the funding needed to scale the company, and in November, TMTG announced that it was going public through a reverse merger with Digital World Acquisition Corp, a roughly $300 million SPAC led by CEO and Chairman Patrick Orlando.

On February 28, 2024, United Atlantic Ventures, a partnership between Litinsky and Moss, sued to block TMTG’s merger with DWAC, claiming that Trump was attempting to dilute them from an 8.6% stake in the company to less than 1%.

One day later, ARC Global Investments II, which is controlled by Patrick Orlando, sued to block the merger until Orlando received a larger payout. Orlando was fired by the firm in March 2023, as DWAC’s board cited “unprecedented headwinds” necessitated a leadership change.

On March 20, 2024, Digital World Acquisition Corp sued ARC to force Orlando, still the largest shareholder of DWAC, to vote to approve the merger.

Trump countersued Litinsky and Moss in a separate Florida lawsuit on March 24, claiming they failed to set up a proper corporate governance structure or find an appropriate merger partner, therefore they don’t deserve their 8.6%, $606 million stake.

Oh, and if these weren’t enough legal issues to keep track of, in unrelated, non-lawsuit matters, Michael Shvartsman, head of Miami-based venture capital firm Rocket One Capital, and his brother Gerald Shvartsman pleaded guilty to insider trading involving DWAC. In June 2021, before DWAC IPO’d, they were approached about becoming early investors in the SPAC. Upon learning that DWAC would likely be taking Trump Media public, they acquired shares in the SPAC, selling them upon merger news for a $22 million profit. Rocket One’s CIO, Bruce Garelick, is scheduled to face trial on related charges on April 29th.

TL;DR:

Trump Media’s co-founders sued Trump for attempting to dilute their shares
Trump countersued, claiming they don’t deserve their shares
DWAC’s former CEO sued the SPAC for more compensation
DWAC sued its former CEO to force him to vote to approve the merger deal
Two investors (so far) have pleaded guilty to securities fraud for insider trading tied to DWAC; another exec will face trial soon

So regardless of how the stock moves, the biggest winners of $DJT might just be the attorneys involved on both sides.

Nia Warfield9h

Starbucks issues apology after viral “Bearista” cup meltdown

Holiday cheer turned into chaos this week for Starbucks after the coffee giant’s new “Bearista” holiday cup sent fans into a frenzy.

Dropped alongside its 2025 holiday menu, the $30 beanie-wearing glass bear tumbler sparked long lines, sellouts, and even in-store scuffles before Starbucks stepped in with an apology.

“The excitement for our merchandise exceeded even our biggest expectations,” the company said in a statement to People. “Despite shipping more Bearista cups to our coffeehouses than almost any other item this holiday season, the Bearista cup and some other items sold out fast.”

Within hours of launch, frustrated fans flooded Starbucks’ social media pages and even store hotlines. Some customers waited in line before dawn and others said their stores received only a handful of cups. In one Houston location, the craze even turned physical, with police reportedly called to break up a brawl. Meanwhile, the cup is already reselling on sites like eBay, with listings topping $600.

“We understand many customers were excited about the Bearista cup and apologize for the disappointment this may have caused,” Starbucks said. While in-store customers may be upset, investors seem happy about the viral hit, as the stock has risen over 3% on Friday.

If you’re still hoping for a Bearista at market price, that may not be on order: the chain didn’t disclose how many cups were made or whether a restock is planned.

Hyunsoo Rim10h

Target tells workers to smile, wave, and greet shoppers if they come within 10 feet of them

Target just rolled out a new rule for store employees: “smile, make eye contact, and greet or wave” when a shopper comes within 10 feet — and if they get closer, within four feet, “ask whether they need help or how their day is going,” according to a new Bloomberg report.

Dubbed the “10-4 program” internally, the rule mirrors rival Walmart’s own 10-foot policy, formalizing behavior Target had previously only encouraged.

Target Mandates Worker Smiles, Friendliness to Boost Sales

Hyunsoo Rim

LIMITED LIFE COMPANY

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Half of new US companies disappear within 5 years — and only 1 in 3 makes it to year 10

Survival depends on more than luck, from where it starts, to what it does, to when it’s born.

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Monster surges on energy drink buzz, while Celsius sinks on distribution concerns

Shares of Monster Beverage climbed 5% after the bell on Thursday, and held most of those gains into early trading on Friday, following strong Q3 results.

The energy drink giant topped market expectations, with quarterly sales up 17% year over year to $2.2 billion and adjusted net profits growing 41% to $524.5 million — 11% ahead of Wall Street’s estimates. In the report, Monster highlighted its zero-sugar line and new product launches, with a stack of novel flavors already released this year, as bright spots.

During a call with analysts, Chief Executive Hilton Schlosberg said that the global energy drink category “remains healthy with robust growth,” The Wall Street Journal reported, adding that demand for more affordable caffeinated drinks is rising as coffee has become “really expensive.”

Meanwhile, rival beverage business Celsius saw shares fall as much as 23% on its Q3 results yesterday — despite beating expectations, with revenue jumping 173% — largely due to concerns about a change in the company’s distribution channel, as its newly acquired Alani Nu brand joins the PepsiCo distribution network.

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Trump Media may generate more revenue for lawyers than itself

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Starbucks issues apology after viral “Bearista” cup meltdown

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