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Donald Trump to Receive $1.25 Billion Worth of Trump Media Stock in DJT Earnout Bonus

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Former President Donald Trump stands to receive a significant boost in his stock holdings with the expected allocation of 36 million additional shares of Trump Media, the parent company of Truth Social app, worth over $1.25 billion at the current market value. The shares, constituting an “earnout” bonus, are contingent upon the stock price hitting a benchmark minimum of $17.50 per share by the end of Tuesday’s trading session.

As of midday Monday, Trump Media’s shares were trading around $35 per share, indicating a substantial increase from their debut price in March. Despite experiencing a downturn since then, the current price remains double the required benchmark for Trump to become eligible for the bonus shares.

Trump Media, which began public trading under the DJT ticker in March, faced initial volatility, reaching a high market capitalization of over $9 billion before witnessing a significant decline in share value. Although the stock price saw a recent uptick, it still lags approximately 50% below its debut price, reflecting substantial market volatility.

The issuance of earnout shares to Trump, added to his existing stake in the company, would value his total holdings in Trump Media at over $4 billion on paper, based on the current share price. However, any shares owned by Trump are subject to a lock-up provision, preventing their sale for six months following the merger’s closure.

While the influx of additional shares to Trump could potentially impact Trump Media’s share price, the company maintains a strong financial position with over $200 million in cash reserves and no debt. Despite ongoing legal proceedings involving Trump, the company asserts its commitment to fulfilling obligations related to the merger and advancing its business agenda.

The broader implications of Trump’s increased stock ownership in Trump Media remain uncertain, particularly amidst market fluctuations and ongoing legal challenges. However, the company’s resilience and financial stability suggest a continued focus on executing its business strategy despite external pressures.

SOURCE: CNBC NEWS

Election News

NYC’s Noncitizen Voting Law Struck Down by State’s Highest Court

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New York City’s contentious law permitting noncitizens to vote in local elections has been declared unconstitutional by the New York Court of Appeals, effectively nullifying the measure in a decisive 6-1 ruling on Thursday.

The law, originally passed by the City Council in late 2021, was aimed at allowing approximately 800,000 legal permanent residents, including green card holders, to participate in city elections. However, the court’s ruling emphasized the clear restrictions outlined in the state constitution, which explicitly limits voting rights to U.S. citizens.

“Whatever the future may bring, the New York Constitution as it stands today draws a firm line restricting voting to citizens,” the court’s opinion stated.

The decision represents a significant win for Republicans and other critics of the law, who have long argued that allowing noncitizens to vote undermines the integrity of the electoral process. Opponents contended that the measure was not only legally dubious but also politically motivated, with the potential to dilute the voices of American citizens.

Nick Langworthy, Chairman of the New York State Republican Party, had previously denounced the law, and Thursday’s ruling validated his stance. Republican mayoral candidate Curtis Sliwa also weighed in, emphasizing the need to prioritize increasing voter participation among actual citizens rather than extending voting rights to noncitizens.

“With one of the lowest voter turnout rates in the country, our city needs to do more to engage working people who feel shut out of the process,” Sliwa said. “Before expanding voting rights to noncitizens, we should focus on ensuring that more New Yorkers feel their voices matter.”

Proponents of the law had contended that legal noncitizens contribute to their communities, pay taxes, and should, therefore, have a say in local governance. They viewed the measure as an inclusive step toward greater civic engagement. However, the court’s ruling has shut down any immediate hope of noncitizen voting in New York City elections, at least under current constitutional parameters.

The ruling puts an end to the legal battle at the state level, leaving supporters with few immediate options beyond attempting a constitutional amendment—an uphill battle in New York’s political landscape.

With this landmark decision, the debate over voting rights in the city is far from over, but for now, the state’s highest court has reaffirmed a fundamental principle: voting in New York remains a right reserved for citizens.

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2024 Race

U.S. Intelligence Confirms Foreign Interference in 2024 Presidential Election

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U.S. intelligence officials have confirmed that foreign nations are actively attempting to interfere in the 2024 presidential election, specifically aiming to ensure that former President Donald Trump loses. According to reports, these efforts are part of a broader strategy by foreign entities to influence the outcome of the upcoming election.

The Wall Street Journal recently reported that Iran is among the nations seeking to harm Trump’s presidential campaign through covert online influence operations. U.S. intelligence agencies have observed Tehran working to influence the election, with Iranian leaders reportedly concerned that a return to power by Trump would escalate tensions between Iran and the United States. An official from the Office of the Director of National Intelligence (ODNI) shared these findings during a press briefing, highlighting the ongoing attempts by foreign actors to sway American electoral processes.

The report indicates that Iranian operatives are using online personas and propaganda efforts to spread disinformation, continuing a pattern of foreign involvement in U.S. elections that has been seen in recent years. This aligns with previous concerns about foreign entities using digital platforms to undermine American political systems.

The Wall Street Journal’s coverage of this issue has not received widespread attention in mainstream media outlets, raising questions about the level of public awareness regarding foreign interference in the election. The report suggests that other nations, including Russia, could also be involved in attempts to influence the election, though specific details about such efforts have not been confirmed.

In addition to the confirmed activities by Iran, there are ongoing discussions about the potential for other countries to manipulate the election for their own strategic interests. Some analysts have speculated about the possibility of foreign interference benefiting other candidates, such as Vice President Kamala Harris, though there is no concrete evidence to support these claims at this time.

SOURCE: WALL STREET JOURNAL

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2024 Race

Trump Announces Plan to Eliminate Taxes on Social Security Checks

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Former President Donald Trump has announced his intention to eliminate taxes on Social Security checks if he wins back the White House in 2024. This pledge forms a key part of the Republican National Committee’s (RNC) recently unveiled 2024 GOP Platform, titled “Make America Great Again!”

The platform, which draws heavily on Trump’s previous administration and political vision, outlines a comprehensive agenda aimed at bolstering American interests. It contrasts sharply with what the RNC describes as “the record of weakness, failure, and dishonesty” under President Joe Biden.

In a statement, the Trump campaign emphasized the platform’s alignment with the values and priorities of American voters. “President Trump’s platform serves as a contract with the American voter that makes clear what we can and will deliver under a President Trump administration with the Republican Party leading the country for the next four years,” the campaign stated.

Central to this platform is a commitment to safeguarding Social Security and Medicare. Trump’s plan promises no cuts or changes to these programs, including no alterations to the retirement age—a message that resonates strongly with the millions of Americans who depend on Social Security for their financial well-being.

One of the twenty core promises highlighted in the platform is to “Fight For And Protect Social Security And Medicare With No Cuts, Including No Changes To The Retirement Age.”

On Wednesday, Trump took to Truth Social to reiterate his commitment to eliminating taxes on Social Security benefits, stating, “SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!” He framed this tax elimination as essential to ensuring that seniors can retain more of their hard-earned benefits.

This announcement has been met with enthusiasm from many supporters, who view it as a direct response to the financial challenges faced by older Americans. Trump’s proposal is seen as a way to alleviate some of the economic pressures on retirees and ensure that they receive the full value of their Social Security benefits.

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