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Apple Scuttles Car Project, 600 Layoffs to Follow Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Tuesday, April 9, 2024
Trump Executives Enjoyed Big Payout The merger that led to Trump Media (NASDAQ:DJT) shares becoming publicly traded is also paying off for top executives and other insiders at the company, which owns the Truth Social app regularly used by former U.S. President Donald Trump.
Corporate filings from Trump Media - which reported a net loss of $58 million last year on revenue of just $4.1 million - detail the salaries, retention bonuses and stock allocations for CEO Devin Nunes and other executives.
Trump himself is by far the biggest shareholder, with 78.75 million shares that give him a stake of nearly 58% of the social media company's common stock.
The number of people financially rewarded in the early stages of the company is limited. Besides the former president, it includes the chief financial officer, chief operating officer, and several people close to Trump.
Trump Media began trading on the NASDAQ Stock Market under the ticker DJT - the former president's initials - on March 26 following its merger with the shell company Digital World Acquisition Corp.
Trump could receive another 36 million in so-called earnout shares over the next three years, provided Trump Media's stock stays above certain benchmarks.
Reports say those thresholds for the share price are well below where Trump Media stock was trading on Monday, when it closed at $37.17, down more than 8%.
The shares began Tuesday's session in the plus column by 49 cents, or 1.3%, to $37.66.
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