Citizens for Ethics and Responsibility in Washington pursues the facts about corruption in federal government. Lately, CREW has zeroed in on the potential for corruption in the launch of Trump’s new media company. So far, not a good investment. Trump owns more than half the stock, which he got for free. The stock opened at $78 and plummeted. On Friday it stood at $32.59.
CREW recently distributed this notice:
Digital World Acquisition Corp. (DWAC), a so-called blank-check company also known as a SPAC, last Friday officially merged with Donald Trump’s Truth Social, providing a massive cash infusion for the company. It also provided a lifeline for Trump himself, at a time when he desperately needs cash because he needs to post bonds for huge penalties in civil lawsuits.
Immediately, we wanted to figure out who had invested in Trump’s newly public company.
CREW got to work and uncovered the biggest institutional investor in DWAC: Susquehanna International Group LLP, which was co-founded by GOP megadonor Jeffrey Yass.
Yass is a major investor in TikTok’s parent company ByteDance, and he recently faced scrutiny for meeting with Trump shortly before Trump changed his mind about banning TikTok. For Trump, this was a huge reversal that is quite beneficial for Yass.
Then we dug a little deeper and learned that Yass is worth $28 billion, is the single biggest political donor in the U.S. this cycle—and is also reportedly in the running to become Trump’s Treasury Secretary if he wins a second term.
This deal just gave Donald Trump a massive financial lifeline. And it opened up an even easier way to potentially influence Donald Trump.
The Yass connection raises enough alarm bells on his own, but the issue is even bigger. Trump taking his company public creates the opportunity for anyone who wants influence with Trump to buy stock in DJT. (Literally, that’s what they’re calling it.)
The value of the stock is widely understood to be massively inflated, with the true draw being the chance to invest in Trump himself. What if a foreign sovereign wealth fund invests? What if a person who wants a pardon invests? There’s nothing preventing either scenario.
As Trump runs for the presidency again, he’s cashing in from a publicly traded company. That is an ethics nightmare.
My comment:
Do you remember Jeff Yass? He went to New York City public schools. After college, he joined the financial industry, where he has been a great success. He is the richest person in Pennsylvania. He supports Trump. He opposes abortion. He supports charter schools and vouchers. “The Center for Education Reform” awards cash prizes annually called the Yass Prize. Most of the winners are charter schools. The top prize is $1 million. In 2022, the Capitol Prep Charter Schools was a finalist. The school in Harlem was launched by Dr. Steve Perry and Sean “Diddy” Coombs. In addition, Yass gave Texas Governor Greg Abbott $6 million to get the Legislature to enact a voucher plan. Abbott used the money to run radical right wingers to run against moderate Republicans who opposed vouchers.
Citizens for Responsibility and Ethics in Washington
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Diane Ravitch's blog 
Our over eight hundred billionaires are the enemy of a functioning democracy. Through lobbying and spending on campaign donations our country has become a gigantic “pay to play” scheme. It started with Reagan allowing stock buybacks, crushing unions and has continued with the Citizens United decision. Some fanatical billionaires like Yass can make lavish donations to ensure the reelection of Trump, an emboldened kleptocrat. Through his billionaire donors Trump has the money to ensure that conservative news outlets will spread misinformation, and the mainstream media will run numerous ads to spread Trump’s lies. The only way to stop this trainwreck is to vote for Biden in November.
What is happening with Truth Social is a preview of a second Trump term would look like. It would be a swamp of special interests that would restrict the rights of Americans while Trump would extract as much money from the country as he can. Our nation would be vulnerable to influence from Russia and other despotic regimes. Ukraine will be abandoned. An unhinged Trump would attack and prosecute his political rivals. Only we the people can stop this nightmare by going to the polls.
Trump is convinced that Biden ordered all the different prosecutions, even though two happened in states with zero input from Biden, and the two federal trials were brought by an independent prosecutor, again zero input from Biden.
Based on his belief, Trump has said repeatedly that if elected, he will use the Justice Department to prosecute his enemies.
This will be another first for Trump.
First president to be impeached twice.
First president to face multiple federal and state indictments.
First president to be tried and convicted for defaming a woman whom he sexually assaulted.
First president to have a criminal trial.
So many other firsts I can’t count them all.
Yass is really feeling his oats. He’s pouring big money into opposing progressives in the House. He’s given $1.8 million to Moderate PAC, which ostensibly supports moderate Democrats, but the real purpose is to push weak candidates who will be defeated by Republicans. Summer Lee of Pennsylvania is an example; Yass has donated $800,000 to defeat her. This PAC is looking to engineer defeat for members of the so-called Squad.
As Heather Cox Richardson reminds in her blog for today:
https://heathercoxrichardson.substack.com/p/april-13-2024
You may recall that Yass gave Texas Gov Abbott $6 million to push vouchers. Abbott used it to run extremist Republicans against moderate Republicans who opposed vouchers.
I do.