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Tump Media executives are reaping huge profits even as the company’s stock price continues to fall.
Posted filings with the Securities and Exchange Commission (SEC) this month Show how the company’s executives are compensated with salaries and promissory notes.
What is a promissory note?
A promissory note is the middle ground between a debt document and a loan contract. It is a legally binding financial instrument that guarantees an amount to the holder based on an agreement between two parties.
In Trump Media’s case, company executives were given promissory notes worth $6.25 million.
Chief Executive Officer Devin Nunez received $1.15 million, Chief Financial Officer Philippe Juan received $4.9 million, and Chief Operating Officer Andrew Northwall received $200,000.
Trump Media stock continues to fall
Trump Media merged with Digital World Acquisition Corporation on March 26 of this year, and the company’s stock reached a high of about $80.
Since then, the stock has been in constant decline, and at Monday’s close, the stock bearing the initials of former President DJT hit $37.17.
As a result, the stock has fallen 55% of its original $80 level in two weeks of trading, 12% on Friday, and another 10% this week.
This is a worrying trend for the expected Republican presidential candidate, as the company had a net loss of $58 million on revenue of just $4.1 million last year. According to Nunes, the company is also funded by a retail investor base, which he said is an integral part of Trump Media’s foundation.
In a recent Fox News interview, 8K filing “The best thing about our company is our private investors,” Nunes said on the company’s website. “So when we set out to make this merger happen, it happened. It took a while. Here’s why. One, it’s not just regulation, but there were nearly 400,000 retail shareholders investing in this company. Guess what happened in the last few weeks? Over 200,000 new retail investors. I think it’s been added. I don’t think there’s any other company that has so many individual investors.”
The social media application “Truth Social” is tied to Trump Media, of which the former president is the largest shareholder. He currently owns 58% of the company, or approximately 78 million shares.
Image: Ideograms.
post Trump media executives reap windfall by cutting WIST stock in half It first appeared deadline.