16, April 2024
US: Trump media group plans TV streaming platform 0
Donald Trump’s media group said Tuesday it will launch a streaming television platform, but its shares continued to tumble on Wall Street.
The announcement came as 77-year-old former US president Trump sat through a second day of jury selection in his historic criminal trial.
No other ex-president in US history has been hauled before a criminal court and the trial in a Manhattan courthouse comes as scandal-plagued Trump is fighting to make a shock return to the White House in November.
Trump is accused of falsifying business records in a scheme to cover up reports on the eve of his 2016 election victory that he had an extramarital affair with a porn star.
After a winning debut on Wall Street last month, Trump Media and Technology Group shares have suffered a bruising retreat, denting the Republican candidate’s wealth.
The company has seen its market value plummet from around $11 billion to less than $3.2 billion based on its $22.97 share price during mid-day trading Tuesday on the Nasdaq.
Shares that trade under the symbol “DJT” slid more than 12 percent during the day despite an announcement that the operator of Truth Social will add streaming television to the platform.
DJT shares had taken a hit on Monday with a regulatory filing saying Trump’s money-losing media company could issue more than 21 million more shares.
Streamed television content is expected to focus on news, religion, and “family-friendly” films and documentaries, according to the company.
“We’re excited to move forward with the next big phase for Truth Social,” chief executive Devin Nunes said in the release.
“We aim to provide a permanent home for high-quality news and entertainment that face discrimination by other channels and content delivery services.”
The first phase of the roll-out will involve adding streaming television to the Truth Social app, with a stand-alone version released in a second phase, according to the company.
Trump drew criticism during the weekend for a video posted on Truth Social that featured an image of President Joe Biden hog-tied, as if he were being kidnapped.
Biden’s reelection campaign said the post by Republican candidate Trump could lead to violence.
The Trump campaign was unapologetic, accusing Democrats of “weaponizing the justice system” against Trump.
Trump holds 57.3 percent of the company, which was successfully merged into a shell company known as Digital World Acquisition last month; equity owners in such transactions are typically required to hold the stock for six months before cashing out.
The company’s principal asset is Truth Social, the social media platform launched for the ex-president after he was kicked off Twitter and Facebook in 2021 in the wake of the January 6 attack on the US Capitol.
Source: AFP
22, April 2024
US: Prosecution lays out ‘criminal conspiracy’ as Trump’s hush money trial opens 0
Prosecutors accused Donald Trump of engaging in “criminal conspiracy and a coverup” as opening arguments began Monday in the first ever criminal trial of a former US president.
Assistant District Attorney Matthew Colangelo said Trump falsified business records to pay $130,000 to porn star Stormy Daniels to “silence” her about a potentially politically embarrassing sexual encounter.
“This case is about a criminal conspiracy and a coverup,” Colangelo told the jury of New Yorkers in a Manhattan courtroom. “He orchestrated a criminal scheme to corrupt the 2016 presidential election.”
Trump, dressed in a dark suit and blue tie, sat at the defense table, staring straight ahead as the prosecutor delivered his opening statement, shifting back and forth in his seat a little.
Before the court session began, Trump condemned the case as “election interference” designed to derail his 2024 White House bid.
“It’s a very, very sad day in America,” the 77-year-old Republican presidential candidate told reporters.
“I’m here instead of being able to be in Pennsylvania, in Georgia, and lots of other places campaigning,” he said. “This is a witch hunt and it’s a shame and it comes out of Washington.”
Trump is the first former president to face criminal charges and the case poses substantial risks to him less than seven months before his election rematch with President Joe Biden.
Prosecution witnesses are expected to include Daniels and Trump’s former fixer Michael Cohen.
The identities of the jury’s five women and seven men are being kept secret for their own protection.
Trump faces 34 counts of falsifying business records to pay “hush money” to Daniels to ensure an account of their alleged 2006 extramarital tryst did not get out ahead of the 2016 election.
The alleged crime is less significant than the indictments stemming from Trump’s attack on the 2020 election – which the Republican lost to Democrat Biden – and his hoarding of secret documents.
Trump could face jail time in the current case, although a fine or probation is more likely, analysts say.
Campaign trail
The trial in a dingy courtroom will keep Trump off the campaign trail for four days a week over a possibly six-to-eight-week period, while Biden hammers him from the White House and around the country.
But Trump has tried to used the heavy media attention to fire up his support base by giving regular statements outside the courtroom.
“This is going to be the beginning of probably the most sensational trial in American history,” former prosecutor Bennett Gershman, now a lecturer at Pace University, told AFP.
“Every day we’re going to be hearing testimony that’s going to be damaging to Mr Trump.”
Trump has railed against the case, particularly what he calls the “very unfair” partial gag order imposed by Judge Juan Merchan to prevent him from using his media presence to attack witnesses, prosecutors and relatives of court staff.
Security was tight Monday after a man set himself on fire last week outside the courthouse in an unrelated but gruesome incident.
A hearing will be held Tuesday at which Merchan will decide if Trump is already in contempt of court due to outbursts during jury selection.
The Republican’s three other criminal cases have been repeatedly delayed due to his successful strategy of challenging every step.
However, Merchan has run the New York fraud trial on a tight schedule.
Potential jurors were grilled last week by prosecutors and defense attorneys about their media habits, political donations, education and whether they have attended pro- or anti-Trump rallies.
Many potential panelists were excused after saying they could not be impartial, before lawyers and the judge whittled down the group to 12 jurors with six alternates.
A unanimous verdict will be required to convict Trump, who has been ordered to attend each day of the trial.
Source: AFP